Gambling firms see $7B to $8B sports betting market by 2025
NEW YORK (AP) — Investors and sports betting companies are predicting the industry will be a $7 billion to $8 billion business in the U.S. within five years.
Panelists at the NYC Sports Betting Investor Summit said Monday that the industry is growing quickly a year and a half after New Jersey won a U.S. Supreme Court ruling clearing the way for all 50 states to offer legal sports betting.
So far, at least 13 do.
Investment firm Morgan Stanley predicts the US market will generate almost $7 billion in revenue by 2025, up from $833 million this year.
Executives from MGM Resorts, Hard Rock and Mohegan Sun all issued predictions in the $6 billion to $8 billion range.
Panelists predicted as many as 10 new operators may soon join the market.