Online Sports Betting
In 2016, 23.2 million Americans reported they would bet a combined $4.3 billion on the Super Bowl. Of these, 7.6 million said they would bet online. The U.S. sports betting market is estimated to be worth $1 billion in 2020, and by 2023, it is projected to increase six-fold, surpassing $19 billion in revenues. In the coming years, sports betting will grow into a multibillion-dollar industry as media companies and tech startups compete to gain attention of consumers.
However, online betting is still illegal in many places, and the US Department of Justice has issued legal opinions on the subject. Individual states are still developing their legalities, so the best course of action for an online betting business is to consult with a legal advisor before moving forward. Ideally, a website should offer a free trial, which should be possible before committing to a contract. This is the easiest way to test the waters.
If you live in a state where sports betting is prohibited, you should choose an online platform that offers a limited selection of games. This will ensure that the odds offered to players are reasonable and relevant. Also, it is important to ensure the security of the transaction, as online sports betting is highly confidential. The process of depositing and withdrawing money must be safe, and any vulnerabilities in this process can be exploited by criminals and disrupt the entire platform.