Almost five years after the Supreme Court struck down the Professional and Amateur Sports Protection Act, sports betting in the United States continues to boom.
According to data presented by SportsLens.com, America`s sports betting revenue skyrocketed 400% in two years and hit a massive $7.5bn in 2022.
Americans Wagered $93.2B in 2022, 60% more than a Year Before
Before May 2018, the only option to bet legally in the US was to go to Nevada. But after the Supreme Court struck down the Professional and Amateur Sports Protection (PASPA), the US sports betting market has gained quite a momentum, with millions of sports fans wagering billions of dollars on the outcome of an event or game.
According to the American Gaming Association data, Americans wagered a jaw-dropping $93.2bn in 2022, almost 60% more than a year before. The massive increase was driven by the launch of legal betting in Kansas and the addition of mobile betting in three states, including New York, which saw gross gaming revenue soar by a staggering 5,700% year-over-year to $1.4bn.
With the annual wagering amount growing by a massive $36bn in one year, the gross revenue of the entire market has jumped to all-time highs.
Statista and AGA data show the gross gaming revenue from sports betting in the United States, or total wagers minus winning amounted to $900 million in 2018. A year later, this figure jumped to $1.5bn and continued rising. Statistics show 2021 was an absolute record year in annual growth, with sports betting revenues skyrocketing by a huge 186% to $4.3bn.
Although 2022 saw less than half the growth rate from a year before, sports betting revenue still increased by 74% or $3.2bn year-over-year.
More than Four Million New Online Bettors in 2023
The annual wagering amount and the gross revenue are expected to continue booming in 2023 as the number of sports bettors rises to all-time highs, despite some states still prohibiting the activity.
According to eMarketer data, there were around 19 million sports bettors in the United States last year, or 31% more than in 2021. As states legalize the practice and services continue to spend big bucks on marketing, this figure is expected to rise to 23.1 million in 2023, with more than four million new online bettors in the market.
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