How Much Are Americans Spending on Sports Betting
Written by on June 28, 2023
There is so much money in the American betting industry, and many are wondering why. However, no one ever gets a solid answer through a quick internet search.
This is because a vast majority of betting is usually handled by legal offshore sportsbooks and on the black market. Neither of these entities is compelled to provide information to the general public.
Besides, there is a very limited number of sports betting options that are legal in the United States.
This means the reported number, even though it seems enormous, accounts for only a small fraction of the betting industry.
Even though this is an inexact method; it should give a rough picture to go by.
How Much Money is Bet on Sports in Nevada?
In 1992, the state of Nevada was granted an exception to the PASPA (Professional and Amateur Sports Protection Act). As a result, the state has since been one of the most popular gambling tourism destinations in the world.
Even as new competitors enter the gambling industry, Nevada remains undefeated. Events like the NCAA Men's Basketball Tournament and the super bowl break Nevada's betting financial records.
2018 recorded over 42.12 million tourist bettors in Las Vegas alone.
How Much Money is Bet on Sports in Other States?
Even though Nevada has the largest numbers, it's not the only game in town. Several other states have started offering betting services following PASPA's repeal.
Even though it's impossible to accurately deduce how much money other states generate, legal states have started releasing numbers on a monthly basis.
Even though yearly figures might not yet be available, monthly averages from different states can still help us arrive at a definitive figure.
How is So Much Money Bet on Sports?
After PASPA was overturned, the revenue in the black market came to light.
Currently, over a quarter of Americans have access to legal betting services.
Is Nevada or New Jersey the Sports Betting Leader?
New Jersey is a serious contender, and it's likely to take Nevada's place as America's biggest besting state. At the end of 2019, Nevada was holding the fort with a revenue of $5.32 billion. However, we can't ignore the fact that New Jersey managed to close with $4.58 billion in its first year of operation. This was over $3 billion more than Pennsylvania, the next closest state.
Conclusion
Sports enthusiasts get to win real cash by placing wagers on their favorite sports. Now the next time you spend money in Los Vegas, you'll know just how much of a big deal it is.