Five years after the U.S. Supreme Court ruled to remove the federal ban on sports betting, the total handle for all 30 U.S. jurisdictions recently reached the threshold of $250 billion, according to reports. The figure reportedly testifies to rising consumer confidence and a better understanding of the sports wagering industry in the States in the post-PASPA era.
Growing Supporters:
According to the American Gaming Association (AGA), legal sports betting supporters now represent 85% of the American adult population, 22% more than in 2019. The Supreme Court’s decision to revoke the Professional and Amateur Sports Protection Act (PASPA) in 2018 reportedly resulted in the number of states with legal commercial betting growing from seven in 2019 to 30 as of August 23, 2023, with at least two more states to launch legal wagering operations still this year.
Growing Legal Markets:
Kentucky is one of them and the launch has already been scheduled for September 7, 2023, to continue the streak of this year’s major legal market launches initiated by Ohio and Massachusetts, with all the launches reportedly approved by 77% of American adults for their states of residence. As a result, the AGA reports that 78% of bets are now placed with regulated operators against only 44% in 2019. These figures show that American bettors have gained a better understanding of legal wagering operations since PASPA time.
Impressive Handle Figures:
Such an understanding resulted in the massive abandonment of illegal sports books with 70% of bettors reportedly believing they were wagering with exclusive online operators. As the illegal market decreases, growing consumer confidence in legalized wagering operations has resulted in impressive handles across the states since 2018. As reported, there are currently five states with at least a 1$ billion monthly handle, 12 states with a $500 million monthly handle, and 10 states with at least a $10 billion all-time handle since launch.
$250 Billion Total Handle:
From May 2018 to August 2023, the total handle of legal sports betting across 30 gaming jurisdictions in the United States amounted to $250 billion, according to the reports, thriving to reach the $300 billion all-time level by the end of 2023. The sports wagering industry thus reportedly generated more than $3 billion in state tax revenues to fund community development projects and programs, as well as those dealing with gambling-related issues to ensure a safe gambling environment.
Consumer Protection Commitment:
AGA President and CEO Bill Miller reportedly said that the AGA and its members would continue to support legal markets. Miller also said: ”The regulated industry and our partners across the entire ecosystem—policymakers, law enforcement, regulators, leagues, media, technology providers and more—have made significant strides in our collaborative consumer education efforts since 2018, and we will continue to find new ways to enhance consumer protections as the market matures.”
The support of the American adults grew from 63% in 2019 to 85% in 2023. Over the same period, sports betting revenue figures hit the $250 billion level and continue to rise. These figures seem to justify the AGA commitment.
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