The sports betting market is thriving and expected to reach new highs in the coming years. Looking forward, the market is expected to grow at a compound annual growth rate CAGR of The growing popularity of smartphones and internet services, and the evolving regulatory landscape of gambling markets around the world, all contribute to the increased demand for sports betting.

Improvements in AI as well as technological advancements that enhance the prediction algorithms in betting apps and software are expected to further augment market growth.

The online segment of the sports betting market is projected to experience explosive growth in the coming years. Moreover, the growing number of sporting events, leagues, and competitions around the world such as FIFA World Cup, NFL, UEFA Europa Conference League, and UEFA Champions League, among others, are expected to positively influence market growth during the forecast period.

On August 16, Reuters reported that with a record number of women globally placing bets, British bookmakers have reported a significant surge in bets on the Women's World Cup, compared to previous years. While the US is the most successful nation in Women's World Cup history, Spain went on to win the FIFA Women's World Cup, beating England in the final.

However, strict rules governing sports betting in different regions can hamper market growth. The regulation of sports betting varies from country to country, and state to state in the US.

On August 11, Reuters reported that Wynn Resorts Limited NASDAQ: WYNN announced that they are closing up WynnBET, its online sports betting and iGaming platform, in a number of states in the US due to a lack of transparency in the regulatory environment and rising costs to attract new customers.

WynnBET operations are closing in eight US states, including West Virginia, where it launched just a few months ago. Wynn Resorts Limited NASDAQ:WYNN ranks among the biggest betting companies in the world, and develops and operates high-end hotels and casinos.

Market players are looking to increase their market presence and utilize the increased number of sporting events around the world to boost their revenues.

On June 16, CNBC reported that a major sports betting company, DraftKings Inc. However, as DraftKings Inc. NASDAQ:DKNG is a major sports betting company in the US with a huge market share, the report mentions that regulatory challenges could get in the way of the deal.

DraftKings Inc. NASDAQ:DKNG CEO Jason Robins said:. On June 13, Reuters reported that Entain Plc LON:ENT announced that it will be acquiring STS Holding S. Entain Plc LON:ENT is an international sports betting and gambling company that has been rapidly expanding in Europe through acquisitions.

Currently, Entain Plc LON:ENT owns the Coral chain of betting shops in the UK as well as brands like Ladbrokes, bwin, PartyPoker, and Sportingbet, among other subsidiaries. NASDAQ: PENN have joined forces to establish a sports betting business under the name of ESPN Bet, as reported by Reuters on August 8.

Under the agreement, Penn Entertainment Inc. Penn Entertainment Inc. NASDAQ:PENN will rebrand its sportsbook service across 16 US states, where it has licenses, and relaunch it as ESPN Bet.

On August 9, Penn Entertainment Inc. NASDAQ:PENN reported strong earnings for the fiscal second quarter of In this article, we have listed 24 states where sports betting is legal. Arkansas Online sports betting is live and legal in Arkansas. California Online sports betting is not yet legal in California.

Colorado Online sports betting is live and legal in Colorado. Connecticut Online sports betting is live and legal in Connecticut. Delaware Online sports betting is live and legal in Delaware.

Florida Online sports betting is in active legislation in Florida. Georgia Online sports betting is not yet legal in Georgia. Hawaii Online sports betting is not yet legal in Hawaii. Idaho Online sports betting is not yet legal in Idaho.

Illinois Online sports betting is live and legal in Illinois. Indiana Online sports betting is live and legal in Indiana. Iowa Online sports betting is live and legal in Iowa.

Kansas Online sports betting is live and legal in Kansas. Kentucky Online sports betting is not yet legal in Kentucky. Louisiana Online sports betting is live and legal in Louisiana. Maine Online sports betting is legal but not yet operational in Maine.

Maryland Online sports betting is live and legal in Maryland. Massachusetts Online sports betting is legal but not yet operational in Massachusetts. Michigan Online sports betting is live and legal in Michigan.

Minnesota Online sports betting is not yet legal in Minnesota. Mississippi Online sports betting is live and legal in Mississippi. Missouri Online sports betting is not yet legal in Missouri.

Montana Online sports betting is live and legal in Montana. Nebraska Online sports betting is legal but not yet operational in Nebraska. Nevada Online sports betting is live and legal in Nevada. Georgia Active Legislature. Hawaii No Movement. Idaho No Movement. Illinois Mobile Betting.

Indiana Mobile Betting. Iowa Mobile Betting. Kansas Mobile Betting. Kentucky Mobile Betting. Louisiana Mobile Betting. Maine Mobile Betting. Maryland Mobile Betting. Massachusetts Mobile Betting.

Michigan Mobile Betting. Minnesota No Movement. Mississippi Physical Betting. Chalk it up: Magnolia State launched in-person sportsbooks in Missouri No Movement.

Montana Physical Betting. Big Sky lines: Physical wagering permitted, mobile wagering not in the picture. Nebraska Physical Betting. Nevada Mobile Betting. The granddaddy of them all: Sports betting has been legal in Nevada since New Hampshire Mobile Betting.

New Jersey Mobile Betting. New Mexico Physical Betting.

Connecticut Legal Online Sportsbooks Delaware Legal Online Sportsbooks Florida Legal Online Sportsbooks

States sports betting is legal - Colorado Legal Online Sportsbooks Connecticut Legal Online Sportsbooks Delaware Legal Online Sportsbooks Florida Legal Online Sportsbooks

Georgia Online sports betting is not yet legal in Georgia. Hawaii Online sports betting is not yet legal in Hawaii. Idaho Online sports betting is not yet legal in Idaho. Illinois Online sports betting is live and legal in Illinois. Indiana Online sports betting is live and legal in Indiana.

Iowa Online sports betting is live and legal in Iowa. Kansas Online sports betting is live and legal in Kansas. Kentucky Online sports betting is not yet legal in Kentucky. Louisiana Online sports betting is live and legal in Louisiana. Maine Online sports betting is legal but not yet operational in Maine.

Maryland Online sports betting is live and legal in Maryland. Massachusetts Online sports betting is legal but not yet operational in Massachusetts. Michigan Online sports betting is live and legal in Michigan.

Minnesota Online sports betting is not yet legal in Minnesota. Mississippi Online sports betting is live and legal in Mississippi. Missouri Online sports betting is not yet legal in Missouri.

Montana Online sports betting is live and legal in Montana. Nebraska Online sports betting is legal but not yet operational in Nebraska. Nevada Online sports betting is live and legal in Nevada.

New Hampshire Online sports betting is live and legal in New Hampshire. New Jersey Online sports betting is live and legal in New Jersey. New Mexico Online sports betting is live and legal in New Mexico.

New York Online sports betting is live and legal in New York. North Carolina Online sports betting is live and legal in North Carolina. North Dakota Online sports betting is live and legal in North Dakota. Ohio Online sports betting is legal but not yet operational in Ohio.

Oklahoma Online sports betting is not yet legal in Oklahoma. Oregon Online sports betting is live and legal in Oregon. Pennsylvania Online sports betting is live and legal in Pennsylvania. Rhode Island Online sports betting is live and legal in Rhode Island. South Carolina Online sports betting is not yet legal in South Carolina.

South Dakota Online sports betting is live and legal in South Dakota. Tennessee Online sports betting is live and legal in Tennessee. Texas Online sports betting is not yet legal in Texas.

Utah Online sports betting is not yet legal in Utah. Vermont Online sports betting is not yet legal in Vermont. Virginia Online sports betting is live and legal in Virginia.

Georgia Senator Brandon Beach, a Republican, is planning to introduce a constitutional amendment to legalize sports betting, casino gaming and horse racing early this year. If the amendment is passed, it would be decided on by voters as a ballot measure in November A bill that would give control to a legal sports betting market in Minnesota to Native American tribes failed to pass the state senate in and the effort failed again last year.

Missouri is almost entirely surrounded by states that have legal sports betting markets, including Arkansas, Illinois, Iowa, and Kansas. A possible ballot measure could be put to voters this year. Bussmann says there is a small group of lawmakers against sports betting, but he believes the issue will at least get some attention.

Mississippi was one of the first states to legalize in-person sports betting at its 26 casinos, but mobile wagering is not legal across the state.

Gamblers can place mobile wagers on sporting events while inside a licensed casino, but the apps do not work off casino property. Tate Reeves created a task force to study the pros and cons of legalizing mobile sports betting and the group submitted its findings late last Many of the 16 companies that operate casinos in Mississippi are against mobile sports betting, except for Caesars and Penn Entertainment, both of which are in favor.

Like Missouri, Mississippi is surrounded by states that have legal mobile wagering programs—including Tennessee, Arkansas and Louisiana. This is a BETA experience. You may opt-out by clicking here. Edit Story. Forbes Lifestyle Vices.

Premium Editors' Pick. Will Yakowicz Forbes Staff. Click to save this article. Jan 8, , pm EST.

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