- Sports betting in the U.S. hits $9 billion
- New Jersey generates $329 million in May
Nevada leads the way as the largest state
The United States is riding the popularity of legal spots betting with over $8.9 billion of placed wagers in the one year since PASPA was defeated in May, 2018.
The U.S. Tuns $8.9bn from Sports Wagers in One Year
The United States has posted an impressive first-year spots betting tally, with nearly $9 billion legal wagers placed in the one year since New Jersey defeated PASPA in the U.S. Supreme Court. With NJ clearing the way, other states have begun joining the sports betting bonanza, with most recently New York State becoming a destination where placing a sports wagers is okay – just not all.
The mastodons of sports betting activities in the U.S., to name Nevada, Delaware, Mississippi, West Virginia, Rhode Island, and Pennsylvania, not excluding the Garden State, posted solid results with the sportsbooks in these locations having accepted as much as $8.9 billion in total sports handle.
This doesn’t quite cut in some of the tribal operators such as the activities carried out in New Mexico, which for legal reasons, are not fully recognized as traditional sports betting. With some states still dragging their feet to report their total May handle, the numbers are more likely to be closer to $10 billion.
More Growth Coming, Say DraftKings, FanDuel, and William Hill Execs
On Wednesday, the New Jersey Division of Gaming Enforcement posted $319 million on spots in May, up from the April results. These numbers have been proof enough to embolden politicians to act boldly and jump on the sports betting wagon. Meanwhile, gaming companies continue to consider their next move and expansion opportunities.
Head of Digital Sportsbooks for DraftKings Johnny Avello went on at some length to comment on the latest NJ results:
“Overall the first year in New Jersey has been spectacular, but to be honest, I couldn’t give you enough positive adjectives to serve justice to the question.”
Avello alluded to the future potential of the company as well. With eight markets now fully-legalized, DraftKings would be expanding well across the U.S. to bank on this trend. Meanwhile, FanDuel, DKs’ main competitor has also had something to say regarding the most recent New Jersey betting results.
FanDuel CEO Matt King also had something to add about the rapid development of the sports betting industry. This is what Mr. King had to say:
“From a company standpoint, we went through a merger, opened a retail destination and started online all within months of PASPA’s repeal and a year later, we are the market leader. It has been a proud moment for all of us.”
According to William Hill US CEO Joe Asher noted that the industry is still revving up its numbers and hasn’t reached its peak point just now. Based on Mr. Asher’s estimation, sports betting in the U.S. is going to only continue to grow over the next 12 months.
New Jersey may have made it possible for the U.S. to introduce legal sports betting, but it’s really Nevada that took the helm of the activity and is the largest state to date to offer sports wagering solutions.