How Much Money Have Americans Wagered On Sports Since Legalization?

And thanks to the internet’s and technology’s guidance, these punters find it easier to try out online sports betting than ever before.

Overall, the gambling industry has experienced a tremendous improvement since the US government decided to legalize it, which was followed by massive growth in income. This has led to a large number of punters participating in a wide variety of sections of gambling, especially sports betting.

So, if you are still wondering how much money Americans have spent together on sports, read this article for more information.

Overview of Sports Betting Legalization In The US

Sports betting started with rough terms in the United States. Even though a total of 36 states have now legalized this industry, it had a patchy and challenging beginning. It all began in 2018 when the Supreme Court took over the Professional and Amateur Sports Protection Act. PAPSA.

At first, PAPSA's strict rules made betting services illegal in several parts of the country. But when the Supreme Court intervened, it took a while before PAPSA was overturned. In the end, authorities from the court brought the ban down, allowing each state to own and legalize sports betting programs in their territories.

Since then, the industry has gained massive growth both in numbers and quality. From just seven States initially, the market is now fancied by 36 States. The best part is that all this lawmaking and growth happened in a span of four years.

The Outlook of the US Sports Betting Market

In total, it has been recorded that Americans have wagered over $220 billion on sports since its legalization. In short, since the Supreme Court brought this industry to life, American punters have wagered a total of 220 billion dollars. No doubt, this is rapid growth for an industry that is just four years old.

From the numbers, another thing that is certain about this industry is its promising ideas. For example, soccer, being the most effective betting option, has made a large percentage of players dive into the markets. This includes the availability of thousands of bookies allowing players to gamble on different types of sports events right from their mobile devices.

Those days are gone when sports betting in the US is for the few 1%. The internet and technology are playing it big here. They have done the most work in making these services now available for more than 60% of citizens in the United States. 

That said, it is essential to remember that different states have different types of sports betting. But the major types of legal betting offered by most states include these;

●        Moneyline bet

●        Props

●        Future bet

●        Point spread bet, etc.

Impact of Sports Betting on the US Economy

As expected, nothing without impact will be supported by the Supreme Court. But, besides the fact that sports betting has opened many opportunities for revenue generation in the state and locals, it does more good.

Talk about job creation and fluid workforces, and sports betting has improved it. Now thousands of jobs are available for citizens and visitors around legalized states. In addition to that, there would be a reduced rate of unemployment-induced crimes since jobs are verily available.

Revenue generation is the significant impact of this industry, which not many people know about. However, it has succeeded in providing a good stream of income for the economy to work on building infrastructures, electricity supply, and many more amenities.

The Huge Role of Online Platforms and Technology In Sports Betting

Without the help of technology, the sports betting industry might have been another entertainment for a few people. However, technology has dramatically created software and tools to provide punters with the best online betting experience.

Additionally, it has made online platforms more available and accessible for anyone on the internet. Alongside making the market more fun and worthwhile, technology has developed improved odds and payouts to satisfy every bettor's deepest needs.

All these improvements have not only made sports betting accessible and more entertaining but also helps in protecting players against addictions. In addition, by introducing several responsible gaming practices, the technology alongside online platforms assists players with the right programs. These services make the sports betting environment fun, accessible, and controllable. 

Conclusion

Since the legalization of sports betting in 2018, the gambling industry has grown more widely than ever before. All thanks will be given to the internet and technology for making the services of online sports betting more accessible and entertaining for everyone. Over $220 billion has been wagered on sports, and more numbers are still.