6 Important Things in The US Sport Betting Market

US sport betting market
casino.org

In the US sport betting market, legal sports betting has doubled in the United States in only three years following the Supreme Court ruling, with online gambling exploding. 

Sports betting in the United States used to be exclusive to Nevada. With the legalization of sports betting in more states beginning in 2018, the amount of revenue earned in the country has risen considerably.

The economics of legal sports betting in the United States are summarized below.

The US Sport Betting Market

After the Supreme Court struck down the federal ban outside of Nevada in 2018, legal betting in the United States began to grow.

Here’s a breakdown of total handle, revenue, hold, and tax revenue in each of the states where sports betting is currently legal:

  • Handle: The overall sum wagered over the time period specified
  • Sportsbooks keep a percentage of the money wagered as revenue
  • Hold percent: The percentage of income kept by sportsbooks as a function of handle
  • Taxes/state revenue: Taxes levied by state and municipal governments, as well as the state’s portion of money through revenue-sharing markets

The figures are based on all data published from June 2018 until the present.

1. New Jersey Sports Betting

Outside of Nevada, sports betting in New Jersey is the most popular. This success can be attributed to the company’s strong online betting presence: sportsbook apps and websites account for over 80% of total volume.

2. Pennsylvania Sports Betting

In the not-too-distant future, Pennsylvania sports betting is set to become one of the most important marketplaces. 

Until far, the state has depended primarily on retail sportsbooks, but sportsbook apps went live in May 2019 and are expected to significantly increase both volume and income.

The only stumbling block is the state’s high cost of doing business, which includes a 36 percent effective tax rate and a $10 million licensing charge.

3. Delaware Sports Betting

In June 2018, Delaware became the first state outside of Nevada to offer sports betting. Wagering is only permitted at three state casinos, and lottery dealers sell parlay cards for football betting. Despite the fact that state law permits it, there is no mobile betting.

Delaware’s monthly reporting period runs from the last Sunday of each month to the last Sunday of the following month. See the breakdown on the Delaware Lottery website for actual month-end dates.

Because of the coronavirus pandemic, no sports betting data was reported from April to June 2020.

4. Mississippi Sports Betting

Mississippi sports betting became available in casinos across the state in 2018. There are already over two dozen sportsbooks available. Off the premises of casinos, online sports betting is not available.

In April 2020, there was no sports betting since casinos were shuttered due to the coronavirus outbreak.

5. Nevada Sports Betting

Gambling has been legal in Nevada for decades. Every year, billions of dollars are wagered, earning hundreds of millions of dollars in revenue.

Since June 2018, when the first sportsbooks opened in other states, here’s a snapshot at Nevada’s sports betting handle and income.

With a 6.75 percent tax rate, Nevada has one of the lowest tax rates in the country.

Note that the April and May 2020 results have been merged. While sportsbooks and casinos were closed, the state did not provide monthly sports betting results.

6. Rhode Island Sports Betting

After the state authorized sports betting earlier in the year, it began in late 2018. Sports betting is really managed by the state through two casinos and the sportsbook operator Caesars Sportsbook. Rather than being taxed, RI receives a portion of the revenue.

Although Rhode Island did not start with online betting, a statute passed in 2019 made it legal.

In the end, that is about the US sport betting market. Some states still haven’t launched sports betting, however, if you want to try, some other states are allowed. 

Admin

Hanna Yusuf is a citizen journalism journal platform that discusses various things. Such as about the economy, business, technology, games to general information that is interesting and important.

Leave a Reply

Your email address will not be published.