Bovada may feel hit of exiting US markets more for igaming than wagering
Bovada could see a significant financial impact from 15 U.S. markets — and counting — sending it cease-and-desist letters.
But maybe not in the way you’d expect, according to one gambling expert.
Massachusetts recently sent a cease-and-desist letter to Bovada, the offshore betting megasite, joining Kansas, Pennsylvania, and Louisiana as recent additions to its list of restricted markets. Anyone can find that list on its website under the “Which Countries are Restricted?” section — which only includes U.S. markets and no other locations around the world.
These are the markets on that list (Massachusetts isn’t on there yet, but it should be soon):
- Colorado
- Connecticut
- Delaware
- Kansas
- Louisiana
- Maryland
- Michigan
- Nevada
- New York
- New Jersey
- Ohio
- Pennsylvania
- Washington, DC
- West Virginia
68% of regulated US sports betting market
The American Gaming Association estimated that Americans bet $63.8 billion at offshore sportsbooks in 2022. There are tons of offshore sites available in the U.S. — Bovada is one of the most prominent ones, along with BetOnline, BetUS, and MyBookie.
Looking at the 15 markets Bovada has left, sports betting first comes to mind. These aren’t just any 15 markets. Some are major meccas for sports betting in the U.S.
New York generates by far the most sportsbook handle in the country. New Jersey is second. In total, those 15 markets generated $82.3 billion in handle in 2023 — which is 68% of the $121.1 billion total generated by US sports bettors in 2023.
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