A recent study has shown that the future addition of the Florida sports betting market could be vital to the continuous growth of the gaming sector. The report, which was conducted by H2 Gambling Capital, found that these two states represent a huge potential market for commercial gaming operators just like California.
US Sports Betting has been in continuous growth in recent years, but the casino sector still had the majority of the market share.
BtoBet Industry Report
BtoBet, a US sportsbook supplier released last Monday its Betting Focus Series by H2 Gambling
Capital, which concentrated in the US gambling market. H2GC is a leading global research and consulting firm for the gaming and gambling industries.
The report highlighted that the 7.7 billion generated by sports betting and online gaming can breach the $20M mark within 3 years and could reach around $24.3 billion by 2026.
It also highlighted that Land-based slots and table games are still the main revenue-generating operations of the market this 2022. It accounts for $12.17 billion in Gross Gaming Revenue (GGR) which is 29% higher compared to the 2021 figures.
On the other hand, sports betting showed a 58.7% year-to-year rise as it accounted for $1.42 billion during the quarter. This revenue is still on track to surpass ceilings as more sports betting markets are on track to launch soon, including California, Florida, and Texas.
The Role of Florida Sports Betting
Sports betting is currently legal in more than 30 states and Florida is one of the states which is looking forward to opening the market soon. However, there are still hurdles to overcome as the earliest launch may be in 2024, but it can be delayed up to 2025.
The New Sports Betting Pact may be delayed but Florida Governor Ron DeSantis, together with the Seminole Tribe and the Department of the Interior, are in the process of appealing the case.
The research showed some promising numbers for the Florida sportsbooks when it becomes legalized. According to the report, Florida is expected to generate 4.9% of the total GGR, while Texas is projected to bring in 2%.
The report, which was compiled by research firm H2 Gambling Capital, showed that these two states are among the most primed for expanded legalized the presence of sportsbooks. This is good news for businesses within the industry, as well as for consumers who are looking for new ways to gamble.
This will also prevent residents to bet on sites regulated outside the borders which are happening now. 75% of the sports betting searches in California, Florida, and Texas are offshore sites.
Moreover, California can get its legalization soon, then there is hope that other states will follow suit in the near future. However two measures on this year’s ballot look promising for fans who want sports betting to become mainstream again – but they still have their work cut out ahead of them because each state has differing obstacles preventing full integration into society.
The Future is Mobile Betting
David Forman, Vice President of research at the American Gaming Association, discussed that the fast-paced growth in sports betting is attributed to its availability and accessibility. the rise of mobile betting has been a vital factor in sports betting and is expected to continue in dominating the market.
“It’s been a boom for consumers, really.” Forman said.
“I mean, prior to 2019 consumers had to either pay to fly to Vegas to place your bet, which most people are unable to do or are unwilling to do, or you had to be with an illegal bookie or with an offshore site,” he added
This is consistent with most of the states where mobile sports betting accounts for more than 90% of the wagers.