Legislation within the US sports betting sector is simply capitalising on an ‘existing market’, according to industry professionals.
What is it?
Goldman Sachs’ ‘The Daily Check-In’ discusses the growth of the sports betting industry in the US and predicts where the sector might find itself over the course of the next decade.
Who is it?
Stephen Grambling, Gaming, Lodging and Leisure Analyst at Goldman Sachs Research
Liz Bowyer, Global Head of Content at Goldman Sachs
What is being said?
Explaining how clients are viewing the sports betting sector in 2021, Grambling noted: “The overall sentiment was positive and not surprising given sports betting represents one of the largest growth opportunities over the next 10 years across consumers. This is not just as you think about traditionally, bets on your favourite team or your favourite player, but also how sports media will be distributed going forward.
“It all started with the overturning of the Professional and Amateur Sports Protection App, or PASPA, back in 2018. This opened the door for legislation on a state-by-state basis. What we should keep in mind though is that there is a large grey market, primarily offshore operators that had already developed prior to PASPA being overturned.”
Grambling, who forecasted a ‘$39 billion online sports betting market by 2033’ added: “So, in many ways, legislation is just tapping into an existing market, but you also have increased awareness and marketing that’s going to drive adoption over time.”
Why should I watch it?
To learn about the growth of the US sports betting market and where the industry sees itself within the next decade.
Where can I see more?
Source: Goldman Sachs YouTube Channel