The online sports betting landscape across the USA is a minefield, with slightly different rules across the 50 states. For some time, online sports betting was banned in most places, but now many states are putting legislation in place to allow it.
Colorado legalized sports betting in 2020, and the state has reaped the benefits of offering this option to its residents. Now, other states such as Missouri are in the process of following suit. Soon, all the dominoes could fall, and online sports betting will be prominent across the country.
Sports Betting Flourishing in Colorado
The USA has been slow to catch up with many other Western countries regarding sports betting, but some states are now enjoying the additional revenue that the lucrative industry can bring in. Colorado’s market has now been in full operation for almost five years, and there are 20 licensed operators in the state.
According to a report from Bet Colorado, revenue from the industry is rising every year, with a 24.2 percent increase between 2023 and 2024. Last year, sports betting operators handled $5.56 billion in wagers, resulting in $325 million in additional revenue for the state.
Aside from the obvious economic benefits, there are countless other advantages to this regulatory oversight. Having legal and regulated sites means that it’s much safer for bettors, who can wager in a transparent environment. A lot of the revenue earned from the industry is allocated to key projects in the state as well, such as the Colorado Water Plan outlined on the Colorado government website.
Missouri Now On the Path to Legalization
The legalization of sports betting across the USA is witnessing a snowball effect now. The success of the states that have opened their doors to the industry hasn’t gone unnoticed by others, and now they want to get in on the action too. Missouri looks like the next domino set to fall, as voters in the state narrowly approved it in November last year.
The introduction of sports betting in the state will be led by some of the dominant companies in the country, which have helped the transition in other regions. DraftKings Missouri, for instance, is expected to come in with an attractive signup bonus to attract new bettors. This will likely come in the form of free bets for people who make first-time deposits.
What Will Happen Next?
The sports betting steam engine has well and truly left the station now, and experts are expecting a ripple effect across neighbouring states. There’s going to be a lot of pressure on the likes of Oklahoma, Texas, and Kentucky, now, where restrictions are still in place. These states will not be able to ignore the success of Colorado and soon Missouri for much longer.
There could soon be a future in the States where online sports betting is the norm. It’s taken a long time for this to become a real possibility, but the industry is now likely to spread through most states in the country.