U.S. Sports Betting Handle Surpasses Half a Trillion Dollars

• The U.S. has officially surpassed $500 billion in the amount of money bet at sportsbooks both in person and online since 2018.
• $149.6 billion was wagered in 2024 alone, reflecting 3,100% growth since PASPA’s repeal.
• New York leads all states with $69.13 billion in wagers since mobile betting began in 2021.
• Sports betting has generated $8.28 billion in tax revenue, including $2.83 billion in 2024.
• Hold rates are climbing, signaling greater sportsbook profitability and bettor engagement.
• Legal sports betting is now embedded in American sports culture, but massive markets like California and Texas remain untapped.

NEW YORK – The U.S. sports betting market has officially eclipsed $500 billion in total wagering handle since the fall of PASPA in 2018. The milestone represents seven years of explosive growth, technological disruption, and cultural transformation in what has become one of the fastest-growing sectors in the U.S. economy.

According to comprehensive market data compiled by LegalSportsBetting.com, the cumulative handle – the total amount wagered legally on sports across all states – has crossed the milestone thanks to the reported $9.71 billion wagered in the first quarter of the year.

In just seven years, the industry’s handle surged by over 3,100%, culminating in a staggering $149.6 billion wagered in 2024 alone, nearly 10x the combined total from 2018–2020.

Big 5 Powerhouses Drive Volume, Smaller States Punch Above Weight

A core group of markets New York, New Jersey, Illinois, Pennsylvania, and Nevada have dominated total volume, accounting for $230.03 billion (46%) of the cumulative $500 billion handle.

• New York leads all states with $69.13 billion wagered since its 2021 mobile betting launch.
• New Jersey, once the poster child of PASPA’s downfall, has posted $64.45 billion in total handle.
• Illinois, rising rapidly, has eclipsed $47.9 billion and is emerging as a Midwest betting hub.

Yet, small and mid-tier states with legal sports betting have delivered standout performances by focusing on mobile-first ecosystems and higher efficiency:

• Virginia: $21.04 billion handle on a mobile-only model since their 2021 launch.
• New Hampshire: $2.78 billion handle with a 9.26% hold.
• Wyoming: $609.5 million handle is remarkable for the least populated state.

The Amount Of Money Bet On Sports In The US By Year

Beyond wagers and winnings, the industry has become a fiscal force, generating $8.28 billion in cumulative tax revenue. In 2024 alone, states pulled in $2.83 billion, with funds directed toward education, infrastructure, and problem gambling programs.

New York leads again with $3.28 billion in taxes collected since 2021. While New Hampshire, with its lottery-operated system, generated $125.8 million with most of it funneled into public education.

Hold Rates Tell the Tale

Industry-wide hold percentages (the share of money sportsbooks retain from bets) have risen from 6.78% in 2020 to over 9% in 2023 and 2024. While this is bad for sports bettors, it signals improved pricing models, parlay popularity, and bettor engagement for sportsbooks.

What began as a regulatory experiment is now embedded in American sports. From real-time odds during live broadcasts to integrated betting within mobile apps, betting is no longer a subculture. It’s central to the fan journey, proven by the amount of money Americans bet on sports.

And yet, questions still loom over how much more there could be moving forward.

1. Will California or Texas legalize sports betting, unleashing tens of billions in untapped potential?
2. How will AI, blockchain, and personalized betting experiences reshape the landscape?
3. Can the industry maintain integrity while expanding safeguards for responsible gambling?

• Read More: Mississippi Sportsbooks Surpass $3 Billion in Betting Handle
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