Sport fans across the U.S will soon be able to place bets on various sporting events. This comes after the U.S Supreme Court lifted the federal ban against sports betting that was implemented in 1992.
It is now up to the individual states to pass a legislation on sports betting. The first state expected to offer sports betting is New Jersey. NJ so far has won its case against NCAA, NFL, NHL, and Major League Baseball for sports betting. Other states that have expressed interest include; Delaware, Mississippi, New York, Pennsylvania, and West Virginia.
Impact on Betting Operators
By close of business on Monday, many of the leading operators in the industry saw some notable increases in shares from Friday’s stats.
- Hills went up 10.7%
- Paddy Power Betfair went up 12%
- GVC Holdings went up 7%
- 888 Holdings 15%
- The Stars Group went up 11%
Implications for eSports Betting
The passing of this law on Monday, 14th May 2018, could have some rather major impacts on eSports betting. The idea of eSports betting has been somewhat a bit of controversy over the past few years. Virtual currency gambling has not been very regulated. However, in the U.K, measures have been taken to place some kind of regulations in place.
Previously, U.S fans were able to place eSports bets on skin gambling and daily fantasy. However, with the passing of sports betting law, this could change. There has also been an increase in eSports betting among operators. Some of the operators include; Betway and William Hill.
What this means for the Canadian Market?
While the lift on the sports betting ban opens up more opportunities to the American and European markets, the Canadian market will continue to fall behind.
Sports gambling in Canada is a huge operation. However, the Canadian Parliament’s decision not to modernise gambling laws runs the risk of the country falling behind. It is also resulting in billions of dollars flowing into offshore online sports books with illegal bets.
The Canadian Gaming Association in Canada is estimated to have around $500 millions worth of legal bets annually. These bets are mostly played on sports betting such as Ontario’s Pro-Line. However, single-game wagering is still illegal. The decision to chance this could bring in billions of dollars for the Canadian economy.
Furthermore, the change in legislation for sports betting in the US could potentially reduce the number of visitors to Canadian casinos.