US Sports Betting Industry Surpasses Half-Trillion Dollars Seven Years After Legalization

Seven years after the Supreme Court struck down PASPA, legal sports betting has transformed into a half-trillion-dollar industry in the U.S., with 39 states plus Washington, D.C. regulating the activity and generating billions in revenue and taxes. This rapid expansion has increased the accessibility of betting, especially through mobile apps, leading to a rise in sports gambling addiction, particularly among young people and college students. Experts warn that the availability of 24/7 betting can foster harmful gambling behaviors, drawing parallels to the risks seen in stock trading if markets were open around the clock. Stories like that of Saul Malek, who accrued significant debt due to sports gambling addiction, highlight the personal toll of this growing industry. The NBA has become a major focus of sports betting, offering numerous wagering options through partnerships with sportsbooks and mobile apps, which has normalized betting but also underscored the importance of responsible gambling practices. Advocates urge stronger consumer protections to prevent gambling addiction and caution against expanding trading hours in financial markets to avoid similar pitfalls.