Legal Sports Betting Hits Record $142.5 Billion in 2024

As Super Bowl LIX approaches, sports betting continues to surge, with Americans expected to wager $1.39 billion on the game alone. Since the U.S. Supreme Court's 2018 decision to overturn the Professional and Amateur Sports Protection Act, legal sports betting has expanded dramatically, with total wagers hitting a record $142.5 billion in 2024, resulting in $2.9 billion in tax revenue for states and local governments. However, the rapid proliferation of legal betting options has diminished Nevada's once-dominant position in the market, as its share now accounts for a mere 6.4% of the national betting action. Critics highlight the negative consequences of this boom, including illegal betting operations and the rising issue of gambling addiction among Americans. With current trends, the substantial financial stakes in sports betting raise concerns about its societal impact, particularly as more states embrace legalization. Experts warn that the expanding landscape of sports betting may have far-reaching implications beyond just the game itself.