Opportunities in the Sports-Betting Industry
An overview of the US market
The National Football League began the 2018–2019 regular season two weeks ago. Although T.V. ratings continue to remain stagnant, the exact opposite is true for game-betting. In Nevada (one of a few U.S. states that legalized sports-betting), around 1.7 billion USD was wagered on both college and professional american football games during 2017. That number is set to increase to around 2 billion USD for the present season. Over 150 million USD was wagered on the 2018 Super Bowl in Las Vegas alone, up about 20 million USD from the previous year. Most legal sports-betting has historically occurred in Nevada, but a majority sports-betters in United States partake in illegal game-betting activities. An estimated 95–115 billion USD will be bet on NFL and college football games during the upcoming season. This trend of illegal sports-betting is likely to decline, however, as more states legalize sports-betting. This creates a fantastic opportunity for Bethereum to expand its user growth.
Attitudes in the U.S. are changing greatly toward sports-betting. In 1992, the United States federal government passed the Professional and Amateur Sports Protection Act (PASPA), outlawing sports-betting in all but four states; Nevada, Delaware, Oregon, and Montana. The state of New Jersey challenged the constitutionality of PASPA in 2014, which led to a U.S. Supreme Court hearing in late 2017. Earlier this year, the Supreme Court ruled PASPA unconstitutional, allowing individual states the opportunity to legalize sports-betting. So far New Jersey, Mississippi, West Virginia, Pennsylvania, and Rhode Island introduced and passed legislation that legalized sports-betting. Only New Jersey and Nevada currently allow online sport-betting, but legislation is pending in both West Virginia and Pennsylvania for this specific legalization. Soon, most states are likely to legalize sports-betting in the same manner as the five states previously mentioned. The question remains: Can Bethereum capitalize on this opportunity?
Bethereum can establish a presence within the United States. In order to do so, the company would need to purchase gambling licenses and pay fees in the states in which it wishes to do business. The process is tedious, but extremely feasible. The profit potential in the U.S. is immeasurable. Presently, there are minimal online sports-betting companies; due to the current state legislation. Already having an established platform and user-base, Bethereum would be in a perfect position to integrate into this market as the legislation changes. First-mover advantage is key to earning the trust of users, especially within the gambling industry. Bethereum has the ability to establish the platform successfully throughout the U.S. within the coming decade and expand the sports-betting market to users who value convenience. The Bethereum interface is extremely easy to navigate and the betting process was created with the intention that even the most novice better could use the platform.
For the time being, Bethereum has a plethora of opportunities around the world. Just as in the United States, sports-betting has increased substantially in Europe and Asia. According to Statista, the legal, online gambling market is expected to reach 24 billion USD and 14 billion USD in Europe and Asia respectively at the end of 2018. Sports-betting comprises about 40% of total market share in the gambling industry. The market opportunity is clearly present for a secure, reliable, convenient, and decentralized betting platform.
Bethereum is a decentralised, social-betting platform based on Ethereum technology and Smart Contracts. Want to know more? Start here.
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