In the US, Sports Betting is Booming, Thanks to Regulated Online Sports Betting

Published October 12, 2020 by Lee R

In the US, Sports Betting is Booming, Thanks to Regulated Online Sports Betting

New market figures reveal the US market is embracing online sports betting at a historical rate.

A key betting market study has revealed a year-on-year US industry tripling for Q2 from 2019.

The Tripling Effect

Key research provider SafeBettingSites.com has reported online casino revenue's new figure of $402M for Q2 2020 to tripled Q2 2019's total.

Growth Totals

The year-on-year growth rate for Q2 2020 totaled out at 253.8%, while H1 2020 turned in an increase of 189.7%.

Land-based Drops

This growth in the industry came against a drop in land-based casinos overall, to the tune of an almost equally astonishing 80% year-on-year, as sports betting platforms dropped 46.2%.

The exact figure for land-based brick-and-mortar casinos turned out to be a revenue contraction for the year of 78.8%.

Comparing to Q2 2019

The aforementioned figures compare to Q2 2019 which saw total revenue of $10.8 billion, with the Q2 2020 figure all the way down to $2.3 billion. This also represented a disconcerting sequential quarterly drop of 75.6% from Q1 2020. For H1 2020 year-on-year, the total contraction amounted to 45.6%.

A key additional metric of the comparative durations of 2019 and 2020 is the length of opening, with land-based casinos open for a cumulative 42,000 days during Q2 2019; and only open for 10,500 days in Q2 2020.

The Q2 Rubberband

At this juncture, approximately 80% of land-based casinos reopened across the United States by the end of Q2, with many showing spikes reflective of pent-up demand.

As a result, sample states of South Dakota; Ohio; and Oklahoma recorded revenue increases of 42.5%, 19.3% and 9.6% respectively.

Online Casinos Hit

According to the new data, online casinos also outperformed sports betting platforms--with sports betting platforms legal in 18 states, and online casinos operating in 5.

2019 Momentum Offsets Shutdowns

Sports betting came into the year with full momentum, as evinced by a “remarkable” Q4 2019 that saw revenue exceed $360 million.

2020 Covid Declines

However, the subsequent covid-related delays of major leagues and sporting events led to a 46.3% year-on-year decline. Nonetheless, they momentum of pre-covid 2020 saw revenue for H1 sustain a year-on-year increase of 10.4%.

Outlook

More details can be found at the SafeBettingSites.com website, but one detail is clear: driven by online platforms, sports betting is positively booming in the US.

See also

Special: Future of Regulated US Online Sports Betting

US Sports Betting Regulation Heats Up, but is it Happening Fast Enough?

US Sports Legends to Take the Podium for Sports Betting at this year's Betting on Sports America

Illegal Sports Betting Ring in Massachusetts Highlights Need for Legalization

New Study Predicts Significant Growth of Global Sports Betting Industry


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