Americans Wagered $120B on Legal Betting in 2023, a 30% Jump from 2022

Since the Supreme Court’s historic decision to strike down the Professional and Amateur Sports Protection Act (PASPA) in May 2018, legal sports betting has experienced unprecedented growth in the United States. According to Stocklytics.com, the total amount wagered on legal sportsbooks soared to nearly $120 billion in 2023, reflecting a 30% jump from the previous year. 

Speaking on the data, Stocklytics financial expert Edith Reads said,

Legalized betting is rapidly expanding across the country since the abolishment of the PASPA Act. 38 States and the District of Columbia have legalized sports betting to enjoy its revenue stream. 2024 may see more states following the suit, and we may have a higher jump.

Stocklytics Financial analyst, Edith Reads

Sports Betting in Numbers

From June 2018 to February 2024, sports betting amassed a total revenue of $27.7 billion. Notably, there’s been a surge in participation across diverse demographic groups. Among African Americans, 11% engage in near-daily betting, whereas 21% of Latinos place wagers once a month or more. Conversely, 12% of Caucasians gamble less than once a month. Latinos emerge as the predominant wagering group, constituting 56% of active bettors in the United States.

According to CRG Global for Variety Intelligence Platform, NFL is the most popular game for waggers in America, with 72% of online gamblers betting weekly. The NBA comes second, with 50% of gamblers staking weekly. However, golf attracts the least stakings, with only 10% of waggers staking.

Online platforms largely fuel the expansion of sports betting in America. From the convenience of home, individuals can utilize their mobile phones to explore a broader array of wagering options. Such convenience has promoted the popularity of sports betting in America. Moreover, the popularity of sports betting is bolstered by consumers’ widespread familiarity with various sports, driving their preference to engage in related gambling activities.

Economic Impact vs Regulatory Challenges

Sports betting is a major source of revenue for both operators and the government as they receive hefty license fees. The industry has absorbed experts in various fields, including technology, marketing, and hospitality.

Despite the benefits, serious concerns are beginning to emerge. There are issues of gambling addiction and exploitation that call for proper regulations. Moreover, the accessibility of mobile gambling has facilitated illegal participation among underage individuals.