By the end of 2023, sports betting was legal in 37 American states and also the District of Columbia.
How much money does this legal and regulated betting pull in? A LOT.
$10.9 billion, according to the American Gaming Association (AGA).
Sports Betting is Up
That 2023 amount is up almost 45 percent from 2022, according to AGA.
USA Today reports, “The total wagered on sports last year was almost $120 billion, an increase of almost 30 percent from 2022, according to the report.”
The story continued:
In 2022, the American sports betting industry took in $7.5 billion in revenue and slightly more than $93 billion was wagered, according to the AGA.
The AGA reported the overall growth in sports betting revenue was “largely fueled by continued maturation across most existing markets as well as several new markets, particularly in Massachusetts and Ohio.’’
Last year, Ohio made almost $937 million and Massachusetts took in $483 million, according to the AGA.
New York remained the top state in sports betting revenue last year with $1.7 billion, followed by New Jersey and Illinois, each of which generated $1 billion, according to the AGA, which reported Nevada ranked 10th with $480 million.
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Vegas Still King
AGA’s Cait DeBaun noted, “For overall gaming, Nevada is still the largest market. For sports betting, states with broader mobile options come in higher.”
That Vegas still ranks the highest is not the least bit surprising.
If sports betting grew this much from 2022 to 2023, odds are it is not likely to stop growing in 2024 and beyond.
At least don’t bet on it.
