Football, World Series, NBA off-season trades – all are happening here and now. And there’s never been a better moment to gamble on them than now, simply by bringing out your phone.
While online sports betting is intended to be a kind of amusement, the ease of access, along with Americans’ passion for sports, has made it a rapidly increasing, yet possibly harmful hobby.
A Firm Business in the Industry
In 16 states across the country and including the District of Columbia, internet sports betting is now legal and functioning statewide. There are another five states that have already allowed it is likely to follow suit soon.
The quantity of money gambled is high and steadily increasing. Sports bets totaled $28.7 billion in the first 8 months of this year, with the great majority coming from internet betting. In comparison, the sum for the entire year of 2020 was $21.6 billion.
Expect to be bombarded with television advertising and other promotion if you live anywhere near a region where online gambling is allowed or soon will be.
Over 25% of the industry’s overall revenue is likely spent on advertising, notably by the three largest providers of sport (BetMGM, DraftKings, and FanDuel).
While those with severe gambling issues are believed to make up only 1% of the US community, mild to moderate addictive disorders affect an additional 2% to 3% of the population.
It’s uncertain whether the spread of sports betting throughout states will eventually raise those figures, that have been around for over a decade. This only shows that sports betting is potentially addictive.