Sports betting has become a popular form of entertainment and gambling, and its popularity is set to continue growing as the number of people who place bets on games increases. New York, the fourth most populous state, recently made the decision to legalize sports betting. It imposes a 51% tax on the gross gaming revenue of sports bettors, while New Jersey has a 13% tax on gambling revenue. However, Eilers & Krejcik Gaming estimates that New York won’t surpass New Jersey in gross gaming revenues until 2024.

The introduction of sports betting has created a new social environment in the world of sports. It has connected fans to the sport in new ways and helped create a vibrant community focused on predicting hundreds of outcomes. Additionally, sports betting allows consumers to prove their knowledge and compete with others. As a result, sports media outlets need to recognize that sports betting isn’t going away anytime soon.

In the future, sports bettors may be able to place bets through peer-to-peer exchanges. The process of regulating such exchanges has already started at the federal and Nevada levels.