American betting Future is headed to mobile and online which will, in turn, leave brick and mortar casinos in the dust just as it happened to other businesses in the advent of the internet age.
Its the inevitability of any industry in the internet age right?
Well, innovation has a way of sprouting marginalized industry participants to the detriment of established players, what’s called disruption in tech terms.
But before we talk about the future, lets first talk about the past.
American Betting History
American betting is not a new phenomenon by any means. The history of betting in America can be traced back as far the colonial times when wealthy landowners wagered heavily on horse races.
Lotteries were introduced in the late 1600s to help with funding and development of the 13 colonies. The financiers of Jamestown, Virginia, for example, funded lotteries to raise money to support their colony. These lotteries were quite sophisticated for the time period and even included instant winners.
In 1979 a restriction on Lotteries by the British crown became one of many issues which fueled tensions between the Colonies and Britain prior to the American Revolution.
Gambling was popular on the frontier during the settlement of the West; nearly everyone participated in games of chance. Towns at the end of the cattle trails such as Deadwood, South Dakota or Dodge City, Kansas, and major railway hubs such as History of Kansas City and Denver were famous for their many lavish gambling houses. Frontier gamblers were the local elite. At the top of the line where the riverboat gamblers dressed smartly, wore expensive jewelry, and exuded refined respectability.
Legalization of America Betting
Nevada legalized gambling in 1931 as a way of bringing economic relief after the great depression, 1950 brought the age of the mob and organized crime and thanks to cheap air travel and auto access from California, Nevada, and Las Vegas, in particular, became the center of gambling in the U.S. In the 1960s Howard Hughes and other legitimate investors purchased many of the most important hotels and casinos in the city gradually eliminating the city’s connections to organized crime.
By the ’80s and ’90s, most gambling in the US took place in Nevada on the West Coast and Atlantic City In New Jersey on the East Coast.
In the 1990s, riverboat casinos were legalized in Louisiana and Illinois in addition to other states. In 1996, Michigan legalized gambling in the city of Detroit creating an economic center for potential casino growth.
In an attempt to curb the ill effects of the rapid rise in gambling on sporting events, Congress passed the Professional and Amateur Sports Protection Act of 1992. which was later overturned by the Supreme Court in 2018, on the grounds that it was unconstitutional for the federal government to prohibit states from legalizing it under state law.
In the early 21st century, Internet gambling has grown rapidly in popularity worldwide Global Internet gambling reaching $34 billion in the US 2011. This is higher than worldwide movie box office revenues and represented 9% of the international gambling market.
However, interstate and international transactions remained illegal under the Federal Wire Act of 1961, with additional penalties added by the Unlawful Internet Gambling Enforcement Act of 2006.
American Betting Today
The Overturning of PASPA in 2018 by the Supreme court was a game-changer for sports betting in the US as states like New Jersey took full advantage, offering legislation to betting companies for a piece of the pie.
A year later, New Jersey has taken in more than $2.9 billion in sports bets, resulting in nearly $200 million in revenue for multiple sportsbooks and in June of this year with $318.9 million in bets, the New Jersey sportsbooks surpassed Nevada Sportsbooks which took in $317.4 million by $1.5 dollars to become the nations top sports betting state.
Many of the other states are scrambling to legalize sports betting and have either done so or are in the process of legislating it.
American Betting the Future
Sports betting has taken over as the preemptive gambling entertainment venue for the masses this much is clear and this is expected to continue in the near future.
To whit, the US Congress is reviewing federal gambling laws and plans to introduce comprehensive legislation that will address sports betting, daily fantasy sports and other forms of online gaming.
Las Vegas Sands CEO Sheldon Adelson Adelson and his wife Miriam, the Republican Party’s top donors during the 2016 election, shelling out $113 million for conservative politicians and causes, including $20 million to President Trump’s campaign.
His coalition has spent years lobbying in Washington against the 2011 reversal of the Wire Act, a federal law banning bettors from transmitting gambling data across state lines, In a position, which came during President Obama’s administration, and opened the door for states to license and regulate online gambling.
For Sheldon Anderson, it is clear what his motivation is.
Imagine being able to legally gamble on sports on your mobile phone or internet device from the comfort of your own home without having to visit one of his casinos or any other casino for that matter.
That my friends is the future of American Betting.