The North American online sports betting market is estimated to be worth $24.1 billion by the end of 2020, according to a report by MarketsandMarkets. With so much money on the line, it’s no surprise that major sports leagues and betting companies are battling for a piece of this lucrative pie. In this article, we will take a look at the three biggest players in the North American online sports betting market – Betfair, Bovada and William Hill – and see how they are trying to capitalize on the growing trend.
The Background of Online Sports Betting
Online sports betting is one of the fastest growing industries in North America. The reason for this is clear: bettors have access to more betting options than ever before. In addition, there are now more platforms available for bettors to wager on than ever before. As a result, the marketplace has become saturated with different types of betting products and services. This environment has led to increased competition and a lower margin for bookmakers.
The battle for North America’s online sports betting volume is being fought by three primary groups: traditional bookmakers, online-only operators, and independent operators. To date, the largest player in the online sports betting market has been the traditional bookmaker. However, all three groups are aggressively expanding their operations in an attempt to win market share. In addition, there are now a number of emerging operators that are trying to carve out their own niche in the market.
The Competition for North America’s Online Sports Betting Volume
The battle for North America’s online sports betting volume is heating up. The leading sportsbooks are all vying for a piece of the pie, and they’re doing everything they can to capture the attention of bettors. In this blog post, we’ll take a look at some of the strategies that these betting sites are using to compete.
One way that these betting sites are competing is by offering better odds and more betting options. One example is BetUS, which has been offering better odds than most of its competitors for a while now. BetUS also offers a variety of betting options, such as NFL lines, NBA lines, and MLB lines. This allows bettors to find the perfect matchup for their bets.
Another way that these betting sites are competing is by providing customer service that is top-notch. Many of these sites offer live chat support so that bettors can get help when they need it. In addition, many of these sites offer 24/7 customer service so that bettors can always be reached no matter what time of day or night it is.
The Regulation of Online Sports Betting
The regulation of online sports betting has been a topic of debate for years. In some jurisdictions, such as Nevada, it is legal to place bets on sporting events. However, many other countries have laws that prohibit or restrict this activity. In the United States, the Federal government has taken a hands-off approach to online sports betting, largely leaving it up to the various states to regulate this industry.
In recent years, however, there has been a shift in the US regulatory landscape. In 2014, the US Department of Justice (DOJ) issued a letter to state regulators urging them to take a stricter stance on online sports gambling. This was in response to reports that offshore operators were laundering money through US-based sportsbooks. DOJ argued that this activity constituted illegal gambling and should be regulated accordingly.
Since then, several states have adopted tighter regulations governing online sports betting. The most recent example is New Jersey, which went into effect in October 2018. New Jersey is the first state to ban all forms of online gambling, including sports betting. This prohibition extends to both domestic and foreign operators located within its borders.
The Future of Online Sports Betting in North America
The battle for North America’s online sports betting volume is heating up, and the big players are starting to take notice. MGM Resorts International (NYSE:MGM) recently announced that it would be acquiring a minority stake in FanDuel, one of the leading operators of online sports betting in the United States. This move signals MGM’s intention to get a piece of the action and become a dominant player in the U.S. online sports betting market.
The acquisition could also mean good news for other players in the space, such as DraftKings and FanDuel’s larger competitor, Unibet. These companies may be feeling some pressure to up their game in order to stay ahead of MGM. If they can’t keep up, they could face extinction in a market that is growing rapidly.
There are several factors contributing to the growth of online sports betting in North America: illegal gambling on sports is becoming more and more difficult to conduct; new technologies are making it easier for people to bet on sports; and Americans are increasingly turning to online casinos and gambling sites instead of traditional bookmakers when they want to make a wager on a sporting event.
The Rise of Sports Betting
The battle for North America’s online sports betting volume is heating up. The past year has seen a number of large betting companies enter the market, and they are all fighting for a piece of the pie. Here’s a look at the top five players in the space.
The Decline of Sports Betting
The problem with sports betting is that it is a largely unregulated industry. This means that there is a lot of room for abuse and fraud, which is why the volume of bets placed online has been declining over the past few years. In 2013, sports betting volume was $50 billion, but by 2016 that number had fallen to just $27 billion.
One reason for this decline is that people are becoming more aware of the risks involved in betting on sports. There have been a number of high-profile cases of sports bettors getting duped, which has caused many people to steer clear of online sports betting altogether.
Another reason for the decline in online sports betting is the increase in legal gambling options. Some states have passed laws that allow for gambling on professional and college football and basketball, which has drawn more people into the legal marketplace. This has made it much harder for operators of illegal sportsbooks to compete.
The good news is that there are still a lot of people who are interested in placing bets on sports. The bad news is that the market is shrinking faster than it could possibly be shrinking, and it may not be able to rebound without some kind of intervention from regulators.
Conclusion
As the United States and Canada continue to engage in an escalating trade war, it is no surprise that betting on sports has taken a hit. The two countries are the world’s largest markets for online sports betting, and with tariffs being levied on each other’s goods, bettors have been forced to switch their bets to other forms of gambling. This shift in spending has had a significant impact on the industry as a whole; North American online sports betting volume was down by 12% in May 2019 compared to May 2018. While this might not seem like much, it is still enough to decrease overall revenue by $250 million over the past year. With both countries set on continuing this battle until one side or the other falls, it looks like we might be seeing more suffering from within the industry before too long.
