SBC recently announced that the Founder and still the CEO of theScore, John Levy, would be joining the next upcoming lineup of Betting on Sports America digital event. Levy will join other notable speakers at the event. Some of the other names included in the roster of keynote speakers are William Hill U.S CEO Joe Asher, CEO of MGM Resorts Bill Hornbuckle, founder of the XFL Dany Garcia, and CEO of Circa Sports Derek Stevens.
During the executive studded event, Levy will be quizzed by CNBC’s Contessa Brewer. During the interview, the CEO will share his experiences in the industry thus far. He is also expected to share his hopes and dreams for the future of the industry as technology and the legislature continues to become more accepting of sports betting.
Levy, and theScore, in general, have been instrumental in the growth of the industry since it was regulated back in 2018. It is his approach that led theScore to become the 1st North American media company to create and launch a sportsbook. TheScore now offers a deeply interlinked sports betting experience that has merged media and wagering.
Since it set up shop in New Jersey as we’ve covered here, theScore has secured market entry to more states across the country. theScore Bet’s mobile app is currently available to punters in Indiana, New Jersey, and Colorado, with more states expected to join the fold in the coming year.
Overall, the Betting On Sports America digital event will see more than 130 speakers and specialists share their insights in an intimate setting. The forum will help punters as well as actors in the industry to fully understand what the future of sports betting might look like, especially considering these uncertain times that we currently find ourselves in. Aside from the speakers, the digital event will also have interactive product display areas that will feature the newest products and solutions in the industry.
More and more people betting on sports as the industry gets stronger
There’s been no shortage of challenges to endure. Land-based casinos were closed for months following a government-sanctioned lockdown aimed at keeping the contagion levels down. Even though many have since resumed operations, they are only operating at 25% capacity, which is sufficient to keep some afloat but not nearly enough to make a long-lasting impact. And with things unclear regarding a vaccine, the situation might persist longer than most people are prepared for.
And yet, despite this setback, the gambling industry will weather the storm and will even use our current circumstances to steer betting legislation forward. Indeed, more and more states are willing, now more than ever, to legalize sports betting with state coffers running ridiculously low. State lawmakers that were once resistant to sports betting are now embracing the industry, congress is also warming up as well.
More than half the states have now passed legislation authorizing sports betting. Many of these states have already launched online or retail betting markets, while several more are in the process of figuring out the rules and regulations. The legal landscape and atmosphere surrounding the sports betting industry is changing rapidly and it is expected that more states in the union will legalize the industry come 2021 & in the coming years.
Sports legislation is typically enacted by the state legislature and ballot initiatives that pose the question directly to voters. The timeline for various states depends largely on the political climate. The good news is that the pandemic has forced states that were previously opposed to sports betting to change their tune. Tax revenue acquired from sports wagers will go a long way in helping various state projects.
As the industry continues to mature, it is expected that things will become a little more personal and diverse, finely tuning the wagering experience to fit individual users. With sports wagering now relatively well established and more widely accepted, the conventional American model for sports media is changing rapidly.
Gambling has ballooned to become a great potential revenue stream alongside subscriptions and ads. In the future, wagering might even boost the stock prices of the biggest sports leagues. Sports betting could very well also add value to smaller sports assets and properties. Case in point, just earlier this year, BetMGM, one of the biggest and most recognized names in the industry signed a partnership deal with the National Lacrosse League to become its exclusive gaming partner.
Compared to some of the other larger leagues namely baseball, hockey and soccer, lacrosse is a minor player. However, if there is anything that this industry has learned during this pandemic, it’s that all sports, no matter how big or small, are valuable not just for media companies, but for gambling operators as well.
The future of sports betting in America has never shined brighter. Despite the current challenges that have been posed by the recent outbreak, sports betting will emerge from the rubble stronger. With a hard shift towards mobile and sports betting, there is no slowing this industry down.
Following the swift legalization of sports betting in the country, the remodeling of the fantasy games industry, and the growing relationships between sports leagues and gambling operators, as well as media companies and sportsbooks, wagering will radically alter the way people consume sports in the future. Every point and play across various leagues will matter in ways that they never mattered before because whether people choose to bet or not, everything will have a dollar value assigned to it.
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