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A Summary of Sports Betting Revenue in the US

Calculating sports betting revenue, in general, is difficult because of the lack of consistency in how gambling is regulated throughout the world, plus, in the US, single-game sports betting was only legal in Nevada until May 14th, 2018. On this date, states that wished to legalize and regulate sports betting were allowed to do so, with Delaware being the first state outside of Nevada to launch legal single-game sports betting within their borders. By the end of 2018, there are seven states that have legalized sports betting.

Betting is said to make up around 30-40% of the global gambling marketing, making it a profitable venture within the gambling industry. The popularity of sports betting and its revenue in the US, however, is dependent on the state in question.

US Sports Betting Revenue by State

1.Nevada

The grandfather of betting and gambling in general, Nevada is the go-to state for most gambling activities. Land-based wagering was legalized in 1949, and online/mobile wagering was legalized in 2010, meaning you can enjoy at as much Vegas sports betting as you wish.

Throughout 2018, sports betting had a high total revenue, with the final numbers in December showing a total revenue of $44 million.

2.Delaware

The first state to follow in Nevada’s footsteps, land-based wagering was legalized effectively May 14. Online/mobile-based wagering is, however, not legalized. In June 2018, the total revenue was an impressive $1 million before drastically dipping, but by December, the numbers had climbed to an almighty $2.2 million.

3.West Virginia

Online/mobile sports betting was legalized June 21, 2018, and since then, sports betting has made a consistent revenue, with December totaling in $5.5 million.

4.New Jersey

Land-based wagering was legalized June 11, with online/mobile wagering swiftly following suit and becoming legalized little over a month afterward on July 18, 2018. Unlike Delaware’s fluctuating numbers, revenue only seemed to increase throughout the months, with December bringing in a total revenue of $18.8 million.

5.Mississippi

Governor Phil Bryant attempted to legalize land-based sports betting March 13, 2017. However, it was only approved on June 21, 2018. Online/mobile sports betting was also legalized the same date but will only be allowed on casino grounds.

Mississippi ended the year with a total revenue of $6.1 million.

6.Pennsylvania

Considering the other states, Pennsylvania is a little behind, with only sports betting revenue being available for November and December. However, their total revenue for December was an impressive $2 million.

7.Rhode Island

Although land-based wagering was legalized on June 22, 2018, revenue for sports betting in this state is much humbler. November figures showed $73,000.

Future Predictions

2018 was an incredibly historic year for sports betting within the US. By the end of the year, seven states stood together with legalizing this favorite pastime, but what does the future hold for the remaining states? A recent report has predicted that there will soon be a rapid growth for sports betting across the US. This same report also predicts that by 2030, the US sportsbook market will reach $8 billion in revenue. It is also anticipated that the US will grow to be larger than established markets like Italy and the UK.

Looking further in-depth at the predictions, in 2019, it is highly predicted that many more states will follow suit and legalize sports betting. One must-watch state for sports betting in the US is New York. This state came close to legalizing betting in 2018, but Governor Cuomo was reluctant to advocate this pastime during his election campaign. However, it is likely he will support it much more now he’s in office. Another reason why New York may be keen to join the sports betting revolution is the fact their neighbor, New Jersey, is gaining tremendous revenue. If New York decides to legalize sports betting in 2019, you can expect their close neighbors to join in too. It is unlikely Florida and California will join the sports betting legalization for a number of years, along with Texas, but there could potentially be up to 30 states who legalize sports betting in 2019 alone.

This article does not necessarily reflect the opinions of the editors or management of EconoTimes.

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2019-04-23 00:48:06
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