Since the United States Supreme Court struck down PAPSA, which was once the Federal bank on sports betting, the sports betting market began to boom in legal wagering states across the country. As a result, the revenue gained from the sports betting market significantly increases by the year.
This article takes a look at the revenue accrued by the legal sports betting market in the United States. Its primary focus is on just how much is expected to be wagered in the U.S. in 2023.
Where Is Sports Betting Legal?
When it comes to legal sports betting in the United States, bettors can legally place a wager in 33 states, including Washington D.C. The United States has come a long way in its journey through sports betting.
Once only legal in Nevada, the expansion across the upper 48 began in 2018 when the U.S. Supreme Court deemed the PAPSA unconstitutional. Striking down the PAPSA allowed states to regulate sports betting individually, which is why some states allow it while others do not, despite the significant financial gain.
The latest states to legalize sports betting were Ohio and Massachusetts. Already, both of these states have sustained a significant boost in revenue as a result of legal sports betting. Ohio sports betting launched on January 1, 2023.
You can place wagers in the Buckeye State in-person at retail locations and betting kiosks as well as online using the best Ohio betting promos. Meanwhile, Massachusetts sports betting went live for in-person wagering on January 31, 2023, with legal mobile sports betting launching on March 10. New users can secure generous welcome offers with the best Massachusetts betting promotions now.
To put revenue gained into perspective, Ohio sports betting gained $208K in revenue in January 2023 in one full month of legal wagering. Massachusetts betting was only live for one day in January, closing the month down $7,249.
Just How Many People Bet On Sports In The United States?
According to a Pew Research Center poll from September of 2022, roughly one in five United States citizens noted that they have placed a bet on sports. That is 19% of the population.
It is important to note that this poll spans all forms of sports betting, including legal online betting, in-person betting at retail casinos, and wagers placed with family, friends, and co-workers. However, the majority (49 percent) partake in legal mobile sports betting.
Keep in mind that when this poll was executed, Ohio sports betting and Massachusetts sports betting were not yet launched. Furthermore, as more states welcome legal sports betting, the aforementioned one-in-five number of Americans placing bets on sports is assured to grow with the market.
Just How Much Is Expected To Be Wagered In The US in 2023?
According to the American Gaming Association, 2022 was a record-setting year when it comes to sports betting revenue, totaling roughly $7.5 billion. If you think that number is monstrous, the 2022 sports betting handle in the United States exceeded $93.4 billion. With two additional states added to the party for 2023, expect that number to increase even more so as the best sports betting apps become available in more and more states.
The expectation is that the United States sports betting handle could increase by 21 percent while its revenue will increase by 27 percent. By the numbers, the United States sports betting handle is expected to surpass $120 billion in 2023, while its revenue is projected to exceed $9 billion.
