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In 2018, the U.S. Supreme Court overturned the federal ban on sports betting, known as the Professional and Amateur Sports Protection Act. Since then, Americans have wagered more than $220 billion on sports, according to analysis by the American Gaming Association.
Among the states, Nevada and New Jersey have seen the highest levels of sports betting activity. In Nevada, people have bet nearly $32 billion since the legalization, making it the second-highest state in terms of betting volume. New Jersey takes the top spot with $37.5 billion in bets. Colorado, another state in the Mountain West region, ranks seventh with $11.7 billion in wagers. Wyoming has seen approximately $238 million in sports bets, followed by Montana at $139 million. It’s worth noting that New Mexico doesn’t publicly disclose its total wager amounts.
The sports betting industry has generated substantial revenue, with sportsbooks earning over $18 billion and state and local taxes amounting to $3 billion nationwide.
According to Mike Lawton, the Nevada Gaming Control Board’s senior economic analyst, the industry’s growth can be attributed to various factors. One key factor is the convenience of mobile sports betting, which allows people to place bets using their phones. Additionally, sports betting has gained acceptance from TV networks and advertisers, with programs like ESPN incorporating discussions about point spreads and game outcomes.
Currently, only seven states, including Idaho and Utah, have no active legislative efforts to legalize sports betting.
Horse Tracks will benefit greatly from Kentucky’s new sports betting lawThe new sports betting legislation in Kentucky is set to change the gambling landscape in the state, providing a boost […]
