Legalized sports betting has led to a 20x increase in gambling. Many local casinos have now partnered with online sportsbooks. Legal sports betting has also shifted the focus from gambling to sports. In-game betting allows fans to place wagers in the middle of a game.
As sports betting becomes more legal and more popular, it is expected to continue to grow in size and diversity. The industry will eventually encompass the biggest sports as well as the most obscure ones. The Washington Post recently launched a sports betting guide, and ESPN has created a full sports betting program. In addition, users on Twitter and TikTok have created communities dedicated to long-term sports bets.
As the industry becomes more established and more accepted, gambling will become a third revenue stream for sports leagues. This could push up the cost of media rights and add value to smaller sports properties. For example, BetMGM recently signed a deal to become the exclusive gaming partner of the National Lacrosse League, a sport that currently receives minimal attention. Legalized sports betting could make any sport, no matter how obscure, valuable to sports companies.
Legalized sports betting has already become a hot topic in state legislatures. Some states have even legalized online gambling and sports betting. States like Pennsylvania, Nevada, and New York are moving forward to legalize these activities. Despite this, these industries are not yet widespread in the U.S., so it is unlikely that they will reach the level of popularity that New Jersey has.