The legal gambling industry in the US was going through a difficult time.
Gambling activity plummeted in every state after the Super Bowl. As a result, the states with legal bets in their territories reported a decrease of between 7 to 20%. Despite the drop in betting activity, operators were calm and pinned all their hopes that March Madness would bounce them back.
March Madness Effect
Operators were not wrong, as March Madness has marked a considerable increase in betting activity. For example, the state of Colorado increased gambling activity by 12.9% from February to March.
According to the Colorado Division of Gaming, the NCAA Basketball Tournament moved $ 301 million in bets during March.
Thanks to the nearly $ 300 million in bets Colorado registered in March, the state has passed the $ 2 billion milestones in lifetime handle.
It has been almost a year since Colorado approve legal sports betting. The state officials believe this is just the begin-ning and expect the market to grow even further. This was stated by Dan Hartman, director of the Division of Gaming, in a news release:
“These large totals posted month-over-month show us that Coloradans are embracing this new form of entertainment. We look forward to what will emerge in the market moving forward, as more and more sporting lea-gues summarize a regular schedule of play and what that will translate into returns for Coloradans. “
Bookies Takeaways
The Market Will Keep Growing.
Firstly, the most remarkable thing about the current state of the betting market is that it is just the tip of the iceberg.
Many states have not yet legalized sports betting in their territories. Therefore the market still has an incredible potential to continue growing.
Moreover, some experts can’t calculate the size and trillions of dollars of the betting market once sports betting becomes legal across the US. Bookies must prepare their betting businesses and be ready to take advantage of every movement and change that arises in the market.
You Can’t Rely On One Sport.
Secondly, sportsbooks cannot depend on just one sport to maintain a stable income. The drop in gambling activity after the Super Bowl was shocking.
The big operators were able to survive due to their deep pockets. But a Pay Per Head bookie would not have been able to cope with this situation.
For this reason, bookies must have betting options for leagues and events around the world. Since this guarantees them a recurring source of income throughout the year.
It’s Not Too Late To Start.
If you still do not have a betting business, it is not too late to start. Get in touch with a good Pay Per Head provider like VIP Per Head. VIP Per Head will help you create a lucrative betting business quickly. Also, you will get the best betting software on the market.
