AGA Report: Americans Wager $10 Billion On Sports Since Overturning Of PASPAThe $10B Benchmark Represents A Healthy, Growing U.S. Market |
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It’s been a little more than a year since the U.S. Supreme Court overturned the Professional and Amateur Sports Protection, which paved the way for legal sports betting in all 50 states.
In those 14 months, with more states passing legislation allowing sports betting within its borders, Americans have been partaking in the activity a lot. According to a recent report from the American Gaming Association, there has been $10 billion legally wagered since the overturning of PASPA.
MILESTONE ALERT: With most states reporting July numbers, $10 billion was legally wagered on sports in the 14 months after the Supreme Court overturned PASPA. pic.twitter.com/f3V1p3HFpv
— American Gaming Association (@AmericanGaming) August 22, 2019
There are 12 states that are currently operating sports betting in some form. New Jersey has arguably become the gold standard of the sports betting world with legal brick-and-mortar and online sports betting.
The market is so healthy in the Garden State that in May, it had the largest sports betting handle in the country. It was the first time in history that the top spot wasn’t occupied by Nevada.
The mobile and online aspect of New Jersey’s market has proved its importance to the overall success of the market. Other states that have passed retail-only legislation have struggled to meet their projections, while 80 percent of New Jersey’s sports betting is done online.
Rhode Island passed sports betting legislation in 2018 and had its operation up and running by the end of November. Legal sports betting was expected to generate $11.5 million in tax revenue, but just a few months in, there was only roughly $150,000 raised.
A mobile bill was drafted, passed, and signed by Gov. Gina Raimondo last Spring, which has rapidly increased the state’s revenue, though still well short of expectations.
Tennessee saw this information and went the opposite route. Lawmakers passed a mobile-only sports betting bill, but are still in the process of getting it to the masses.
As a whole, states have increased their tax revenue through sports betting. At the one-year mark, since it was legal for all states, there has been an additional $55 million in tax revenue collected, according to the AGA.
Along with the 12 states already offering sports betting, there are another six states that have passed legislation but have yet to enact a regulated market. Oregon was the most recent state to launch with one tribal casino launching their sportsbook, while the state lottery is working on the final touches to their statewide system.
The professional sports leagues have also changed their tune to sports betting as well. There are 35 partnerships between leagues, teams, and gaming companies.
All of the country’s major sports have some sort of partnership with a gambling outlet. Caesars partnered with the NFL, while MGM locked up deals with MLB, NHL, NBA, and MLS. MGM also has partnerships with specific teams, including the Boston Red Sox and the New York Jets.
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