A craze for betting is sweeping over America. This year Americans are on track to wager nearly $150bn on sports, having bet a paltry $7bn in 2018. Another $80bn is being wagered in online casinos; in the few weeks when election gambling was legal before the presidential vote, hundreds of millions of dollars were placed on the outcome. Even physical casinos are spreading. Soon the island of Manhattan could have its own casino towering over Times Square.
As our Briefing this week explains, the revolution has been unleashed by the overturning of bans, the rise of always-available betting apps and a booming economy. It is turning gambling into a mammoth business. Americans may wager as much as $630bn online by the end of the decade, quadrupling gambling companies’ revenues from sports-betting and virtual casinos. Earlier this year the market capitalisation of Flutter, a company that owns online betting platforms including FanDuel, the biggest sports-betting site in America, overtook the biggest behemoth in physical casinos, Las Vegas Sands. Gambling is changing the nature of sports, too, invigorating fans and enlivening broadcasting. Last year espn, the sports network owned by Disney, launched its own betting app.
.@TheEconomist is generally good, but this article is horrendous. Online gambling has been cash cow for @bet365 @DraftKings @BetMGM @FanDuel & more. But all of their customers irrationally think they can come out ahead. And lose it all in the process.https://t.co/MSPPNLL6Sr
— Ben Rothke (@benrothke) December 5, 2024
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