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Gambling firms see $7B to $8B sports betting market by 2025
4th November, 21:50NEW YORK -- Investors and sports betting companies are running up the score when it comes to sports betting, predicting the fast-growing industry will be a $7 billion to $8 billion business in the U.S. within five years.
But not all the many companies flocking to get in on the ground floor will make it, they predict.
"It's war out there," said Seth Young, chief information officer for PointsBet. "At the end of the day there's going to be a lot of carcasses out there on the road."
Panelists at the NYC Sports Betting Investor Summit said Monday that the industry is growing quickly in this country a year and a half after New Jersey won a U.S. Supreme Court ruling clearing the way for all 50 states to offer legal sports betting.
So far, 14 do, and many others are considering joining the market.
Investment firm Morgan Stanley predicts the U.S. market will generate almost $7 billion in revenue by 2025, up from $833 million this year. That's up from an estimate of $5 billion the company had issued less than a year ago.
"It is a growing market here in terms of revenue but it's a very tough market," said Scott Butera, president of interacting gaming for MGM Resorts International." Everybody wants to be here Ultimately I think we'll see some shaking out."
Nonetheless, Butera said he believes U.S. sports betting will exceed even the increased figures cited at Monday's forum.