Sports betting brands have paid close to $400m in sponsorship since 2018.
US.- Sports betting brands have paid nearly $400m to sponsor major sports leagues since 2018, according to research from GlobalData.
The UK-based data analytics company reported that since the US overturned the Professional and Amateur Sports Protection Act (PASPA) in 2018, betting brands have paid $396.9m in sponsorship deals with US sports leagues.
The National Football League (NFL) scooped the largest share, accounting for 36.5 per cent. It was followed by the National Basketball League (NBA) at 24.4 per cent and Major League Baseball (MLB) at 23 per cent.
Liam Fox, sport analyst at GlobalData, said: “The growth of the sports betting industry in the US is by far exceeding the initial expectations for the market.
“On the one hand, cash-strapped state governments are attempting to balance huge budget deficits as a result of the devastating economic implications of Covid-19.
“The previous strong anti-gambling sentiments in US statehouses have been revised as many states have become more receptive towards expanding their sports betting offerings in a bid to collect more taxes from the lucrative revenue stream.”
Sports betting continues to expand in the US. Most recently, Georgia‘s House Economic Development and Tourism Committee voted 20-6 in favour of a sports betting bill.
A report by Morgan Stanley Research predicts that a further 12 states in the US will legalise sports betting by the end of 2021.