11 Exciting Statistics on How Much Money Do Americans Bet On Sports

In May 2018, the PASPA Act of 1992 was declared unconstitutional by the US Congress. This act led to some US States slowly allowing Sports Betting. With 74% of the US states legalizing Sports Bets in 2023, the industry has been booming, with around $20 Billion in revenue produced.

This article examines the US Sports Betting Market to discover how much money Americans bet on sports, exploring the following aspects:

• US spending on Sports Bets
• Spending per Sport
• Sports Betting Growth and Trends

Highlights of the Article

• New York ranks #1 in 2023 State tax revenue generation, with around $1.21 billion produced.
• New Jersey led all US states in handle generation in Q1 2023, with $40 billion.
• 48% of US states legalizing Sports Betting allows both Online and In-Person wagers.
• Q3 of 2023 shows that Basketball is the US most wagered-on sport, with 52.7% bettors.
• The NFL anticipates around 76 million bets for its 2023-2024 season.
• Researchers project the US eSports betting industry to grow to $2.3 billion by the end of 2023.
• In 2023, experts foresee the US sports betting revenue to have an annual growth rate of 46%.
• Around 20% of male sports bettors in 2020 prefer in-person betting.

How Much Have Americans Wagered on Sports?

From 2018-2023, the US generated around $220 billion in revenue from its Sports Betting market. The most common wagers amount to $10 to $25. Meanwhile, 30% of bettors place $50 or more, and 10% wage over $250.

The US Sports Betting Industry continues to rise due to its availability online and in-person, convenient betting platforms, and increasing gambling community.

The sections below shall explore the world of Sports Betting, analyzing the odds, statistics, and the leading sports Americans love to wager on.

Statistics on American Sports Bet Spending

US sports gamblers expect to spend over $130 billion on betting services, or “handles,” by 2023, which experts project to climb to nearly $100 billion more by 2025.

About 90% of the revenue goes to winning payouts, leaving 10% to gambling companies. With stakes this high, US wagers can only go higher.

Discover how massive US betting rates have become in 2023 with the figures presented below.

1. New York tops US States rankings for most State tax revenue, with $1.21 Billion in 2023.

(Legal Sports Report)

Based on the revenue of $2.43 billion, New York racked up $1.21 billion of State Tax Revenue, the highest generated tax among all US states in 2023.

Pennsylvania follows closely, with $470 million from a $1.88 billion revenue. The third is New Jersey, with $411 million from a $2.96 billion revenue. These stats offer a comparative perspective on the economic significance of sports betting in different regions.

2. As of Q3 2023, around 64% of US States that legalized Sports Betting allow Online and In-Person wagers.

(Action Network)

In the US, 37 States have legalized Sports Betting, 24 of which permit both In-Person and Online wagers.

Below are the states allowing both Sports Bet outlets as of Q3 2023:

• Arizona
• Arkansas
• Colorado
• Connecticut
• Illinois
• Indiana
• Iowa
• Kansas
• Kentucky
• Louisiana
• Maryland
• Massachusetts
• Michigan
• Nevada
• New Hampshire
• New Jersey
• New York
• Ohio
• Oregon
• Pennsylvania
• Rhode Island
• Virginia
• Washington DC
• West Virginia

While the remaining 13 States have yet to legalize the activity, Maine, Nebraska, North Carolina, and Vermont are four states soon gearing up for legalization.

3. Nevada ranks 2nd in Handle generation with $33.9 billion in 2023.

(Legal Sports Report)

Nevada, once the only place for legal sports betting, is now the second-largest market, with an impressive handle of $33.9 billion. 

Top on the list is New Jersey, with a $40 billion generated handle. NJ is notable for being the first US state to legalize and profit from online gambling, which includes online sports bets.

These statistics serve as a reference point for both industry stakeholders and enthusiasts, offering a glimpse into the economic scale and potential of legal sports betting.

Statistics on American Bet Spending per Sports

The Sports Industry is among the biggest markets in the US, generating around $993 million in the last two years.

With the country’s legalization of Sports Gambling, the US sports scene shall only grow outwards as more followers and bettors participate.

The following statistics show the biggest sports and events regarding betting participants and amounts.

4. Basketball is the most preferred sport to bet on in the US, with 52.7%, as of Q3 2023.

(Statista, Open Court Basketball, Doc’s Sports Service, Variety)

Sports bettors find NBA betting well-suited for online platforms due to the fast-paced and competitive nature of the games. The NBA and NCAA are the most profitable sports to bet on, as indicated by the weekly frequent fans’ bets, as shown below:

• NBA – 50% weekly bets
• College Basketball – 16% weekly bets

Mobile basketball betting app’s user-friendly interface and accessibility allow users to bet conveniently anywhere it is legal. 

Fun Fact

During the 2023 NBA Finals match-up between the Denver Nuggets and the Miami Heat, the Nuggets began the series as the second-heaviest betting favorite (-500) in the past 16 seasons.

The heaviest betting favorites were the Golden State Warriors when they battled the Cleveland Cavaliers during the 2018 NBA Finals, with a -1075 to win the series.

The Nuggets won Game 1, which increased their odds to -1000, and eventually won the series.

5. An estimated 76 million wagers are anticipated for the NFL 2023-2024 Season.

(Spectrum Local News)

NFL estimated that a 60% higher count of US bettors, compared to last year’s 46.6 million count, will significantly impact the total generated bet for the 2023-2024 season.

The massive count of wagers for 2023 leveled in the league’s immense popularity, diverse betting options, and fans and bettors’ overall spirit.

6. The NFL Super Bowl generates more than $2 billion in bets.

(Coaches Database)

Football is among the most popular sports in the US, garnering an average viewership of around 16.7 million for the NFL 2022 regular season. The sport is also the nation’s 3rd choice for sports betting. 

Over 30 million Americans wager more than $2 billion during the Super Bowl alone. Some bet through sportsbooks, while others do so in person, especially in states like Nevada and New Jersey.

7. Experts forecast the eSports betting scene to reach around $3.2 Billion by 2027.

(Coaches Database, Statista)

The eSports Gambling Industry is among the most anticipated trends in sports and betting, with a revenue prediction of $2.34 billion by the end of 2023.

Experts also anticipate a CAGR of 8.05% from 2023 to 2027. As a result, the eSports betting market is poised to grow to around $3.19 billion by the end of 2027.

eSports has a global audience of around 530 million, creating a massive potential customer base. Plus, betting has become more accessible because players can do it anywhere.

Statistics on American Sports Bet Spending Trends

Industry experts predict the Sports Betting industry will expand at a CAGR of 10.3% from 2023 to 2030. The main factors driving the demand for sports betting are: 

• Global gambling shift
• Legal landscape
• Adaption of smartphones and devices
• Increasing digital infrastructure

The statistics below explore the factors that dictate how the growth and trends behind American Sports Bet Spending shall go in the coming years.

8. 2023 projects a 46% annual US sports betting revenue increase.

(Insider Intelligence, Lines)

US sports betting revenue will generate $10.85 billion in 2023, a 46% increase from 2022. More so, US online sports bettors are expected to rise from 19 million in 2022 to 23.1 million in 2023.

The increasing number of participants gives us an idea of how much is spent on sports betting each year.

The massive rise in sports bettors willing to invest in bets is the driving force behind the significant surge in sports betting revenue.

9. Mobile devices totaled around 70% of the US online betting revenue in 2020.

(Focus Gaming News)

In 2020, about 62% of online gambling was in sports, and roughly 70% of these sports bets were made on mobile devices.

Several factors contribute to the frequent usage of mobile devices for bets. One is the availability of mobile payment apps such as Apple Pay. Bettors can link their banks to these mobile payment apps and check which casinos accept the platforms.

Another is the availability of 5G technology which lets players bet conveniently, accounting for 55% of mobile bets.

Side Note

Aside from Apple Pay, bettors with Android phones can alternatively use Google Pay to play bets using their mobile devices.

Check out this article to discover how to use GPay for mobile betting transactions and know which casinos and countries accept this payment type.

10. In 2022, 42% of sports bettors believed that wagers make the games more exciting.

(USA Today)

Results from the research suggested that 56% found gambling enjoyable, while 42% believed that personal wagers, such as live betting heightened the excitement of games.

These numbers provide gamblers’ thoughts on the motivations and experiences of engaging in this activity.

Helpful Articles

While sports betting may be enjoyable, the risks involved should always be observed.

Gambling can sometimes lead to addictions, mental problems, and financial implications.

One significant way to battle the risks is to practice Sports Betting Bankroll Management which involves making smart and ideal decisions while gambling.

11. 20% of male sports bettors were likelier to bet in person in 2020.

(Statista)

One in five males favors the practical aspects of in-person sports betting, such as placing bets and collecting winnings. In contrast, only 7% of the female respondents were interested in in-person betting.

These stats highlight how males and females have varying interest levels in practical aspects of where to place bets. 

Post-Game Analysis

The US sports betting industry’s rapid growth and economic significance highlight the increasing popularity of mobile betting and the potential impact of emerging technologies.

Exploring US sports betting market aspects, including revenues, state tax contributions, and sports preferences, highlights how dedicated US pundits are to their sports.

Stats show the growing need for policymakers and stakeholders to tailor their strategies to promote responsible and accessible sports betting experiences to further the market’s growth.