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Five years have gone since the United States Supreme Court issued a historic judgment, known as the Professional and Amateur Sports Protection Act (PASPA), lifting the federal ban on sports betting. Following this historic decision, current reports show that the total handle for all 30 U.S. jurisdictions has already topped an astonishing $250 billion. This significant rise reflects rising consumer confidence and a better awareness of the sports betting market in the post-PASPA era.
According to the American Gaming Association (AGA), an overwhelming 85% of the American adult population supports legalized sports betting. This substantial 22% rise over 2019 demonstrates a dramatic shift in popular attitude. The Supreme Court’s abolition of PASPA has had a surprising rippling effect, with the number of states allowing legal commercial betting increasing from seven in 2019 to an astonishing 30 as of August 23, 2023. Furthermore, at least two more states are expected to join this list before the end of the year.
Among these upcoming states, Kentucky stands out as a strong competitor, with its official start date set on September 7, 2023. Following in the footsteps of Ohio and Massachusetts, this launch will continue the pattern of big legal market debuts in 2023. These projects have received support from 77% of American people living in these states. This increased acceptability is evidenced in the fact that a considerable 78% of wagers are currently placed with licensed operators, up from 44% in 2019.
The shift to legal wagering has resulted in a significant decrease in participation in illicit sportsbooks. A whopping 70% of bettors felt they were only dealing with genuine internet companies. This shift away from the illicit market has coincided with an increase in customer trust in regulated wagering businesses. Since the abolition of PASPA, this increased trust has translated into amazing achievements in a variety of states.
Presently, five states boast monthly handles exceeding $1 billion, while an additional 12 states maintain monthly handles surpassing $500 million. Additionally, 10 states have achieved at least $10 billion in all-time handles since their respective launches. Collectively, the legal sports betting industry in the United States has achieved a remarkable total handle of $250 billion from May 2018 to August 2023. The industry is poised to reach the significant milestone of $300 billion by the close of 2023. This flourishing sector has contributed over $3 billion in state tax revenues, furthering community development projects and initiatives focused on responsible gambling practices.
Bill Miller, President, and CEO of the AGA, expressed unwavering support for the ongoing growth of legal markets. Miller emphasized the collaborative efforts of multiple stakeholders, including policymakers, law enforcement, regulators, leagues, media, and technology providers, in enhancing consumer education since 2018. As the market continues to mature, the focus on consumer protection will remain steadfast.