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Betting.net / News / Over $20 Billion In Revenues Since Legalization Of Sports Betting

Over $20 Billion In Revenues Since Legalization Of Sports Betting

Publish Date: September 14, 2023
Fact checked by: David Genge
Key Points
  • Over $250 billion in sports bets in the US
  • Over $20 billion in US sports betting revenues
  • 30 states have legalized sports betting

Sports Betting Revenue

Legal sports betting has only been in existence in the US for around six years, but it has already recorded over $20 billion in revenues. With over $250 billion in sports bets put down, and the activity being legal in 30 states, it looks like sports betting is here to stay. New Jersey remains the biggest state for online betting having overtaken Nevada, but with New York looking to claim the top spot, it seems that sports betting is getting bigger than ever in the US.

New Jersey clings on to title of biggest sports betting state

Sportsbooks across the US has managed to create over $20 billion in sports betting revenues in just over six years. Since the legalization of sports betting, there has also been nearly $250 million in sports bets taken across the whole of the nation.

New jerseyNew Jersey was the flagbearer for online betting, and it has maintained its position at the top spot since overtaking Nevada in April 2021. As it stands, sportsbooks in the Garden State have created a staggering $39.5 billion in sports betting handle and $2.9 billion in revenues in the six year period.

In contrast, Nevada has had to give up its position of being the previous market leader, although it has still taken $33.9 billion in sports bets and generated £1.9 billion in revenues.

It’s widely expected that New York could become the biggest state for sports betting as early as 2025. While the Empire State only legalized online sports betting in January 2022, it has already clocked up an impressive $25.5 billion in betting handle, while it has produced $2.2 in sports betting revenues. While online sportsbooks in New York face a fearsome 51% tax rate, it’s still well on course to become a market leader in less than two years.

Further afield, the populous states of Illinois and Pennsylvania are in fourth and fifth position with $24.1 billion and $22.8 billion in sports bets taken respectively since their launch.

Other high flyers include Colorado, Indiana, Michigan and Arizona, while recently legalized sports betting states such as Ohio and Maryland have already broken the $3 billion mark in terms of their overall sports betting handle. Plus with even states like Montana recording over $149 million in sports bets, it looks like most of the US is getting in on the action.

Few could have predicted just how successful legal sports betting in the US would become. What began with just a handful of states like New Jersey and Pennsylvania legalizing online betting is now commonplace across most of the nation.

Over half of adults in the US now are able to access some form of legal sports betting in their state, and this is a trend that looks to continue. It remains to be seen how long it takes other major states like California, Texas and Florida to join the fray, but once this happens, the entire industry could generate some truly staggering revenues.

When legal sports betting first kicked off back in June 2018, it took in a handle of $309.7 million while generating $24.6 million in revenues. In contrast, January 2023 saw $11.5 billion in sports bets taken across the US, while there was $1.1 billion created in sports betting revenues.

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Where could sports betting in the US go from here?

As of September 2023, there are over 30 states as well as the District of Columbia that have legalized sports betting. The remainder of the year will see online betting going live everywhere from Kentucky and Nebraska through to Maine, North Carolina and Vermont.

While certain states such as Utah remain highly unlikely to permit any form of legal sports betting anytime soon, it’s clear that the activity is here to stay. Although there remains concerns about the popularity of gambling, with over $3.6 billion generated in sports betting taxes in six years, it’s clear that the activity can bring in some much needed revenues to many states.

Conclusion – Big things expected from US sportsbooks 

Sports betting has shown that it can generate huge amounts of revenues across the US, and that the deregulation of online betting is showing no signs of slowing down. What began in New Jersey is now spreading across the nation with billions of dollars of sports bets being put down each and every month. With many more states ranging from Nebraska to Maine joining the fray, it looks like the US is becoming a country of bettors.

 

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