In the years following the repeal of the Professional and Amateur Sports Protection Act (PASPA) in 2018, the sports wagering industry has experienced tremendous growth in the United States. The latest figures indicate that the sports wagering handle in the US has surpassed $200 billion, reflecting the significant expansion of legal sports betting across the country.
According to the American Gaming Association’s (AGA) annual State of the States report, the sports wagering handle in the US reached a total of $203.7 billion in 2022. This figure represents a 19.6% increase from the previous year’s handle of $170.1 billion. The report also notes that this is the first time the industry has surpassed the $200 billion threshold since the Supreme Court’s decision to strike down PASPA in May 2018.
The AGA report highlights the growth of sports wagering in states that have legalized and launched online sports betting. For example, New Jersey, which was one of the first states to legalize online sports betting following the repeal of PASPA, reported a handle of $8.9 billion in 2022, an increase of 37.4% compared to the previous year. Other states with significant growth in sports wagering handle include Pennsylvania ($10.4 billion), Michigan ($7.5 billion), and Illinois ($5.6 billion).
Sports wagering is now legal in 32 states and the District of Columbia, with several other states considering legalization in the near future. The expansion of legal sports betting across the country has been driven by several factors, including the desire to generate revenue for state governments, the increasing popularity of sports betting among fans, and the growth of online sportsbooks.
The AGA report also notes the significant contributions that sports wagering has made to state and local economies. In 2022, the industry generated $2.6 billion in state and local taxes, an increase of 29.1% compared to the previous year. The report also notes that the industry supports over 200,000 jobs across the country.
The growth of sports wagering has not been without its challenges, however. One major concern is the issue of problem gambling, which can have serious consequences for individuals and their families. The AGA report notes that the industry is committed to promoting responsible gaming and has implemented a range of measures to help prevent problem gambling.
Another challenge for the sports wagering industry is the ongoing debate over whether to legalize sports betting at the federal level. While the repeal of PASPA has allowed states to legalize and regulate sports betting on their own, there are some who argue that a federal framework would be more effective in ensuring consumer protection and preventing illegal sports betting.
Despite these challenges, the sports wagering industry in the United States is poised for continued growth in the coming years. With more states expected to legalize sports betting and the continued expansion of online sportsbooks, the industry is likely to continue to generate significant revenue for state and local governments and create jobs for thousands of people across the country.
In conclusion, the sports wagering handle in the US has surpassed $200 billion, marking a significant milestone for the industry in the years following the repeal of PASPA. With the expansion of legal sports betting across the country, the industry is generating significant revenue for state and local governments, creating jobs, and providing a popular form of entertainment for sports fans. While challenges remain, the sports wagering industry is poised for continued growth in the coming years.
