$80 Billion U.S. Lottery Industry Wants Involvement In Regulated Sport Betting MarketLottery Group Eyes Seat At The Table |
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The trade association representing America’s state lotteries said it is closely monitoring developments on the sports betting front after the U.S. Supreme Court last week gave states the right to legalize it.
The U.S. lottery industry generates about $80 billion in sales each year, more than the American casino industry wins from gamblers on an annual basis. The North American Association of State and Provincial Lotteries (NASPL) said in a statement that the lotteries are “ready to help establish the real-world [sports betting] network that would be involved if called upon to do so.”
NASPL stressed in a press release that it has “strong relationships” with some of “the bars, clubs and pubs that would be natural venues for sports-betting products” in some states.
Around 20 states have so far made plays toward sports betting.
“In addition, some American lotteries already sell their products on the internet, a potential avenue for sports betting if a state allows that option,” the group said, touting existing lottery technology. The U.S. lottery industry has been allowed to offer products over the internet since 2011.
While NASPL doesn’t directly oppose federal regulation of sports betting, it did reiterate its position supporting states’ rights when it comes to gambling. “We believe that the use, regulation, and ultimate beneficiaries of the internet for gaming are best left to the legislative determination of each state,” the group said in a resolution that was passed during failed Congressional attempts to ban online gaming. NASPL said its position is the same for federal sports betting regulation.
On Monday, the commissioner of America’s most powerful sports league said that he wants Congress to create “uniform standards” for states looking at sports betting.
“The court’s ruling on PASPA will help preserve the founding principles and integrity of American lotteries,” the group added. “The ruling will also potentially provide the freedom necessary to enhance the more than $22 billion that American lotteries returned to their states in FY2017.”
According to research firm Technavio, the U.S. lottery industry is expected to see a compound annual growth rate of 5.7 percent over the next four years.
Revenue generated directly from sports betting could hit $4 billion nationwide in five years, assuming 13 states have it up and running by then. Oxford Economics estimates that a regulated market would create up to $26.6 billion in annual economic impact.
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