Are you an avid risk taker? A gambler to be precise? Well, for you, the increment of sports betting licenses in the gambling sector comes as welcome news.
The same cannot be said for casinos. Sports gambling is more relatable in comparison to slots and other casino games. For many gamblers, it is more natural to place a wager on sports clubs and sports results; sports betting licenses were not issued –until recently.
Now that more and more sports betting licenses are being awarded following the May 2018 ruling by the Supreme Court, this means consumers are moving from casinos towards sports betting. The Supreme Court cleared the 1992 Federal Law that only permitted sports betting in Nevada. With the 2018-19 NFL season about to start, Jason Robins the Founder and CEO of Draft Kings predicts that approximately “150 Billion USD will be bet legally per annum mostly via bookies and offshore accounts.” Football is going to be the main attractor for sports betting. As more and more doors open and bettors learn how to place bets, then gold, basketball, tennis and other sports will get in on the action.
Why Increment in Sports Betting Licenses Spells Trouble for Casinos
For most people, watching sports is part of a favorite past-time activity or weekend fun-activity to be done with family and friends. Now add the possibility of making money to an already enjoyed past-time and you have a winner. The only challenge is to protect the integrity of what sports mean and stand for without making it all about betting. For casinos and those with stock shares, prices are expected to drop as the industry continues losing customers.
There is also the question of fantasy and expecting the impossible with the introduction of placing sports wagers. Betting platforms such as Draftkings focus on Fantasy sports betting. This has been met with a lot of criticism in the past and going forward will gain even more scrutiny. Already, there are some sports, teams or games that are more followed than others. Now imagine a weekend where there are 3 games and the odds stand at 1:3, 2:9 and 3:2. Obviously, more people will want to place their bets on the second game. Automatically, the game pulls in the most viewership. However, this is still under review and the Supreme Court alongside State regulations and sportsbooks will resolve it and level the playing field.
Future for Casinos
At the present moment, casinos are still in the lead, that is, as the best place for gambling. With the sports betting licenses yet to be fully issued, more changes are expected. It would appear that the sites that stand to best enjoy and see more gains are those that are already providing both a casino and sportsbook. Thus, the likes of Bet365, 888 and AmericasBookie will expand in the right direction.
Online casinos can still improve on their bonuses promotions, update their games portfolio and where possible, also have a sportsbook section. At the moment, all evidence suggests that the betting game is changing direction and focusing mostly on sports. To survive the change, then casinos also need to adapt their operatives and start including the new trends.