The popularity of sports betting is surging around the United States right now. Today, a huge number of states have legalized this industry. New reports indicate that US sports betting revenue in 2019 hit record levels.
It’s incredible, especially considering how new this industry is in the US. Today, we’re going to look at which states are profiting the most from legal sports gambling. We’ll also discuss where this industry is headed in 2020.
Let’s get into it!
More States Continue to Legalize Sports Gambling
For many years, sports betting was almost completely unavailable in the US. Only Nevada, which set laws on this form of gambling decades ago, was legally able to offer sports gambling options. In May of 2018, this all changed.
That month, the US Supreme Court decided to strike down PASPA. This immediately gave every state in the country the ability to set its own laws on sports gambling. Several states almost immediately decided to legalize sports betting after PASPA was removed.
New Jersey instantly began earning money from this industry. Both land-based and online sports betting are available in this state. Many individuals from nearby New York would make the trip into New Jersey specifically to make sports wagers.
Today, 21 states have decided to legalize this form of gambling. Even states with harsh laws on gambling such as North Carolina have made sports betting legal. Lawmakers in these states recognize how much money can be earned with legal sports betting options.
Over the next few years, it’s likely that almost every state in the country will begin offering legal sports gambling options. There is simply too much money from this industry for states to ignore. US sports betting revenue in 2019 exploded and is likely to continue in 2020.
US Sports Betting Revenue in 2019 Reaches New Heights
It’s clear that sports gambling is growing more popular every single month. It’s also incredible to see so many states embracing this industry. This week, for example, New Hampshire officially legalized sports gambling.
2019 is now over, and revenue reports for the year are beginning to surface. According to some of these reports, US sports betting revenue in 2019 hit new levels. More than $11 billion was spent on sports wagers in the country. Overall, more than $15 billion has been placed on sports bets in the country.
In terms of actual revenue, licensed bookmakers in the country earned more than $750 million. During the summer months, there was an average of $700 million being wagered on sports. It’s an astounding statistic that shows just how fast the US market has grown.
Initially, US sportsbooks planned to retain around a 5% margin on all bets placed. In reality, this number was closer to 7%.
Things aren’t slowing down, either. We’re now less than two months away from the 2020 Super Bowl. Based on the way things are moving, this will be the most-wagered on sporting event of all time.
2020 Will Be a Massive Year for the US Sports Betting Industry
It’s great to see US sports betting revenue in 2019 increase so much. A huge number of European sports betting operators are now attempting to break into this market. Some, such as William Hill, are now available in several different states.
2020 will be an absolutely massive year for the US sports betting industry. Many more states are likely to legalize this industry. There’s even a chance that California decides to make sports gambling legal.
At the moment, California lawmakers are debating with Native American tribes over sports betting regulations. These tribes want to ensure that sports betting becomes legal inside their casinos. They also want to ensure that revenue from this industry goes into their hands.
Hopefully, California is able to make this industry legal. More states such as Maine and Massachusetts will almost certainly open their betting markets.
US sports betting revenue in 2019 increased dramatically. It seems highly likely that revenue will increase even more in 2020. Make sure to stay tuned for more US sports betting news over the next few months!