The United Kingdom has always been one of the countries that pave the way for legalised gambling. This is not surprising since it has a rich history when it comes to this industry. Nowadays, the gambling and sports betting industry has been becoming bigger and now many countries are rising to the challenge. The US betting industry is a great example.
Due to the years of regulation, gambling was largely illegal in the United States. But, now, with reforms taking place in many states, the US is experiencing the huge profits that the online betting industry brings. They now understand the significance of most people wanting to know how to earn passive income, which they can achieve through smart gambling.
Ever since the overturning of the PASPA law back in 2018, multiple states have been taking advantage of the legal sports betting opportunities that come their way. Recently, there are three states that have authorised sports betting while others are approving or expanding casino gambling.
The three states that have approved sports betting are Maryland, South Dakota and Louisiana. According to a gambling historian with the University of Nevada Las Vegas, David Schwartz, “It appears that Americans are becoming increasingly comfortable with legalised gambling. The addition of casinos in Virginia and racetrack casinos in Nebraska indicates that casino-style gambling is on the upswing as well. We have reached a point where voters seem satisfied that legalising gambling will offer positive returns for their state.”
How are UK Gambling Giants Reacting to the US Betting Industry?
Many UK firms are taking an interest in the US betting market ever since the PASPA law was overturned. You have the owner of Ladbrokes, Entertain, having a takeover bidding war with US casino giant, MGM resorts. MGM is seeking to acquire Entain with a proposal of £8.09 billion. Unfortunately, it was turned down by Entain. But, had it been approved, MGM would have expanded its business in the sports betting sector. Furthermore, Entain also started out in the US in 2018 with licenses in three states. With the change in the law, they also further grew their business.
Aside from that, you also have UK betting companies making their move, such as William Hill. Although it already entered the US market back in 2011, it has expanded its business in 2018 by securing a 20% investment from Caesars. In addition to that, you also have Flutter Entertainment, owner of Paddy Power and Betfair, which has its own selection of betting partnerships with US brands. Just recently, Flutter entered into a £3.1 billion deal with FanDuel, US-based daily fantasy sports and online betting company.
With the increasing demand for legalised gambling in the US, it will soon surpass the UK. In fact, experts have predicted that the US sports betting market will exceed the UK one by 2023 if things continue on in this way.
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