US Sports Betting Crosses $25bn Handle Since PASPA
More than $25 billion has been legally wagered in the US sports betting since 2018 following the Supreme Court ruling against PASPA.
The Professional and Amateur Sports Protection Act of 1992, also known as PASPA, was struck down by the Supreme Court in 2018, after which each state could legislate its sports own betting. However, it is interesting to note that Nevada, that only state where legal sports betting existed prior to this, has pushed the significant post-PASPA benchmark of $25 billion.
For decades, The Silver State was the only jurisdiction to legally place sports wagers in the country. In the last two years or so, Nevada has abdicated the top spot to New Jersey, which saw a phenomenal sports calendar during August. New Jersey’s dominance during that month is owed largely to its mobile share. More than 90% of all of August’s record-setting $668 million sports betting handle came through digital means.
In contrast, Nevada just saw a 64.3% of the handle through mobile betting during August. According to the state report, the number is down from 69% in July.
Nevada Industry Still Holds Most of the Record
Despite ranking behind New Jersey for August’s figures, Nevada’s sports betting industry boasts the most records. Between July 2018 and the end of August 2020, Nevada has set the benchmark of a $10 billion handle over that period. In addition, the state is also leading in sports betting revenue with over $600 million, while New Jersey was pushed back to second in both, with $7.7 billion in the overall handle and $532 million in revenue.
The Pennsylvania sports betting market came in third, falling short with $2.7 billion in handle. During the same period, Indiana is the only other state to top the $1 billion benchmark.
It will be an exciting competition between the emerging sports betting markets to witness which other states cross the $1 billion mark in 2021. Colorado has seen a great start in the sports betting industry, but Illinois sports betting received a surprising boost from remote registration.
Results Normalizing in Nevada
It has been a tough few months for the US, including Nevada. Nevada’s lack of remote registration meant many sportsbooks could not absorb new customers during casino closures due to the pandemic. The general situation led to five months with a handle below $200 million.
However, The Silver State appears to be returning to normality with increased sports betting activities. The overall handle during August after the return of many major sporting leagues was more than the handle from March through to July combined. Basketball and baseball accounted for $193.9 million and $175.2 million in handle, respectively. Both of the totals are more than any single month over that period.
The other category involving almost every sport available during the shutdowns accounted for a little more than $51 million in bets, which is down from $80 million in July.
With the NFL season kicking off last month, it will be exciting to see what the rest of the year holds for Nevada’s sports betting industry and whether it will remain the reigning champion.