Legalized online betting is a fast-growing industry. The number of sports and fantasy games has increased by over fivefold since 2012. By 2020, the market for legalized sports wagering will exceed $1 billion. This means that there will be a massive competition for consumer attention. As more states become legal, the amount of online sports gambling will also rise. This could result in a new multi-billion-dollar marketing niche. The Illinois Supreme Court is poised to take action on the issue.
The majority of online sports and race bettors are young adults with high education and low financial status. The majority of problem bettors are male and speak English at home. They are also more likely to be immigrants who have not been raised in the country. This suggests that many of these individuals have trouble controlling their spending habits. A recent study showed that many problematic online sports and race bettors were migrants. While the statistics are promising, it is important to remember that the quality of the sports and fantasy sports gambling industry varies wildly.
Despite the massive payouts, online sports and race betting can lead to a lack of security and privacy. Often, people involved in the betting are complete strangers, and the lack of privacy can be worrying. In addition, many online gaming sites don’t publish their terms, rules, or policies. As a result, most of them are difficult to understand. There is also a huge potential for psychological distress if a problematic better continues to place bets.