Morgan Stanley Expects 12 States to Legalize Sports Betting in 2021
Twelve more states are expected to legalize sports gambling in 2021, according to an analysis conducted by Morgan Stanley. The investment banking company predicts sports betting will be legalized in 35 of 50 states by the end of the year.
This analysis signals a massive win for sports fans who have championed legal sports betting for decades. As sports betting becomes more mainstream, legislators are recognizing the massive revenue streams that come with legalization.
The analysis conducted by Thomas Allen, Michael M. DeLalio and Ed Young note that Arizona, Connecticut, Kansas, Kentucky, Louisiana, Maryland, Massachusetts, Missouri, Ohio, Oklahoma, South Dakota and Texas expect to legalize sports betting this year.
Twenty-three states have already legalized sports betting, and 20 of them operate sports betting services. Based on "confirmed discussions," Morgan Stanley predicts six more states will receive authorization to launch by the end of 2021.
Maryland, North Carolina, Ohio, South Dakota and Washington are expected to join Virginia and Michigan, which launched full online sports betting in January. New York is also expected to legalize online sports betting by the end of the year.
The swift legalizations come at a time when many states face budget deficits due to the COVID-19 pandemic. Legalizing sports gambling is a way many believe will help combat those deficits.
There's no telling how much revenue sports betting will bring each state, but it's encouraging to see states like Texas, which fought against legalization in the past, embrace the idea of authorizing it.
What was once a pipe dream is quickly becoming a reality for sports fans. In the not-so-distant future, sports betting will be legal in more than half of the United States.