A Look in Legal Sports Betting Handle, Revenue, Tax Numbers

Legal Sports Betting Milestones by the Numbers

Pennsylvania, Illinois, New York and New Jersey have contributed over $1 billion to local governments from sports betting taxes.
Nevada sports bettors hold the best win rate (5.65%), while Montana sportsbooks see bettors lose at the US’s worst rate (13.5%).

WASHINGTON – Nationwide, sports betting has broken many standards. Regardless, every state with legal sports betting has a story to tell based on their handle, revenue, or tax contributions.

29,096,843,485 – The amount of money bet in New Jersey. This number represents 19.9% of the US market share. But New Jersey sports betting sites will see this number drop moving forward. New Jersey was the first state to build an industry off of legal sports betting. But, the addition of New York mobile sports betting and the potential size Massachusetts sports betting as well as California’s potential markets could see this drop closer to 7% over the next two year.

10,447,646,589 – The total amount of money lost at US sportsbooks. While this number is large, keep in mind legal sportsbooks have accepted over $146 billion. This 7.1% hold percentage is about average, giving sportsbooks over $10 billion in revenue before having to pay taxes.

9,756,993,985 – New York’s sports betting handle. While this is still $20 billion less than NJ, New York is moving at a much quicker rate. Hitting the $1 billion monthly handle mark to start the year, New York proceeded to record at least $1b in six straight months.

1,038,677,641 – The amount of money sent to Pennsylvania, New York, New Jersey, and Illinois government as sports betting taxes. These are the only four states that have received over $100 million in benefits.

495,982,309 – Delaware’s total betting handle since their 2018 launch. The lack of a mobile sports betting app limits their options, as only three casinos in Delaware accept sports bets in person. Still, they are primed to break the $0.5 billion milestone as soon as next month.

348,790,073 – The amount of taxes that NY has received on behalf of sports betting. Since mobile betting launched in NY, their tax benefits jumped, due to a 51% tax rate on mobile operators. For comparison, New Jersey (13.25%), Pennsylvania (36%), and Nevada (6.25%) range much lower. Pennsylvania was the US sports betting tax leader – (now at $282,767,334) – but it all comes down to the tax rate. These taxes are more than Arkansas sportsbooks have kept as revenue (347,967,779) before even paying taxes.

100,300,496 – The amount of revenue kept my New Hampshire sportsbooks before paying taxes. In New Hampshire, population size will limit their ceiling yet residents broke the $100 million milestone. NH is one of the few states to launch mobile sports betting before land-based, but their 50-51% tax rate will keep sportsbooks in NH from adding much to their bottom line.

88,051,368 – The money bet at Montana sportsbook kiosks around the state. Montana does have mobile betting, but only on location. Used as a way to process bets faster, there is no statewide mobile app. Current to June 2022, Montana will look to break their $100 million marker in September thanks to a boost to the NFL betting season. Last year, Montana sportsbooks collected $5,117,000 in wagers during the Super Bowl… but averaged closer to $3.75 million a month during the regular season.

6,384,628 – South Dakota’s sports betting handle at casinos in Deadwood. SD joins Montana as the only two states yet to break $100m in betting handle. Still, the two are on different trajectories. Montana sportsbooks have accepted wagers for over 2.5 years, while SD sportsbooks approach their one year anniversary (September 9).

3,490,542 – The amount of money DC has received from sports betting in taxes. Despite a few mobile betting restrictions, sportsbooks in DC are somewhat beneficial. Yet, this underperforms predictions, which expected $6 million form the start and $8-9 million per year at the current status. Granted, this $3.5 million does not include licensing fees, but DC is still undershooting expectations.

13.5 – The percentage of losing bets at Montana casinos. This makes Montana betting players the worst sports bettors in the US, by the numbers. Montana players win 87.5% of every $100 bet at local sportsbooks. Perhaps tying sportsbooks to “bars and restaurants that hold a liquor license” isn’t a bad idea…

5.65 – The percentage of losing bets at Nevada casinos, making them the best sports bettors in the US. Still on top, Nevada mixes the average joe, the sharps, and the degenerates. Sharp money may kick Nevada sportsbook revenue backward but it’s clear the best still bet in Nevada.

News tags: California | Delaware | Illinois | Massachusetts | Montana | Nevada | New Hampshire | New Jersey | New York | Pennsylvania | South Dakota

Michael Molter

Michael began writing as an NBA content writer and has spent time scouting college basketball for Florida State University under Leonard Hamilton and the University of Alabama under Anthony Grant. A graduate of both schools, he covers topics focused on legal sports betting, betting odds, and casino reviews. Michael likes to golf, play basketball, hike, and kayak when not glued to the TV watching NBA games.

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Author: Jeffrey Fisher