Sports betting is now allowed in 36 states and Washington, D.C., up from 32 in 2021, 34 years after Pete Rose was barred from MLB (for betting on baseball). (As of now, 33 states are running their programs, but three more have not yet done so.) There are currently 26 states where mobile sports betting is permitted, up from 18 in January 2022.
And the states that permit it see financial benefits from legalized gambling. According to the American Gaming Association, Americans legally bet $73 billion on sports in the first 10 months of 2022, an increase of 70% over the same period last year. Sports betting businesses made $5.77 billion off of those bets, a 78% increase over the previous year, while states and the federal government likely made $1.3 billion.
With $1.07 billion in revenue from sports betting from January through October, New York, which started its mobile sports betting market last year, is in first place. New Jersey is in third position with $595 million, well behind Illinois in second with $616 million during the same time span.
For the entire year of 2022, according to Casey Clark, senior vice president of the American Gaming Association (AGA), the combined gaming revenue from slots, table games, and sports betting at commercial and tribal casinos will probably exceed $100 billion. The whole sum would surpass the $92 million income record established in 2021 ($53 million from commercial casinos and $39 billion from tribal casinos).
According to Clark, last year was a record-breaking year for the gambling sector. “And without a doubt, the maturation, adoption, and nationwide expansion of legal sports betting contributed to that.”
Since the Supreme Court struck down the Professional and Amateur Sports Protection Act in 2018, sports betting has become legalized nationwide. Sports betting was essentially outlawed under PASPA, with the exception of Nevada and a few other states. States are now free to legalize sports betting and begin their own initiatives after the prohibition was overturned. The business sector has been booming and on fire. In the previous four years, the market has expanded from seven states in 2018 to 36 (including Washington, D.C.).
As existing state markets mature and new ones are introduced, Clark anticipates that 2023 will be yet another year of records. He predicts that “we’ll see [legislative] action in probably nine or ten states.”
However, fewer won’t likely become legal this year. Legislation is presented, contested by a number of MPs, and the political process is drawn out. “Each of these markets takes an appropriately measured approach,” he claims. The three largest states—California, Florida, and Texas—remain the only ones that do not permit sports betting.
Through a gambling agreement with the Seminole Tribe, Florida legalized sports betting in 2021. The deal was expected to generate $2.5 billion in tax revenue for the state over a five-year period. However, a federal judge struck down the agreement, declaring that it was against both state and federal laws governing Indian gambling. The state’s mobile sports betting industry is presently in limbo while the tribe files an appeal against the decision.
The Texas legislature, which only meets twice a year, will be in session later this year with more support than in previous sessions. 300 lobbyists are working as a “army” to persuade legislators to allow gaming. Democratic state senator from Houston, Carol Alvarado, introduced a plan that would control casino games and sports wagering in a select group of cities, including Austin, Dallas, and Houston. While running against Beto O’Rourke in October, Texas Governor Greg Abbott stated that he was “open” to hearing suggestions.
Additionally, two competing ballot initiatives were rejected by California voters in November. But the battle to make sports betting legal in the state with the largest population in the country is undoubtedly not over.
Four additional states will probably amend their rules this year, despite the fact that there is still much political work to be done before the major three authorize sports betting. Here are some potential new locations for sports betting in 2023.
Kentucky
Legislators submitted a measure in early January that, if approved, would make sports betting (both online and off) legal. Governor Andy Beshear said that the state would vote on sports betting legislation at his State of the Commonwealth Address. (This year, Kentucky may also legalize medicinal marijuana.)
Offshore
For the few remaining states where sports betting is not permitted by their local governments there is always the offshore option. As sportsbook review websites point out, there are over 150 offshore online sports betting operations. Think about these operations like you would think about Offshore Banking. They are not totally above board but they are not totally underground.
All of this growth in the sports betting industry means one thing, that people will be looking for a great sports betting information in which to help them Place their Wagers. After all, the ultimate goal is to win and earn extra money. Although for many people it’s also about having that entertainment value. Sports handicappers have existed for many decades. They offered their professional sports picks against the spread for a fee. They also tend to offer daily free picks so that people will come by their site and check out what they offer.
Conclusion
In the end, it’s an exciting time to be in the sports betting industry in the United States. There is a lot of room for growth and the potential entertainment value is gigantic.
