Disclaimer: I own 10 shares of DKNG
Before 2018, those who wanted to gamble on sports legally had to travel to casinos in Nevada, or three other states which were exempt from the ban.
But since the court decision, sports betting has been transformed into a high-growth tech business with over $12bn in revenue in 2022 and advertising that is fast becoming ubiquitous in American cultural life. Just this week, Disney-owned sports channel ESPN announced plans to launch a sports book, joining the likes of DraftKings, MGM, and Ireland-based Flutter Entertainment.
Punters can now legally bet on sporting events in 34 states as well as Washington DC. In 25 jurisdictions, they can do so online. Cumulatively, Americans have wagered $245bn on sports since 2018.
Read more: https://www.ft.com/content/2e1a235a-8a46-47f3-b040-5ca21a04ebf4
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