US Sports Betting Handle Surpasses $400 Billion After Strong September

Michael Savio
By: Michael Savio
10/11/2024
Sports Betting
US Sports Betting Handle Surpasses $400 Billion After Strong September
Photo by Dean Franklin, CC BY 2.0

Key Takeaways

  • The numbers were boosted by a strong start to the football betting season
  • New Jersey leads all states with a handle of $53 billion
  • DraftKings and FanDuel continue to dominate US sports betting market

Sports betting is continuing to thrive in the United States.

The start of the football season has kicked sports betting in the US, sending the total handle over $400 billion since the Professional and Amateur Sports Protection Act PASPA) was overturned in 2018. That number has increased over the last year, with several states launching new markets. 

Sportsbooks have generated over $30 billion in gross revenue in the same span.

New Jersey Continues to Lead the Way

New Jersey has been the sports betting leader since 2018. Its handle of over $53 billion is the highest in the country, leading to over $570 million in tax revenue.

While the Graden State has continually led, their reign at the top is likely coming to an end. New York’s retail sports betting has exploded over the last couple of years. Retail sports betting has been live since 2019, but online betting didn’t launch until 2022. The state still has an overall handle of over $49 billion, nearly erasing the head start their neighboring state previously had.

Nevada is third with a handle of over $41 billion, followed by Illinois ($37 billion), Pennsylvania ($31 billion), and Colorado ($19 billion).

Rapid Growth May Not Continue

As impressive as the country’s sports betting numbers have been, things will likely cool off over the next two years. One reason for that is that only a few states remain without some form of legal sports betting. Many of those face massive opposition, which is unlikely to change any time soon.

There is also a significant push for far stricter regulations for the industry. Congress is currently considering the SAFE Bet Act, which would completely change how sports betting is regulated. Several states have also begun taking action to curb a spike in problem gaming. The current bill is unlikely to pass, but more proposals are likely to follow.

FanDuel and DraftKings Continue to Dominate

The sports betting industry has seen several big brands launch sportsbooks over the years, but none have found a way to compete with FanDuel and DraftKings. The industry leaders own well over 80% of the US market share, leaving little room for new platforms to compete.

Michael Savio covers the US online casino industry, giving readers insights and information they won’t find anywhere else. He has followed the retail industry since his time living in Las Vegas and has continued to do so as the online industry has taken off. Michael covers everything from online casino reviews to industry news, making him one of the most trusted insiders in the business. Check out Michael’s latest articles at casinos.com to see what he has to offer!