The US sees an increase in the size of the legal betting market. According to a study conducted by Sportsbook Review, the betting market in the US has gone up 70% in 2022 for a value of $74 billion. This is an increase from $44 billion, the reported value of the US betting market, a year before, that is, 2021.
The study has also listed the top 10 states regarding the money wagered in the market. New Jersey tops the chart with a whopping amount of $31 billion since 2018 when the betting market was legalized in the region. The state is followed by Nevada with the wagering amount that comes to $27 billion. A difference of $4 billion is doable for Nevada to surpass and claim the top spot in the next 2-3 years.
Pennsylvania and Illinois are at the third and fourth spots, respectively. Pennsylvania legalized the market in 2019 and has seen $17 billion wagered by its residents since then. Illinois is a step behind with $16 billion wagered in the US betting market. New York seems to be doing pretty well with a value of $15 billion, considering that the betting market was legalized only 12 months ago – January 2022.
Indiana is in the sixth position with a $10 billion wagering amount, followed by Colorado, where residents have put aside a total of $9 billion since the recognition. Michigan, Virginia, and Tennessee are at the last three positions, respectively. Residents wagered approximately $8 billion, $7 billion, and $6 billion in these respective states by accessing some of the top USA sports betting sites. The last 4 years have seen an increase of 744%, and the years to come could take it up a notch.
Different states had seen an increase based on when they legalized the market. Considering the last four years, there has been an increase of 744% from $9 billion. A spokesperson from Sportsbook Review has said that the size of the US betting market will only increase further as the market becomes accessible to a larger number of audiences.
The money wagered could increase exponentially, says the spokesperson, highlighting that it is only a matter of time before sports betting becomes accessible. They also said that this would work well for the US government, which would be able to collect more taxes and invest in the development of the country at national and international levels.
Needless to say, engagement with gambling is healthy only if it is done in the right manner. There is always a risk of losing money that has been wagered. Players can set the limit and engage with the activity for the purpose of entertainment. That should suffice the purpose and still be able to generate decent revenue for increased market size.
The US has a love for the betting industry, especially the sports betting industry. Entertainment or a serious business, citizens barely miss a chance to give it a shot for a few extra dollars.