One of the most exciting developments in sports betting over the past few years has been the development of official sports betting partnerships. These have been in vogue for nearly three years now, resulting in more than 60 states having legalized some form of sports gambling. Some have gotten the ball rolling as early as last summer, with the Cincinnati Bengals and the Cleveland Browns announcing their affiliations with Betfred and WynnBET, respectively.
There have been no end of sports betting related news stories. For example, in October, the Maryland Lottery and Gaming Control Agency announced that $984,308 in sports wagering tax revenue had been approved for school funding. This amount will be dwarfed by the billions of dollars in taxable proceeds that will be generated by legalized sports wagering in Ohio.
Notably, the most successful states have been the ones where sports betting has been legal for many years. However, the state of Nevada has pushed the boundaries of legalization, with sportsbooks taking bets on professional football and basketball games at the Las Vegas Strip’s MGM Grand Hotel and Casino. It’s no wonder the Vegas Golden Knights are the most popular team in sports betting.
Aside from sports wagering, the industry has also been enjoying a steady stream of other developments. In the United States, there are roughly a dozen markets that have taken their first bets, including the Las Vegas area, New York City, Philadelphia, and even the Midwest.