Anyone who is an avid bettor knows just how big betting is in the United States. There is so much money in the American betting industry, and many are wondering why. However, no one ever gets a solid answer through a quick internet search https://bankstreetgrillal.com/.
For the most part, the monies that go into betting hardly ever get tabulated. This is because a vast majority of betting is usually handled by legal offshore sportsbooks and on the black market. Neither of these entities is compelled to provide information to the general public.
Sports Betting Industry in the USA
Besides, there is a very limited number of sports betting options that are legal in the United States. This means the reported number, even though it seems enormous, accounts for only a small fraction of the betting industry.
Close to 60% of Americans identify as sports fans, but this does not mean all of them are bettors. To find out how much Americans spend on betting, we first have to find out what percentage of the population identifies as bettors.
Every year, the NGCB (Nevada Gaming Control Board) rolls out a report on how much revenue in the US is attributed to sportsbooks. By dividing this amount by the number of casinos in Nevada, we should arrive at a number that represents how much each gambler spends per year. Even though this is an inexact method; it should give a rough picture to go by.
How Much Money is Bet on Sports in Nevada?
You must be wondering why we’re using Nevada to figure out the bigger picture. Well, it’s because this is the gambling capital of the US. In 1992, the state of Nevada was granted an exception to the PASPA (Professional and Amateur Sports Protection Act). As a result, the state has since been one of the most popular gambling tourism destinations in the world.
The state remains the nation’s leader in racking impressive gambling revenue even after PASPA’s repeal. Even as new competitors enter the gambling industry, Nevada remains undefeated. Events like the NCAA Men’s Basketball Tournament and the super bowl break Nevada’s betting financial records.
In 2019 alone, Nevada recorded over $5.30 billion in sports bets, most of which came from tourist bettors who fly in to play at prestigious casinos. 2018 recorded over 42.12 million tourist bettors in Las Vegas alone.
Adding this number to 3.03 million, which is the state’s population, we arrive at a betting handle of $117.81. Focusing on the 60% of Americans who account for sports fans, the number jumps to $194.79.