More than $9 billion has been bet legally on sportsbooks in the U.S. during the last 12 months.
The sports betting industry has witnessed significant growth ever since the Supreme Court overturned PASPA 1992 in May 2018, thereby giving individual states the opportunity to decide whether to legalise sports betting in their respective jurisdictions.
Prior to the ruling, only Nevada was allowed to accept legalized sports betting.
Based on sports betting data received from New Jersey, Mississippi, Nevada, West Virginia, Delaware, Rhode Island and Pennsylvania in the last twelve months, a combined total of $8.9 billion has been wagered across states. However, this amount is expected to be closer to the $10 billion market most states yet to report their May 2019 figures.
Tribal casinos in New Mexico have also been allowed to run sportsbooks under their state tribal gaming compact, but the state doesn’t require betting statistics be reported.
Since PASPA 1992 was struck down, as many have 14 states have legalized sports betting and there are many more states who are currently in discussions about whether to legalize sports betting or not.
According to the New Jersey Division of Gaming Enforcement (NJDGE), gamblers bet around $319 million in sportsbooks in the month of May 2019. New Jersey’s betting lounges became fully operational in June 2018 after the Supreme Court decision and since then casino and racetrack spending in the state has soared to $2.94 billion.
Both gambling investors and New Jersey officials have been pleased by the development, with Johnny Avello, head of digital sportsbooks for DraftKings, saying so far the response in the state has been outstanding. FanDuel CEO Matt King has also lauded the state of New Jersey for leading the way in setting up a competitive marketplace fort sports wagering.
The nine casinos and two racetracks (Meadowlands in East Rutherford and Monmouth Park in Oceanport) in New Jersey that offer sports betting saw their gambling revenue go up by as much as 27 percent in May 2019 when compared to May 2018. They reported total earnings of nearly $277 million in May from sports betting alone.
FanDuel, operating from the Meadowlands, is the clear frontrunner in the race with $8.7 million in returns in May, followed by DraftKings who backed Resorts Digital bringing in $4.1 million in revenue, and Monmouth Park with $1.35 million.
Nevada still has a steady hold on the largest sports gambling market in the country with more than $5.2 billion in sports bets coming in during the last 12 months.
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