Management consulting for media, technology and sports business, Activate, has published its sixth annual report which has revealed that the ports betting industry in the US will be worth US$149 billion by 2023.
The report estimates that wagering on sports will grow exponentially in the coming years, with projections anticipating a growth from US$13 billion to US$149 billion.
“When fully legalised, institutional investors will participate in the sports betting market and employ sophisticated data sets and AI to gain an edge,” said Activate in the Technology and Media Outlook 2020 report.
Michael J. Wolf, Activate CEO and Co-Founder, said: “This year, we decided to not only focus this Outlook on the year ahead, but also to take a look back at previous predictions and how they shaped the latest and greatest trends, including the boom in AI, betting, and gaming.”
Activate has predicted that the sports betting market will adopt multiple new markets which go ‘beyond the outcome of a game’, while the report suggests that sports betting will begin to take a similar structure to that of the financial trading markets.
Esports is also expected to play a large role in the development of the industry in the US, with the report suggesting that esports will become a major contender against traditional sports in terms of audience and revenues. These are expected to approach US$7 billion globally by 2023.
“Today, consumers in 11 states have safe, regulated alternatives to the dangerous illegal market,” AGA said about sports betting. “With Indiana and Oregon on the cusp of launching and five more states plus DC expected to follow suit in the coming months, nearly one-in-three adult Americans may soon live in a state with legal sports betting.”
“Consumers are betting responsibly,” the body noted as a major achievement of the sports betting segment in the US. “More than 90 million Americans identify as current or future sports bettors. Moreover, 88% of adults view betting as an acceptable form of leisure. That’s why responsibility in gaming remains the top priority for the industry.”
