US legal betting expansion highlights the importance of the activity

• The exponential growth of legal wagering across the United States began in 2018
• An expert speaks about the importance of legal betting in the context of the billions wagered every year by Americans
• A newly released report suggests 51% of the bettors plan to use legal bookmakers to place Super Bowl wagers

In less than a decade, sports betting has expanded exponentially across the United States.

With some 40 states offering some form of legal wagering on sports, the activity translates to billions of dollars wagered annually.

However, this expansion raises concerns about gambling harm, while at the same time, the threat of the black market remains.

Betting is a significantly important topic, considering the billions wagered on sports

After the Supreme Court struck down PASPA in 2018, the expansion of legal wagering across the country began.

This milestone ruling kick-started the growth of legal betting, unlocking a new stream of tax revenue for states across the country and sponsorship opportunities for sports leagues.

In a recent interview, an expert highlighted the importance of legal sports wagering in the context of the billions of dollars spent on the activity annually.

That's the case for Richard Borghesi, the University of South Florida's professor of finance, who was recently interviewed by FOX 13.

"It is hugely important topic because of how much money is being wagered," he explained.

Borghesi outlined that this year, nearly $2bn is expected to be wagered on the Super Bowl, one of the most-anticipated sports events in the country.

According to Borghesi, many of the bettors are confident when placing wagers, adding that "confidence drives gambling."

A recent Paysafe report suggests half of NFL fans plan to bet on the upcoming Super Bowl LX via legal markets.

Per the study, 51% of the fans in the US and Canada will use a legal betting market to place their wager, while 27% admitted to planning to bet more than they usually do.

In this context, Borghesi predicted that bets with illegal, offshore bookmakers are also likely to be significant.

This is not uncommon, considering that black market operators usually lure customers with better odds and other benefits.

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