According to ESPN, the sports betting industry brings in over 11 billion dollars. The amount won is only 580 million. That means that only around 10% of all bets placed wins. The other 90% is lost to the sports betting companies.
There are many major sports betting apps, but there are a few that dominate the top. These top three are DraftKings, FanDuel Sportsbook and BetMGM. According to DraftKings, they made over half of all money made on sports betting apps, making 5.5 billion dollars and claiming the number one spot for sports betting apps.
There are many different apps that require different ages to use. Some require users to be 21 years old, other apps require users to be 18 years old. It also depends on the user’s state of residence. For example, DraftKings requires users to be 21 years old in most states and verifies their identity through the user inputting their social security number. However, in states like New Hampshire, Wyoming, Washington D.C. and Kentucky one can bet on DraftKings at 18 years old.
There are many different sports one can bet on in these apps. For example, users can bet on the NFL, as well as UFC and cricket. Users can also bet on sections, such as Coach of the Year for many sports. To entice users to spend money, these apps offer boosters. These boosters can increase the payout of bets, return the money that was bet to be used to bet again and promotions that offer users a chance to win large amounts of money if they place a bet.
Most bettors bet on professional football games, as the NFL brings in over 70% of most betting sites profit. Other popular sports in the sports betting world are the NBA, MLB and NHL. According to USA Today, big events such as the Super Bowl are expected to bring in over 16 billion dollars in bets by over 50 million bettors to major sports betting sites.
Sports betting addictions are very similar to drug addictions. In sports betting, many are addicted to the “high” they get during games when their bets win them money. However, only three percent of sports bettors actually make a profit. Similar to drug addictions, sports bettors are hooked on betting and are wasting a lot of their money. This affects their moods and drains their bank accounts until they can get themselves to quit.
Sports betting is becoming a prominent way for large amounts of people to gamble remotely. This leads to an increased amount of people creating a sports betting addiction where they can spend large amounts of money quickly.
