The sixth annual report from Activate says the sports betting industry in the US will be worth US$149 billion by 2023.
US.- Activate, a management consulting for media, technology and sports business, released the sixth annual report that studies the state of the industries. The information in the report indicates that sports betting will grow to US$149 billion by 2023 in the United States.
The consulting firm said that the amount wagered on sports in the US will grow from US$13 billion to US$149 billion by 2023. The sports betting market will begin to take the shape of financial trading markets. The firm also said that it will have an infinite number of possible wagers extending well beyond the outcome of a game.
“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.” The CEO also added that the forecasts shared by Activate will profoundly impact technology and media industries as they approach 2020 and beyond.
Esports are here to stay
Activate also analysed eSports in the US and said that the industry will not be going away anytime soon. The firm stated that eSports will soon rival major traditional sports in the US, in both audience size and revenue. These are expected to approach US$7 billion globally by 2023.
AGA assessed sports betting in the US
The Professional and Amateur Sports Protection Act (PASPA) was revoked by the Supreme Court in May 2018. Since then, the US has wagered more than US$10 billion. The American Gaming Association (AGA) assessed the country’s sports betting market in August.
“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.”