Sports betting has been having a phenomenal 2021, raking in over $3 billion in 10 months for the 2021 calendar year. With those numbers, casinos and sportsbook sites will look to continue the revenue machine that has been created from sports betting going into 2022.
But the betting on scores and odds for the MLB 2022 season might be in jeopardy. As 2021 ends, an MLB lockout still looms for baseball. If no agreement is met, this will be the first lockout in MLB since 1995. The lockout can jeopardize the MLB season and casinos and sports betting sites.
In 2021, projections showed that people would bet around $21 billion on wagers of MLB games throughout the season. So going into 2022, with more states allowing for sports betting, it would be safe to say that the projections would be a little higher. The loss of those wagers will put a dent in sports betting revenues.
MLB Also Stands To Lose Revenue If There Are No Games To Bet On
The biggest loser in this whole deal would be the MLB. They have been projected to gain over $1 billion in revenue from sports betting on MLB games. So while MLB owners are trying to keep more money for themselves while players are looking for more money in their pocket, they seem to have forgotten the gambling revenues they stand to gain.
The $1 billion number may seem low, but that was from projections in 2018, the same year that the Supreme Court lifted a federal ban on single-game sports betting. Their ruling has paved the way for states to legalize online sports betting, which has helped out the gambling industry.
With more states allowing sports gambling going into 2022 than in 2018, MLB stands to lose a lot of money that they could divide among the players to help end the lockout.
What We Can Learn From The MLB Lockout Of 1994-95
The lockout of 1994-95 resulted in the canceling of the World Series, something that hadn’t happened since 1904. However, that lockout occurred near the end of the 1994 MLB season.
So while it doesn’t appear that the 2022 World Series will be in jeopardy, there are things both players and owners can learn from that lockout to help keep the current situation from dragging out.
During that lockout, the MLB wanted to switch to a salary cap-based setup with teams and asked for broadcasting revenue sharing from local teams.
MLB offered the proposal to bring equality to teams in smaller markets. Team owners would approve of the measure but need the player’s approval to finalize the deal. However, the day after they approved the agreement, team owners would amend the deal to give power to the MLB commissioner regarding labor negotiations.
The move would cause distrust between players and owners and heat up tensions until the breaking point on August 12th, 1994. The strike of 1994-95 would go on to be messy, involving a U.S. District Court decision that would ultimately help end the strike.
The court would rule against the owners in MLB, issuing an injunction against team owners over their alleged violations of the National Labor Relations Act.
Will This Strike Be History Repeating Itself?
As it stands, it doesn’t look like this strike will go to the same lengths that the lockout of 1994-95 did.
It should remind owners that courts have ruled against them in the past and that unfair dealings with their players won’t be tolerated when it comes to the National Labor Relations Act.
