Here's How Much Americans Have Spent on Sports Betting in the Five Years It's Been Legal

After the Supreme Court struck down the Professional and Amateur Sports Protection Act of 1992 and gave all 50 states the green light for sports betting, it hasn't taken long for the industry to blow up.

As we near the five-year anniversary of the landmark ruling this week, about two-thirds of the United States has since legalized gambling on sporting events, with even more states expected to follow suit in the coming months and years. And sports fans are spending in a big way.

According to new stats from the American Gaming Association, Americans spent approximately $220 billion on sports betting companies through the end of March 2023—up $125 billion from just one year prior. A 2022 study found that about one-in-five U.S. residents said they had bet money on sports in the past year, although not necessarily through formal channels.

And while professional sports leagues initially opposed overturning the legalization over concerns of integrity, many teams are now partnering with sports books and even allow advertising in stadiums and during televised games. The same AGA study found that 85 percent of Americans agree with the court decision.

That's not to say that integrity isn't an issue, with NFL players earning suspensions for betting on the 2022 season and even a scandal involving ousted University of Alabama baseball coach Brad Bohannon. But despite some hiccups, it seems sports betting is here to stay.

DraftKings CEO Jason Robins told the Associated Press that while the progress has been remarkable, "the industry is excitingly still far from being fully realized."

"Legal betting is already part of mainstream sports culture, and I anticipate this trend will grow as adoption increases," Robins said. "The accessibility right now for fans to place a live, micro-bet during a game, for example, shares parallels with other smartphone-powered capabilities like hailing a ride, buying a stock, or playing a podcast."

DraftKings, along with FanDuel, cornered over 70 percent of the legal sports betting market in the 12-month period ending in February 2023, with 25 percent and 46 percent control, respectively. Meanwhile, BetMGM was responsible for nearly 12 percent of the market, and Caesars Entertainment trailing at 6.7 percent.

With sports books keeping about 10 percent of revenue after paying out winning bets, this lucrative industry is not likely to pump the breaks anytime soon. The American Gaming Association reports that sports book companies have made approximately $17 billion in revenue over the past few years, and those numbers are only projected to climb as gaming comes online in more of the country.