The U.S. sports betting market is rapidly expanding, with multiple states passing recent bills to approve legalization. This is undoubtedly spurred by the Supreme Court overturning the federal ban on sports betting, but it is certainly encouraging to see the growth sports betting has experienced thus far.
On Tuesday, several casinos agreed to a framework outlining rules for how they engage in marketing with regards to sports betting. This framework directly applies to the American Gaming Association, restricting their advertising target to adults.
This directly means that any type of media that ordinarily is targeted for kids is not permitted. Furthermore, ads cannot be placed in online locations where most people visiting the site are under the legal age to place a wager on a sporting event.
There is no doubt that the American Gaming Association agreeing to this is certainly a good thing for U.S. sports betting. Two things that are driving opposition to sports betting legalization are gambling addiction and access for children underage.
With a major national group like the AGA agreeing to stay away from marketing to children, this can help lawmakers feel reassured that it won’t become an issue. This may help sway some states that are currently on the fence to feel more agreeable towards sports betting.
There are projections that as many as 30-40 states may legalize sports betting in the next 5 years. This means that most states that are currently resisting legalization are simply delaying the inevitable. If 34 states manage to pass legalization by 2024, the U.S. sports betting market will generate more than $5 billion in revenue.
Every year that a state puts off legalization is another year they miss out on free tax revenue. Gambling addiction is not an argument against sports betting because it already happens in illegal avenues. And now that the AGA has announced that they won’t market to children, even casinos are making their best effort to make the activity more appealing.
Some states have other special political issues to overcome, and others need to seek approval by public vote. With 50 different states, it undoubtedly is hard to unite them all on one topic all at the same time. We may not be there yet, but it surely seems like we’re making our way towards full legalization.