Legal sports betting in the United States has seen a significant milestone, surpassing the $400 billion mark in wagers since the federal ban was lifted in May 2018. This achievement showcases the rapid growth and popularity of legal sportsbooks across the country.
With 38 states and Washington DC now offering some form of legal sports betting, the industry has seen a surge in activity. States like New York, North Carolina, Massachusetts, and Ohio have recently joined the market, contributing to the momentum of the overall industry. However, not all regions with legal sports betting publicly release their results, with Florida being a notable exception despite being one of the most populous states with online sports betting.
The $400 billion handle milestone was reached after Kansas and Maryland reported their wagering figures for the previous month. Many states are projected to have a record-breaking year, as interest in sports betting continues to grow nationwide. The increasing popularity of online betting, as well as the support from sports leagues, content creators, and broadcasters, have all contributed to the industry’s success.
Despite the overall growth, efforts to legalize sports betting in California and Texas, the two most populous states in the US, have been unsuccessful thus far. New Jersey remains a leader in total handle rankings since the repeal of the Professional and Amateur Sports Protection Act (PASPA), but New York is quickly catching up despite launching its sports betting market 3.5 years later than its neighboring state.
Overall, the legalization of sports betting in the United States has proven to be a lucrative and rapidly expanding industry. As more states embrace legal sports betting, the market is expected to continue to grow, making it a significant player in the country’s gambling landscape.