INSIGHT SPORTS BETTING
US Focus Sports Betting
According to the American Gaming Association (AGA), 2021 was the highest-grossing year ever for the US commercial gaming industry, reaching $53bn in revenue. In 2021 sports betting generated $57.22bn in handle and $4.29bn in revenue - an increase of 165 per cent and 177 per cent compared to 2020. So what was driving growth during a pandemic?
Te roll out of sports betting post PASPA has been swift and the demand for sports betting has boomed. Facing massive shortfalls in state budgets as Covid-19 wreaked havoc on the economy lawmakers turned to the legalisation of sports betting. As many as seven new commercial sports betting markets opened up last year and over thirty states along with the District of Columbia now offer sports betting in one form or another.
New York officially launched its P36 WIRE / PULSE / INSIGHT / REPORTS
legal mobile sports wagering market on 8 January and is now the largest mobile betting market in the country. New York’s online and retail sportsbooks closed the highest-volume month in US sports betting history with nearly $125m in revenue on $1.7bn in wagers.
To put New York’s online debut into context with other states, Arizona set the record for the highest sports betting handle in a debut month for a US market in September with $291.2m. New
Jersey previously held the record for the highest sports betting volume over any single month, reaching $1.3bn in bets in October. Sports betting in New York State saw $1.5bn wagered during the month of February.
Arizona, Connecticut, Louisiana, Maryland, South Dakota, Virginia and Wyoming all gave sports betting the green light last year. However, legal sports betting is still not available in the nation’s three most-populous states: California, Texas, and Florida. Meanwhile, in
Mississippi bettors can currently only wager at the state’s casinos and not online as lawmakers have blocked measures to legalise mobile sports wagering in the state.
So, will the US market continue to open up? Will retail see an expansion or will the expansion of sports betting be limited to mobile only? What have been the most important regulatory changes over the last six months and what can we expect to see in some of the key states in the coming months?
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