The US will earn nearly $12 billion in gross gaming revenue if legalized sports betting will be extended beyond Nevada and other states where it is currently lawful

The Las Vegas Sun reported that Gambling Compliance Research Services (GCRS) has released its latest research note on the sports betting industry just a month after the U.S. Court of Appeals struck down a bill legalizing sports betting in New Jersey for the third time since 2013.

In the report, GCRS has predicted that the US will snatch the title of the world’s largest sports-betting market from UK if sports wagering is made legal in the country. The study estimated that the US market is more than four times the amount of the United Kingdom, which is $2.8 billion.

“U.S. policymakers, casino groups and sports leagues have all begun to consider what a regulated sports-betting market would look like without the PASPA (Professional and Amateur Sports Protection Act) prohibition,” GamblingCompliance’s managing director, James Kilsby, said in a news release. “States are already moving rapidly to regulate daily fantasy sports, but sports betting represents a far larger and more lucrative opportunity.”