USA Sports Betting Worth $74 Billion in 2022

usa sports betting 74 billion
USA bettors wagered 70% more in 2022 than in 2021, and the coming year is sure to bring even more growth in sportsbooks’ profits.

In 2022, we saw tremendous growth in the sports betting market, with several states launching mobile and retail sportsbooks. Of course, this has resulted in impressive financial results, as the USA sports betting market brought in $74 billion in 2021 – a 70% increase on the $44 billion generated in 2021.

Biggest USA Betting Markets

New York has only recently launched online sports betting but its residents were the biggest spenders in 2022. Retail betting has been available in the state since 2019 but mobile betting only went live in January of last year, which surely accounts for the massive increase to over $14 billion wagered on sports. In 2021, 176 million was bet – so, this marks an increase of 8000%!

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A little less surprising is New Jersey. This state always tends to come out on top in terms of sports betting spending, and last year was no different as bettors in the state wagered over $8 billion in 2022. In the four years since the state legalized sports betting in 2018, NJ residents have bet a total of $31 billion.

Illinois followed closely behind with $7.6 billion in wagers, with Nevada generating $6.8 billion.  Rounding out the top five states with the most sportsbook spending in 2022 is Pennsylvania with residents having spent $5.7 billion in wagers.

For the full summary of the top spenders, see the chart below:

State Total Wagered since 2018 Wagered in 2021 Wagered in 2022 Increase
New York $15,019,150,749 $176,346,682 $14,655,604,152 8210%
New Jersey $31,570,491,826 $7,572,075,666 $8,787,414,017 16%
Illinois $16,597,597,363 $5,452,309,352 $7,693,214,546 41%
Nevada $27,723,080,786 $6,042,573,006 $6,898,552,881 14%
Pennsylvania $17,348,076,597 $5,040,145,825 $5,707,348,213 13%
Colorado $9,144,348,841 $2,910,637,299 $4,111,067,122 41%
Indiana $10,071,140,268 $3,366,396,374 $4,036,459,030 19%
Virginia $7,114,851,026 $2,392,572,691 $3,893,060,312 62%
Michigan $7,917,820,319 $2,950,754,391 $3,821,150,517 29%
Tennessee $6,013,390,107 $2,022,900,000 $2,970,645,584 46%

 

Increased Awareness of Sports Betting

Residents in states where legal sports betting have gone live are spending more than ever at sportsbooks, and it’s likely due to the fact that there is increased awareness of the market nationwide. There has been an 80% increase in ad spending for betting operators up to $1.8 billion, and we’ve seen huge stars like Drake and Jamie Foxx promoting sportsbooks.

So, it’s not surprising that sports betting is becoming ingrained in the collective consciousness of American residents. We’re only going to see spending increase further in 2023, as sportsbooks continue to increase their ad space presence.

Newly Launched Betting Markets in 2022, and a Look Ahead

In 2022, we saw three new states launch sports betting: Maine, Kansas and Massachusetts. There are now just 16 states that have yet to make sportsbooks available to their residents.

Minnesota, Missouri and North Carolina all attempted to launch sports betting in 2023 and even came close to going all the way but their efforts were thwarted. We also saw Alabama, South Carolina and Kentucky begin discussions about sports betting. So, in terms of looking forward, these are the most likely states to give their residents the ability to wager sports in the coming year.

 

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