Gambling on sports in the United States has long been a shadow operation. Office pools on the NCAA tournament are annual events, and other person-to-person bets have been an open secret. Now, with sports gambling legalized across the country, casinos and other entities can capitalize on the opportunity it presents. Nuvei gives you the ability to process payments for gambling efficiently, allowing you to grow your business to keep up with the flood of business coming available.
The Sports Gambling Opportunity
Until recently, sports gambling in the United States was illegal in every state except Nevada. That changed in 2018, when the U.S. Supreme Court overturned the Professional and Amateur Sports Protection Act, allowing every state to make individual decisions on whether to legalize and how to regulate sports betting. As a result, the industry is booming; 14 states currently allow legal gambling on sporting events, and the number continues to grow. Analysts believe the sports gambling market is poised to reach $2.5 billion in 2021, and $8 billion in 2025. If your organization is positioned to capitalize, it can provide a revenue boon in the years to come.
Your Barriers to Success
To take advantage, you need to recognize and overcome the challenges you will face. First comes simply processing the payments, in an industry not all payment processors are prepared to do for you. You face higher risk on payments you run through, and often higher fees to balance that risk. Even past these initial barriers, the gambling world moves quickly; bookmakers set and reset odds constantly as sentiment moves back and forth between competitors. You need to process quickly and accurately, provide fast payouts for winnings, optimize transactions, and manage payments across a variety of currencies and payment methods.
Localized Payments Are Key
You have undoubtedly heard and used the admonishment not to lose the forest for the trees. In processing payments for sports gambling, though, the trees are critical. Despite the national growth unfolding, your processing solution needs to retain local focus. Every state is opening sports gambling differently, so even an online operation needs to retain a keen understanding of local distinctions. Your business requires a processing partner who can manage, update, and react to both emergent changes and state and local distinctions in laws, regulations, taxation, and myriad other nuances to managing a sports gambling revenue stream.
How Nuvei Can Help You
Nuvei can help you by way of its extensive industry experience and knowledge. Together with its proprietary, native end-to-end payment platform, Nuvei gives you a reliable partner ready to adapt to the changing legal, regulatory, and technological environment that defines the opportunities sports gambling creates.