In May of 2018, the United States Supreme Court ruled that the Professional and Amateur Sports Protection Act was not constitutional. This paved the way for individual states to legalize sports betting. In a year’s time since that ruling, sports betting in the US has seen a minimum of $9bn in legal wagers. This is just the beginning of sports betting success in the nation.
The Road Thus Far
Delaware, West Virginia, Nevada, Pennsylvania, Rhode Island and Mississippi are just a few of the states who have contributed to legal sports betting in the US. So far, as much as $8.9bn has been spent on sports betting and this is not even all the numbers.
New Jersey has seen great success since sports betting was legalized, with May reports showing bets coming in at $319 million. The state was one of the first to offer legalized sports betting and thus far, have taken almost $3 billion in wagers.
The most successful state regarding sports betting remains Nevada. Having been able to offer the activity for many years, Nevada has benefited as well from the legality change. Since May of last year, the sportsbooks in Nevada have seen over $5.2 billion in wagers. This amount is not counting May 2019, as figures have yet to be released.
As more and more states begin to legalize sports betting, we can only expect the amount of wagers to increase. Sports betting is big business and players want access in their home state. Revenue reports from new states have been solid, though not as high as expected when sports betting revenues were being estimated.
It will be interesting to see how the revenues and handle play out by the end of the year. More sportsbooks and online sites should be in operation which will help to increase the bottom line overall.