How Sportsbooks Join New Markets

Countries the world over are passing laws that open up online casinos and sports betting. Sportsbook apps are the preferred way to bet for many people now, replacing personal office pools or driving to a casino. In the US, many states have had legal lottery and betting on horse races for a long time, with table games in casinos. But sportsbooks give people all over the States a chance to bet from wherever is convenient to them. The power of convenience has ushered in a new era of gambling popularity.

The main reason for this sudden change is the passing of new laws. In North America, it comes down to individual US states and Canadian provinces passing local laws that allow gambling. As an example, we get to know about the newly regulated sports betting market in Ontario. There, a recent law is expanding what kinds of things people can bet on. The power of choice makes gambling more available, which makes more people want to do it, which urges more investment in sportsbook apps.

Changing Laws

In The US, PAPSA was an old prohibition on sports betting and gambling that made it illegal to bet outside of casinos, and disallowed any sports betting outside of Las Vegas. In 2018, the US Supreme Court repealed the PAPSA prohibition. With the federal ban gone, states were free to decide on gambling laws for themselves. Several states capitalized right away, passing measures to allow online gambling and sports betting.

In Ontario, sports betting had been legal but only through one supplier. This limitation made the market less active than it could be. After seeing the US states surge in support for online sportsbooks and rake in the profits, Ontario knew it was smart to do the same. It passed measures to allow major betting companies the license to operate sportsbooks in the province. The new sportsbooks are now active and ready to expand the market.

How Sportsbooks Spread

When they are fully legal, sportsbooks apps capture attention with aggressive advertising and generous welcome bonuses. They partner with major sports teams, TV networks, and social media platforms to make sure their services are seen all over the land in the lead-up to the legalization date. The welcome bonuses entice new users with the ease of gambling. They offer risk-free bets, deposit matching on the first deposit, and other perks to make it so new users won’t lose too much money during their initial period of use. This makes gambling less intimidating, and the sportsbook app itself more inviting. Like many apps, it feeds off the user’s desire to repeatedly check in when bored.

Another way sportsbooks spread is by teaming up with online casinos. This is easy, as many platforms that own casinos also operate sportsbooks. They can share rewards programs that reward members for repeat plays. This is how they turn a gambling hobbyist into a sports betting hobbyist.

The Future: Non-Sports Betting

Online sportsbooks are proving to be a very profitable business, one that’s spreading to many new markets. One interesting extension of the market to keep an eye on in the coming year is the possibility to use sportsbook apps for events that fall outside the realm of sports. Ontario, for instance, is said to be experimenting with using gambling apps to offer odds on esports, awards ceremonies, and even political votes.

Esports is a million-dollar industry, but one that is relatively untapped. Offering betting could be a way to take advantage of the passionate fanbase with disposable income. Political votes could also offer great betting entertainment, as people already tend to get very heated about elections.