Over one-third of the states in the country now have some form of legal sports betting on the books. Currently, 10 of these states have launched legal sports betting, and a few more are expected to join the party before the start of the upcoming NFL season.
States With Legal Sports Betting Operational
- New Jersey
- West Virginia
- New Mexico
- Rhode Island
- New York
States With Legal Sports Betting Still Waiting to Launch
- New Hampshire
- North Carolina
If there is one thing we have learned since the PASPA ruling back in May of 2018 that gave states the ability to legalize sports betting, it is that mobile sports betting is not only the future but the present as well. States with mobile sports betting are the ones that are maximizing their market reach and therefore maximizing their revenue. States like Arkansas and New York (North Carolina too when it launches) do not offer legal mobile sports betting and therefore will struggle to reach their revenue goals.
In New Jersey, mobile has accounted for over 80 percent of sports betting handle. Some experts believe that within five years, over 90 percent of sports betting will be done via mobile or online means.
Here you can see how each state’s sports betting revenue has progressed from May 2018-May 2019. Over $600 million in revenue was made nationwide in just one year. With more states launching each month and states like Pennsylvania seeing more and more online sportsbooks launching each month, revenue is going to grow exponentially.
Big Numbers Coming
Pennsylvania now has four online sportsbooks, including FanDuel, launched. So we can expect Pennsylvania numbers to continue to shoot through the roof and eventually rival those of Nevada and New Jersey.
In May 2019, New Jersey became the first state to top Nevada in sports betting handle. However, that victory was short-lived as Nevada climbed back on top in June with record-setting numbers. Nevada surpassed New Jersey by nearly $50 million in June, putting up over $322 million compared to $273 million in New Jersey.
June and July are considered the two slowest months of the sports betting year. About $35 million in revenue was seen across the country in June, and we can expect that number to jump in July with the additions of Arkansas and New York.
Once more states launch in August as expected (Iowa, Illinois, Indiana, and possibly others), we will start to see record revenue numbers across the country as football kicks off. It took 12 months for the country to amass $600 million in revenue. Look for the $1 billion mark to be reached at some point this year, possibly as soon as October if every state launches as planned.
For the states still sitting on the sidelines concerned about the lack of revenue sports betting brings in, the numbers don’t lie. Sports betting can bring in millions in revenue each month, especially if done right by legalizing state-wide mobile betting. The industry is still in its infancy in the US, and it is only going to continue to grow.