The American Gaming Association is out with their annual gaming revenue tracker looking back at 2024 and it shows continued record growth for sports betting.
The American landscape was fundamentally changed when the Supreme Court opened the door to legalized sports betting several years ago. And although it is still not legal everywhere, including large states like Texas and California, the impact across the country has been substantial.
According to the AGA, online betting (including sports betting and other games) accounted for almost the entire amount of revenue growth for the gaming industry in 2024. While “land-based games” at traditional casinos saw a minimal uptick from 2023 registering at less than a one percent increase, online betting grew 24.6% to $21.54 billion in revenue.
At the core of the online craze is of course legalized sports betting. On that front, Americans wagered an astounding $147.91 billion on sports, an almost 25% increase on last year. And almost all of it was done online. This resulted in $13.71 billion in revenue for the industry.
Americans legally wagered $147.91 billion on sports, up 23.6 percent from the previous year. More than 95 percent of money wagered on sports last year was done online.
That increased handle drove nationwide sports betting revenue to $13.71 billion in 2024, 25.4 percent higher than the previous year.
Sports betting revenue was also helped by a slightly higher percentage. In 2024, sportsbooks won 9.3% of the money bet on sports, compared to 9.1 percent in 2023.
In 2024, Illinois surpassed New Jersey to become the second largest sports betting state only behind New York at #1. The Empire State saw revenue come in at over $2 billion. Ohio and Pennsylvania rounded out the top five states.
Unfortunately, the flip side to the increased growth in sports betting is the effect that it is having on many lives. A study published by St. Bonaventure University found that 48% of men in the 18-49 age group have an online sportsbook account. 52% of individuals responded that they have “chased” bets in wagering more money after losses in hopes of recouping their money. 37% of respondents reported feeling shame over their sports betting habits. And a whopping 20% said that their bets led them to lose enough money that it led to having trouble meeting financial obligations.
Sports betting is now a ubiquitous presence on the American sporting landscape. And as more states move towards legalization, and the leagues and networks continue their embrace of it, the industry will likely only continue to grow.
About Matt Yoder