It's no secret that sports betting has become a fixture in American life over the last half decade.
Since the Supreme Court's decision in 2018 to overturn the ban on sports betting in most states, nearly 40 states have legalized sports betting in some form which has allowed more than two-thirds of Americans the ability to place bets in their home states.
The access has allowed for unprecedented growth in the industry as the total handle — which is the amount of total bets placed — last year amounted to 119.84 billion, a 27.8% increase versus the prior year, resulting in nearly $11 billion in revenue for the gambling industry in sports bets alone.
Related: US sports betting revenue in 2023 hit a new record — but there's even more growth to come
Major sporting events are a massive driver for the industry — Super Bowl LVIII in February, for example, was estimated to have generated around $1.5 billion in legal bets.
March Madness is no different as according to the American Gaming Association (AGA), it's the "biggest sports betting event of the year." This year's Men's and Women's March Madness tournaments are expected to total $2.72 billion in legal wagers, which would be about 2.2% of the total handle for the entire sports gaming industry in 2023.
Related: Super Bowl sports betting expected to exceed a whopping $23 billion — but there's a catch
While sports betting may seem like a contentious topic considering the massive negative impact that gambling addiction has had on many Americans, AGA claims that 85% of American adults support the Supreme Court decision in 2018, while 77% of American adults support sports betting legalization in their home state.
Gambling companies have began to shift their focus away from opening more states with majority of the country already able to bet within their home state, and the major opportunity states like California and Texas looking like they might take a while.
Companies like DraftKings, FanDuel, and ESPNBet are looking to acquire more customers within current states or create new creative bets to entice more betting — a plan that could work considering that states like Illinois and New Jersey saw increases of over 25% last year despite having had legalization before 2023.
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