Sports betting in US: These US states make the most in taxes from sports gambling

Posted by author June 29, 2024 Gambling

Sports betting is completely legal in as many as 38 states in the United States and people who thrive on trying their luck on sports, reside in a few select states where sports betting is extremely popular. In fact, the craze around sports betting is so big in the United States, that a record 67.8 million Americans bet on Super Bowl this year itself, if a report by USA Today is to be believed. The betting rates on Super Bowl shows a 35% increase from the previous year, showcasing how big the betting industry is in the United States.

Is sports betting in US earning revenue for the states?

Even though sports betting may look like a minor affair, with a participant betting on a horse race, or putting their money on a Super Bowl team, it is actually becoming one of the leading aspects of tax revenue for major states in the United States, says USA Today. Some states generate the most of this tax revenue from sports betting, which is then used for various public projects including infrastructure, sanitation, transportation and more.

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Which states make the most money out of sports betting in US?

New York has made a fair share out of sports betting last year, when it generated $260 million in taxes. Since sports betting was legalized in the year 2018, New Jersey has always led the way in money wagered on sports betting. They are followed by New York, Nevada, Illinois, Pennsylvania, Colorado, Arizona and more, with billions of dollars wagered on sports gambling from these states since 2018.

Who are most likely to indulge in sports betting in US?

In terms of demographics, men are more likely to bet on sporting events according to a YouGov survey. Meanwhile, Hispanic and white people are likely to bet money sports as compared to others, says USA Today. Sports betting is however, illegal for minors in US states.

FAQs:

Can minors indulge in sports betting in US?
Most gambling formats in the US states need you to be above 18 years of age, including sports betting and lotteries. For some states, the age bar is 21.Is sports betting legal in New York?
Yes, sports betting was made legal in New York a few years ago and from then onwards, the state has generated a fair share of tax revenue from sports gambling.

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