How did sports betting become the phenomenon that it has been for the last 20 years? The market grew with the legalization of gambling in more states. Currently, only 23 states have legalized sports betting, but that number is soon expected to rise with more state legislators leaning towards passing the bill in their respective states.
Sports betting has been around for as long as sports have. Similar to the stock market, it’s a way to invest. Sports fans and people who don’t even watch sports are betting money on teams, players, and prop bets looking to make some cash. With the NFL season kicking off this past month, the sports betting world has taken off since its hiatus after the NBA season concluded. Many consider these two sports to be the goldmine of sports betting and sportsbooks
This past year, the revenue of sports betting hit $7.5 billion, $3 billion more than the previous year, and the use of technology is a big part of that, according to www.statista.com. Previously, only casinos had legal sports books where people could go and place bets. Of course, illegal bookies ran underground sports books and were usually tied in with organized crime. As those organizations began to get shut down due to legalization, bigger brands emerged, such as Fanduel and DraftKings. For the last three years, they have been the two biggest sportsbooks in the country.
Jonathan Cromartie, who hails from Harlem, New York, has been betting on sports well before it was legalized in New York.
“I’ve seen the highs and lows of this game and it’s all in the love of it,”. Cromartie explained. “I do have a job full time, but with the winnings that I’ve accumulated it kind of balances out. I don’t think it’s smart to quit my day job, but if I wanted to take some time off, I could.”
Cromartie is just one of the many sports bettors that have found success gambling. However, there have been just as many people, if not more, who have lost everything they ever had.
Anthony Peters, a lifelong gambler from Lakeland, Florida, has been on the shorter end of the stick.
“Before the legalization took place I was so in debt I had to let mobsters stay at my house,” he laughed. “It was a scary scene but it was also humbling. Sometimes your judgment gets clouded by the payout you could get and is often also how many of these guys end up broke on the street.”
Peters explained how losing a bet cost him his house, car, and almost his family. “I won’t say the amount, but when my wife found out how much I was in debt she was ready to leave.” This life experience also saved him, and he was able to pay back the money and get his life back on track.
Sports betting is growing by the day and will continue to expand with the legalization rate growing as well. The world of gambling can be fun, but it also has its dangers.
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