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Sports Betting Industry Hits the Jackpot Five Years After PASPA Repeal

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Source: AP PHOTO/THIBAULT CAMUS

May 14 2023, Published 7:30 a.m. ET

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On May 14, 2018, the United States Supreme Court made a move that rocked the world of sports betting by repealing the Professional and Amateur Sports Protection Act (PASPA). Fast forward five years, and the sports betting industry has come out on top, standing tall as a multi-billion-dollar powerhouse.

The days of dealing with sketchy underground bookies and sketchier offshore websites are long gone. Thanks to the legalization of sports betting, states across the country are raking in the cash. Legalized sports betting has not only helped to eliminate illicit activities, but it has also gifted states with a major source of tax revenue.

Sportsbooks across the country are going all out to attract new customers, offering incredible sign-up offers and bonuses. These promotions not only incentivize new account creation but also provide bettors with added value and increased chances of winning big. It's a win-win situation for both sportsbooks and customers alike.

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Since PASPA's repeal, many states have taken a proactive approach by quickly enacting legislation to legalize and regulate sports betting. This has created a highly competitive market that attracts major players in the gambling industry. As of now, over 30 states have legalized sports betting in various forms, with more states considering similar measures.

One of the most impressive outcomes of the repeal has been the industry's exponential revenue growth. Reports show that since 2018, the legal sports betting market in the United States has surpassed expectations, reaching unprecedented heights. In 2022 alone, the industry generated $7.5 billion in sportsbook revenue, up 75 per cent from the 2021 total of $4.29 billion, according to the American Gaming Association.

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This surge in revenue has not only boosted state budgets but also led to increased fan engagement and excitement. Sports leagues and franchises have seized this opportunity, too, forming partnerships and securing sponsorship deals with sportsbooks, while basketball legend Michael Jordan has taken an ownership stake in DraftKings in exchange for becoming a special adviser to the sports betting site.

Technological advancements have also played a vital role in the industry's growth. Online and mobile sports betting platforms have revolutionized the way people place their bets, providing easy access to a wide range of betting options and markets. The convenience and accessibility have attracted a new generation of bettors, contributing to the industry's ongoing success.

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Despite the industry's growth, responsible gambling measures are crucial. As the industry continues to thrive, regulatory bodies, operators, and stakeholders have taken steps to promote responsible gambling practices. Initiatives such as self-exclusion programs, mandatory age verification, and player protection measures have been implemented to safeguard vulnerable individuals and ensure a safe gambling environment.

Adam Fiske, the CEO of Cipher Sports Technology Group, which runs Dimers.com, a leading resource for casual sports bettors, says the legalization of sports betting has triggered a remarkable rise.

"We've seen the incredible growth and potential of the industry since the repeal of PASPA," Fiske said. "As more states legalize sports betting, we're excited to continue to provide our community of users with the best sports betting content and tools while prioritizing responsible gambling measures."

Five years after the repeal of PASPA, the sports betting industry has come out on top, becoming a vital sector in the United States. With further growth expected as more states embrace legal sports betting, the industry is set to provide even more economic opportunities and enhance the sports experience for fans nationwide.

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