Morgan Stanley forecasts big success for sports betting
Sports betting was recently cleared for nationwide legalisation in the US after the Supreme Court struck down the Professional and Sports Protection Act (PASPA). As several states begin either discussing or regulating the segment, financial services firm Morgan Stanley has forecasted it will pay off big dividends to casinos in the country.
According to the Wall Street firm, sports wagers could reach up to US$216 billion by 2025 as the segment continues to grow. That figure would mean casino operators may end up raking up to US$11 billion in revenue, which would be equal to last year’s North American movie box office sales.
Morgan Stanley explained the average US adult is expected to lose US$43.50 yearly, which would be in line with European and Australian figures.
“I see sports betting as fuel for consolidating everyone,” Chris Grove, a managing director at Eilers & Krejcik Gaming told the NY Post.
States like Pennsylvania, West Virginia and New Jersey have already legalised sports betting and more will come soon as its regulation is being debated all across the country.