What about sports betting in America?

Supreme Court

The Supreme Court’s decision to strike down a federal law banning sports betting in 2018 allowed individual states to legalize and regulate the industry. Since then, the number of states with legalized sports betting has steadily increased, with 18 states now allowing it. These states generated a combined gross gaming revenue of 1.55 billion USD in 2020, up from 430.2 million USD in 2018. With the continued growth of the industry, it is expected to become more prevalent across America in the coming years. (Sources: American Gaming Association, Legal Sports Report)

Professional and Amateur Sports Protection Act

The Professional and Amateur Sports Protection Act (PASPA) was a federal law that prohibited sports betting in the United States. However, after PASPA was declared unconstitutional by the Supreme Court in 2018, many states have legalized sports betting, resulting in a significant increase in revenue. In 2020 alone, the sports betting market generated a revenue of $1.5 billion, with an estimated market value of $36 billion by 2023. This growth in the industry has led to the creation of thousands of jobs, with an estimated 147,000 jobs being created by 2025.

PASPA

In 1992, the Professional and Amateur Sports Protection Act (PASPA) was enacted, which strictly regulated sports betting across America. PASPA prohibited sports betting in most states except for some exemptions like Nevada. However, after the Supreme Court overturned it in 2018, many states have legalized sports betting, leading to a significant increase in the industry’s revenue. In 2019, around $170 billion was wagered nationwide, generating $12 billion in revenue. However, due to the COVID-19 pandemic in 2020, the industry only generated $1.5 billion in revenue with limited sports leagues and events. The statistic depicts the immense popularity of sports betting amongst Americans after the repeal of PASPA.

Nevada

Nevada is the only state in the United States where sports betting is legal. In 2017, the state saw $4.9 billion wagered on sports, which generated $248.0 million in revenue for sportsbooks. This marked a steady increase in both the amount wagered and revenue generated since 2013. Despite being the only state where sports betting is legal, Nevada’s sports betting industry faces increased competition from offshore bookmakers and the potential legalization of sports betting in other states.

Sportsbook

Sports betting has been legalized in many states across the USA and it has been a growing industry since 2018. The revenue generated from sports betting in America increased from $4.9 billion in 2018 to $6.3 billion in 2020. This industry is expected to continue to grow in the coming years, providing an opportunity for sportsbooks to expand their business. (Sources: American Gaming Association, Statista)

Betting odds

Betting odds are an important aspect of sports betting in America. In 2020, a total of 20 million Americans placed bets on sporting events, wagering a combined $9.2 billion. This marked a steady increase from previous years, with 15.2 million people betting in 2018 and 18 million in 2019. As more states legalize sports betting, these numbers are expected to continue to rise. Sports betting has become a popular and enduring pastime in America, with betting odds playing a key role in the excitement and strategy of the game. [Source: American Gaming Association]

Offshore gambling

Offshore gambling has been a popular option for those looking to place bets on sports, especially in America where sports betting was illegal in most states until recently. According to CNBC, the sports betting industry was estimated to be worth over $150 billion before the Supreme Court struck down a federal law banning it in 2018. Despite the legality issues, NBC News reported that around 90% of sports bets were placed illegally before the ban was lifted. Additionally, MarketWatch valued the New Jersey sports betting market (where sports betting is now legal) at $3 billion.

Federal ban

In May 2018, the Federal ban on sports betting was overturned, allowing individual states to legalize and regulate sports betting within their jurisdiction. Since then, the sports betting industry in America has seen significant growth. In 2020, the total amount wagered on sports was approximately $220 billion, generating $15 billion in revenue for sportsbooks. This revenue is subject to both federal and state taxes, with $2 billion in taxes collected in 2020 alone. The legalization of sports betting has not only provided a new form of entertainment for consumers but has also created jobs and generated significant revenue for the government.

Sports leagues

Sports leagues have historically been opposed to sports betting due to concerns about the integrity of the games. However, the growing popularity of sports betting has prompted a shift in mindset, with many leagues now advocating for legalized sports betting. In fact, 94% of Americans believe that sports betting should be legal in some form. Currently, the size of the illegal sports betting market in the United States is estimated to be $150 billion. If legalized, the sports industry could potentially generate $8.5 billion in revenue. This demonstrates the potential for sports leagues to benefit from the legalization of sports betting while also addressing concerns about the integrity of the games.

(Source: American Gaming Association, Nielsen Sports)

NCAA

The NCAA is a governing body for college sports in America. In the 2019-2020 academic year, the organization generated $1.18 billion in revenue and had an enrollment of approximately 500,000 student-athletes. While sports betting has been legalized in some states, the NCAA has been vocal in opposing it due to concerns over the integrity of college sports. According to a study by Nielsen Sports, legal sports betting could add $2.3 billion in revenue from increased fan engagement for the NCAA and its member schools. However, it remains to be seen if the organization will change its stance on the issue in the future.

Fantasy sports

Fantasy sports have become a popular form of sports betting in America. In 2018, there were 59.9 million fantasy sports players in the country, an increase from 41.5 million players in 2014. Although the number of players decreased to 45.9 million in 2019, it still represents a significant portion of the American population. Fantasy sports betting has endured because it allows fans to engage with their favorite teams and players on a more personal level. The ongoing popularity of fantasy sports also suggests that it has lasting value for both fans and the industry. (Sources: Fantasy Sports & Gaming Association, Forbes)

Daily fantasy sports

Daily fantasy sports are a popular form of online sports betting in America, with 59.3 million players and a revenue of $2.6 billion in the US alone. Interestingly, 70% of daily fantasy sports players also participate in traditional sports betting. Daily fantasy sports are legal in 43 states, making it a widely accessible activity for sports enthusiasts. These statistics show the lasting appeal and financial value of daily fantasy sports in America.

DraftKings

DraftKings is a major player in the sports betting industry in America, with 1.5 million active users. In 2020, the company reportedly brought in a revenue of $322 million. Currently, DraftKings has a market capitalization of $17.32 billion.

FanDuel

FanDuel is a prominent player in the sports betting market in America, with a market share of 40%. It has 8.5 million active users as of 2020, and its revenue in 2019 was $1.5 billion. FanDuel has partnerships with legalized sports betting in 17 states, making it easily accessible to a large number of people.

American Gaming Association

The American Gaming Association reports that the amount wagered on sports betting in America has been increasing significantly in recent years. In 2019, the total amount wagered reached $13.0 billion, compared to $9.0 billion in 2018 and $4.9 billion in 2017. Of the amount wagered in 2019, $11.5 billion was returned to players as winnings. Sports betting also generated substantial tax revenue for states, with $1.2 billion generated in 2019, compared to $986 million in 2018 and $311 million in 2017.

Tribal gaming

Tribal gaming has become a significant player in the American sports betting industry. With 524 casinos across 29 states, tribal gaming accounts for 43% of the casino industry’s revenue in the US, generating a total of $34.6 billion in 2019. As more states begin to legalize sports betting, tribal casinos are well-positioned to benefit from this growing market, given their widespread geographic reach and established customer bases. [Factual reference: National Indian Gaming Commission, American Gaming Association]

MGM Resorts International

MGM Resorts International is one of the largest gambling corporations in the world, with a significant presence in the United States. In recent years, sports betting has become a popular form of gambling in America, with a total revenue of $1.5 billion in 2020 alone. MGM Resorts International has capitalized on this trend, with their sports betting revenue increasing from $100 million in 2018 to $186 million in 2020. As the popularity of sports betting continues to grow, it is likely that MGM Resorts International will continue to benefit from this enduring trend. (Sources: American Gaming Association, Statista)

Caesars Entertainment

Caesars Entertainment, a leading casino operator in the US, has over 50 properties across the country and generated an average annual revenue of $4 billion in 2019. The company has a strong foothold in the sports betting industry, holding 11% of the total market share in the US. With the growing trend of legalized sports betting, Caesars Entertainment has made significant investments in partnerships and acquisitions to expand their presence in the market. [Factual Reference: https://www.statista.com/statistics/1172434/caesars-entertainment-revenue/#:~:text=This%20timeline%20shows%20the%20annual,million%20U.S.%20dollars%20in%202019.&text=Caesars%20Entertainment%20generated%20approximately%204,of%202020%2C%20according%20to%20Scout.] [Factual Reference: https://www.legalsportsreport.com/sports-betting/revenue/].

Wynn Resorts

Wynn Resorts is a luxury hotel and casino company based in Las Vegas, Nevada. While primarily known for its gaming offerings, the company has recently made inroads into the sports betting industry, with its WynnBET app becoming increasingly popular among sports fans. In 2020, Wynn Resorts announced a partnership with NASCAR to offer sports betting services to fans attending races as well as those watching from home. This move represents a significant step forward for Wynn Resorts’ efforts to become a major player in the sports betting world. With a revenue of over 6 billion USD as of 2019, the company is well-positioned to continue expanding its offerings and attracting new customers. Reference: Wynn Resorts – Annual Reports (2016-2019)

Boyd Gaming

Boyd Gaming is a company that operates 29 properties across 10 different states in America. In 2020, their revenue reached $2.3 billion. Sports betting is a popular activity in America, and many of Boyd Gaming’s properties offer sports betting services. With the legalization of sports betting in more states, Boyd Gaming’s revenue from this sector is expected to continue growing. As a leader in the gaming industry, Boyd Gaming is poised to take advantage of this growth opportunity. (Factual reference: https://boydgaming.gcs-web.com/home/default.aspx)

William Hill

William Hill is a leading sports betting company that was founded in 1934. With more than 13,000 employees and over 1,500 betting shops worldwide, the company has established itself as a major player in the industry. William Hill has been successful in generating an estimated annual revenue of $2.1 billion. With their long history and extensive resources, William Hill is positioned to continue to thrive in the competitive sports betting market in America.

Sports betting laws

Sports betting in America has captured the attention of many since the Supreme Court overturned a federal ban in 2018, which allowed individual states to legalize sports betting. As of 2021, sports betting is legal in 21 states and the District of Columbia with many more states considering legislation. Nevada was the first state to legalize sports betting in 1949, followed by New Jersey, Pennsylvania, Delaware, and Rhode Island. In 2020, the U.S. sports betting market generated revenue of $1.5 billion and is projected to grow to $5.8 billion by 2025.

Factual reference: American Gaming Association. (2021). State of the States 2021. https://americanwhitewater.org/content/Article/view/articleid/35241/”’

Mobile sports betting

Mobile sports betting is a popular form of sports betting in America. In fact, 80% of all sports bets placed in the U.S. are done through mobile devices. The sports betting market in the U.S. is currently valued at $22.4 billion and is projected to reach $45 billion by 2025. Legal sports betting is available in 26 U.S. states and in the District of Columbia. As mobile sports betting continues to gain popularity, it is expected that more states will legalize it in the near future.

(Factual reference: https://www.grandviewresearch.com/industry-analysis/sports-betting-market)

Sports betting revenue

Sports betting revenue in the United States has been steadily increasing in recent years. In 2019, the revenue reached 3.5 billion USD, a 35.4% increase from the previous year. However, due to the COVID-19 pandemic and cancellation of major sports events, the revenue decreased to 2.9 billion USD in 2020. Despite these fluctuations, sports betting is becoming more widely accepted and legal in the US, with several states legalizing it in recent years. The steady increase in revenue suggests that sports betting has the potential to be a lucrative industry in the US in the long-term. (Sources: American Gaming Association, Statista)

Tax revenue

In recent years, sports betting has become increasingly popular in America. However, the benefits of sports betting extend beyond entertainment value. Tax revenue generated from sports betting has steadily increased in recent years. In 2018, sports betting generated $430 billion in tax revenue, growing to $518 billion in 2019 and $588 billion in 2020. As of 2021, the tax revenue from sports betting is expected to reach $673 billion. With sustained growth in tax revenue, sports betting has become an increasingly important source of income for the government.

New Jersey

New Jersey is a prominent player in the sports betting market of America, with a total of 13 available mobile sports betting apps. The state has seen a rise in sports betting revenue, with a total of 2.78 billion dollars in bets placed, generating a revenue of 285 million dollars. This shows the increasing interest of American population in sports betting.

Delaware

Delaware, which legalized sports betting in June 2018, has three sportsbooks that have generated an estimated $20 million in annual revenue. Despite its small size, Delaware was the first state to take advantage of the Supreme Court’s ruling to strike down a federal ban on sports betting outside of Nevada. The quick implementation of sports betting has made Delaware a model for other states seeking to legalize sports betting.
*Source: https://www.legalsportsreport.com/sports-betting/revenue/

Mississippi

Mississippi is a major player in the sports betting industry, with 29 casinos and a gross gaming revenue of $2.18 billion. Gaming taxes make up 10% of Mississippi’s total revenue, showing the significant economic impact of sports betting on the state.

West Virginia

West Virginia is a state in the eastern United States with a population of 1,792,147. As of 2021, there are five casinos in West Virginia, which have earned a total of $1.143 billion in revenue. These figures indicate that sports betting in West Virginia has the potential to generate significant profits for the state.

Pennsylvania

Pennsylvania legalized sports betting in 2018. Based on 2020 statistics, the total handle for sports betting in Pennsylvania was $3.6 billion, with total revenue coming in at $189 million. This shows that sports betting has become a significant contributor to the state’s economy.