Legal Sportsbooks Handle Nears $100 Billion Since PASPA Repeal
- Over six states passed the billion-dollar handle mark
- New York opened regulated sports betting on the 19th of January and saw over $150 million bet
- New Jersey has generated the largest handle at over $22 billion
- $1 billion mark should be hit by February 2022
LAS VEGAS - In early 2018 Nevada ruled the world of sports betting.
As of January 2022, the total amount spent on sports betting in the United States is closing in on $100 billion.
This large amount of money bet on U.S sports betting did not even involve every single state in America. This market has been around for four years and is continuing to rise in popularity.
Billion-Dollar Sports Betting States
- New Jersey - $22,783,077,809
- Nevada - $20,824,527,904
- Pennsylvania - $11,640,728,383
- Tennessee - $3,042,744,523
- Virginia - $2,795,193,823
- West Virginia - $1,231,838,097
- New York - $363,546,597
As seen above, West Virginia, Tennessee, Virginia, and Pennsylvania all hit a billion-dollar handle by the end of 2021. Their collective handle is $18 billion. Nevada and New Jersey each have a handle that is higher than that four-way combination.
State By Status
New York calculated that over 600,000 betting accounts were registered and over $150 million were bet by those accounts during the very first weekend.
The money generated from each state has not yet been reported for January 2022 but the sports betting industry only needs a little under $6 billion to hit the mark.
New Jersey reported a handle that is over $1 billion for the last four months. Nevada has reported over $1 billion in the last three months. If these two states stay consistent, $100 billion dollars should be reported during Super Bowl 56.
Show Me the Money
These numbers are met in various ways by different states. Las Vegas receives around 39 million visitors each year. This exposure allows their massive success with the world of sports betting. New Jersey is seeing 80% of all sports betting occurring through online sportsbooks.
The NFL has had a huge impact on regulated sports betting. The regular season has plenty of exciting opportunities to place bets, but nothing will compare to the excitement of the Super Bowl.
In 1992, PASPA (The Professional and Amateur Sports Protection) was put into legal action and prevented the in-state gambling of all states unless specifically granted exclusion from the bill. Since the PASPA repeal in 2018, $435 million have been wagered on the three Super Bowls that have taken place.
As more states are being granted regulated sports betting, it is clear to see that U.S. sports betting is not going anywhere.