The US has seen sports betting move to 38 states in the last 5 years. Any further expansion is less likely. A core reason is political resistance and competing financial interests. The US Supreme Court has already given the green light to sports betting, but it is taking longer than expected to reach a number of states.
Vermont will be a new entrant to the list effective January 11, 2024, allowing its residents to place bets on their favorite sport. The next state could be Minnesota if all the circumstances play out in its favor.
The fact that there is a window to collect adequate revenue is an inspiration for states that have adopted the notion. For example, governments have collected about $4 billion in taxes from $280 billion wagered on platforms during the last five years. California, Texas, Alaska, Oklahoma, and Georgia are among the states that have yet to approve sports betting.
California and Texas come as a surprise since they are two of the most populated regions of the US. The chances for either of the states to adopt sports betting are close to zero. If they ever decide to adapt to the changing environment of entertainment, California and Texas will serve as the biggest prize for sports bettors.
Oklahoma has tribe-run casinos, which limits future development in the industry. The tribes have already overturned a proposal developed by Republican Gov. Kevin Stitt. In his opinion, tribal casinos should offer in-person sports betting. Platforms that have been licensed by the state would handle online portions.
Minnesota faces a challenge only in terms of numbers. Democrats have a single-seat advantage over Republicans, intensifying the struggle over which lawmakers should move to have sports betting in the region. Supporters are confident that the time to have sports betting is now, with the support of tribes.
Missouri is a state where efforts have been constantly turned down. GeoComply Solutions’ study suggests that Missourians are actually looking for ways to participate. They have attempted to access websites on almost 280,000 devices. Their attempts have led them to access sites in Kansas and Illinois.
Missourians have been blocked from doing so since their state does not support sports betting.
A way to circumvent this limitation is for residents to move to the neighboring state, place a bet, and return to their homes. Georgia could see a reduction in the number since it has been made an ideal candidate to adopt sports betting in 2024. This builds on top of Minnesota.
Nonetheless, growth in sports betting appears to be slowing. Residents can move to another state, place a bet, and then return home. The said entertainment piece is hosted by 38 states in order to reduce the burden of approving updates to state regulations. It simply goes to show that certain states are losing taxes that they could have gained through sports betting.
