FanPost

US Sports Betting Rebounds After Horrible Spring

This year’s lock downs had a horrible effect on entire industries, especially those relying on people leaving their homes. Movie theaters are still closed pretty much everywhere, restaurants and bars can work at a limited capacity if any, and sports are played behind closed doors. The lack of a live audience has put a massive hole into the budgets of most sports teams, as well. But the business to be hit hardest by the lack of sports was sports betting.

Sports betting is a small part of the massive US gambling industry - the bulk of its revenues are generated by casino resorts. There are around 1,000 of them across the US, with 12 of those in Pennsylvania. As more and more states regulate sports betting - four of them did this year - it is becoming an increasingly important part of the industry’s revenues. Provided, of course, its users have something to bet on.

This spring, there was almost nothing sports betting operators could offer due to sports shutting down around the world - the few notable exceptions, like the Belarus Premier League soccer season, were hardly the most attractive things left to bet on. As a result, sports betting revenues spiraled down the drain for months.

Online casinos thrived

One’s loss is another’s gain. With casinos closed and the betting sites’ offers lacking, online casinos had their best year ever in the US. To play at the JackpotCity online casino, players don’t need to wear a mask or keep social distance - they can do it from their home office while participating in the most boring Zoom call of the day. The JackpotCity and its likes offer a similar experience to casinos, only without the crowd - and this makes them the perfect choice for this year.

This year, online gambling in the US had its best year ever: in the first nine months of the year, iGaming raked in revenues of more than $1 billion, a recent report published by the American Gaming Association shows, growing by a staggering 205.7% compared to the same time period of 2019.

Sports recovery in the summer

Sports betting spent almost half a year in the red before starting to recover. Its recovery was fast: with every major US sports league resuming operations in the summer, betting has also managed to turn a dismal year into a brilliant one. The busy sports schedule has caused punters to flock to betting shops and online outlets, helping the branch to grow significantly this year: overall, its revenues have grown by 27% in the first nine months of the year, with almost half of the total revenues generated in the third quarter of the year.