Since the U.S. Supreme Court made a ruling in 2018 to allow states to legalize sports betting, 34 states have passed legislation to allow for sports gambling and have cumulatively raked in $3.47 billion in tax revenue from sports betting.
Read on for a breakdown of which states have generated the most tax revenue from sports betting and where gamblers are wagering the most.
Key findings
Key findings
- Overall, the United States has collected $3.47 billion in taxes from sports betting since June 2018.
- New York has generated the most tax revenue from sports betting ($1.1 billion) since the state legalized it in June 2019.
- Sports betting is legal in 34 U.S. states and the District of Columbia.
Sports betting legal states and tax revenue
Sports betting legal states and tax revenue
New York has accumulated the most tax revenue from sports betting, some $1.1 billion since June 2019.
Sportsbooks have generated the most revenue from gamblers in New Jersey, $2.8 billion since 2018. While the Garden State has taken in the third most tax revenue from sports betting (roughly $350 million), it has the largest disparity between sportsbook revenue and state tax revenue.
South Dakota has generated the least revenue from sports gambling, just $139,721. That’s likely because sports betting can only occur at seven casinos in the state, those in Deadwood and at tribal casinos, limiting opportunities to gamble.
Investing in sports betting companies
Cashing in on the sports betting boom
Sports betting is now a mainstay, with ads in legal states hard to miss and odds being discussed on sports media every day. In addition to the 34 states that now allow sports betting in some form, legalization is pending in four other states: Kentucky, Maine, Vermont, and Nebraska.
If you’re looking to invest in the industry, The Motley Fool has seven ideas to get you started investing in sports betting stocks. With sports betting legal in more than half the states in the U.S., it’s an industry many are willing to wager on.
Sources
- Sportshandle.com (2023). “Legal US Sports Betting Revenue, Handle And Tax Totals Since PASPA Repeal.”
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