The Meteoric Rise of Sports Betting in the US
The American sports wagering industry witnessed explosive growth in 2022, expanding by a substantial 70% and reaching an astounding $74 billion in worth, as per a Sportsbook Review analysis. This rapid expansion follows the authorization of sports wagering in numerous states, with some unexpected frontrunners appearing in the betting arena.
From 2018 onward, New Jersey has transformed into an unanticipated powerhouse, with its inhabitants wagering a staggering $31 billion. Nevada, the customary gambling hub of the United States, secures the second position at $27 billion. Pennsylvania, which granted legal status to sports betting in 2019, swiftly ascended the ranks to claim third place with $17 billion.
Other states are also experiencing the repercussions of legalized sports wagering. Illinois has achieved $16 billion in bets, while New York, which only legalized it in January 2022, has already reached $15 billion. Indiana, Colorado, Michigan, Virginia, and Tennessee complete the top ten, demonstrating the widespread expansion of this sector.
This surge in wagering is merely the inception, according to a Sportsbook Review representative. “The initial year following the Supreme Court decision, legal US sportsbooks generated $9 billion. In 2022, that figure surpassed $74 billion. That signifies a 744% surge over four years.”
As more states give the green light to sports betting and it progressively enters the mainstream, the sum of money wagered is projected to maintain its exponential ascent.
This is advantageous for governing bodies as it provides an additional revenue stream through taxation. These earnings from wagering can then be allocated to enhance initiatives at both the municipal and federal levels. However, engaging in games of chance can be perilous, so it’s crucial to wager only what one can manage to forfeit. Avoid excessive risks!