Hey Sports Tech Fans,
Happy New Year!
I hope everyone had a great couple of weeks and everyone remained safe and healthy since the last edition of STL.
New York looks to be on its way to legalised mobile sports betting after the Governor looks to be willing to back the legislation to make up for lost revenues and costs of Covid on the state who was hit extremely hard in 2020.
The damages might be longer lasting than elsewhere so anything that might bring in revenues to the state will be seriously looked at.
New York and California have long been the crown jewels in the legalised sports betting market in the US, but as of yet have no legislation in place but that might be soon changing.
It will be a long road to get there and to allow sports betting companies in those states to actually accepts bets from players but the rewards are potentially massive.
The sheer population numbers in those states are staggering but so too is the size of the economic value of those states which would indicate potential high returns.
To put the potential into context, California’s economy is roughly the same size as that of the UK at 2.7 Trillion dollars, while New York’s is roughly the same size as South Korea’s at 1.5 trillion dollars. These might be headline GDP figures but the potential is massive!
Emily from Odds.com reached out to be a contributor and you can see an article below showing the top 5 states in terms of total dollar amount wagered, revenue and tax take.
Unsurprisingly Nevada took in the most in terms of total wagered whose economy is the same size as Hungary’s at 150 billion dollars.
Of the newly legalised states New Jersey is handling the most amount of bets, possibly due to its proximity to New York. The New Jersey economy is roughly the same size as Taiwan’s at 590 billion.
With the Super Bowl rapidly approaching all eyes in the gambling world will be on the rapid growth of the number of bets handled and the total wagered in states where gambling is legal.
Have a great sporting weekend,
Will
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