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Friday, June 14, 2024

Sports Betting Revenue Hit Record-Setting $4.3B in 2021

  • Sports betting revenue hit an all-time high in the U.S. in 2021.
  • That record may not last long as 2022 is off to a roaring start.

Sports betting brought in $4.3 billion in 2021 revenue, notching its best year by a wide margin.

The figure was a 179.7% increase from 2020 for the fledgling industry, which saw seven states open up sports betting markets last year, according to the American Gaming Association’s State of the States report. Tribal casino revenue wasn’t included in the tabulation.

  • New Jersey led the way with $816 million in revenue.
  • Pennsylvania, Illinois, and Nevada followed, with the top four states accounting for around half the country’s sports betting revenue.
  • Overall gaming revenue, which includes casino and iGaming proceeds, hit a record $52 billion – up 21.5% from the previous high in 2019.

Bet on Another Record Year

New York opened to mobile sports betting in January, bringing another huge market into the industry. The Empire State took in $320.9 million on $4.87 billion in wagers in the first quarter.

Sports betting revenue across the country rose 64.6% year-over-year in Q1, hitting $1.58 billion. Total gaming revenue grew 28.6% from the previous year to $14.31 billion.

The country’s three most populous states still do not allow sports betting, but California will have at least one measure on its ballot this November to legalize the practice. Florida may follow suit after a court blocked an attempt at legalization through a pact with the Seminole Tribe of Florida.

Texas is unlikely to consider new sports betting legislation until next year.

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