(MENAFN- AR Marketing)
Legal sports betting has rapidly gained momentum in the U.S. ever since the 2018 Supreme Court’s decision overturned the Professional and Amateur Sports Protection Act (PASPA) of 1992. For years, Nevada remained the only state where sports betting was legally available. However, this pivotal ruling has since allowed sports betting to spread across the nation. Delaware became the first state after this to legalize sports betting. As of August 2024, sports betting is legalized in 38 states with 30 of these states also supporting online sports betting.
As sports betting continues growing in popularity in the United States, the demand for timely, accurate, and insightful coverage has increased. As many states now offer online sports betting too, according to leading iGaming reviewer SportsCasting, many online casino sites double as sports betting platforms too. With a range of these available to US players, they offer a range of great benefits like instant payouts, attractive bonuses, and a variety of games to play and sports to bet on—all available on one convenient platform.
Generating substantial revenue in these 38 states, legalized sports betting is reshaping the U.S. economic landscape. With a 27.5% increase from 2022, Americans wagered a record-breaking $119.8 million on sports in 2023 alone. Not only does this surge reflect the market’s growth but it also showcases the change in cultural attitudes toward sports betting. New York and other major states are collecting over $260 million in sports betting taxes, which are breaking revenue records. These numbers are almost five times the amount of Pennsylvania, which is the second-ranking state.
Across all states where sports betting is legalized, tax revenue reached $758 million in 2023 Q4, which marked a 26% increase from the previous year. Despite the massive profits that come from legalized sports betting, there are still 12 states that don’t allow it. As of August 2024, California and Texas have yet to legalize sports betting. However, other states are expected to legalize it soon, like Missouri, who recently added the matter to a ballot initiative.
With that being said, statistics show that spectatorship without betting is still popular, with 83% of Americans still preferring to closely follow sports for the fun of it rather than having any stake in the outcome beyond supporting a team. Meanwhile, 12% consider wagering to be a negligible reason while only 4% of Americans say they closely follow sports to wager bets.
Despite these claims, sports betting has quickly become a significant tax benefit for the U.S. Revenue collected from sports betting is then re-invested into other sectors. States use this money to fund infrastructure, education, and other public initiatives. As legalized sports betting becomes more popular, some states are using revenue to fight against gambling problems. States are also establishing regulations where companies are required to promote responsible gambling initiatives.
Sports betting isn’t going away, and states are setting up programs to ensure bettors get to enjoy the thrill of wagering on sports events. Legalization of this system has already proven to be a profitable initiative for states across the U.S. However, there’s significant growth potential with a few high-population states yet to legalize sports betting. Nonetheless, we’ll likely see popularity grow for this form of gambling as new market innovations emerge and more states consider legislation.
SportsCasting’s role continues to be vital in keeping fans updated on sporting trends. Not to mention, these platforms offer comprehensive reporting that covers industry insights, legal updates, and sporting politics. With fast developments on consumer and regulatory fronts, SportsCasting will maintain its purpose as a valuable source for individuals who want to partake in legalized sports betting within the U.S.
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