Over $141 billion have been bet on sports at regulated US sportsbooks since 2018 and over $10 billion in sports betting revenue has been reported by sportsbooks.
States with regulated betting have now seen approximately $1.5 billion in tax revenue from local sportsbooks.
There is a 7.1% national hold on sports betting in the US.
NEW YORK – The US sports betting market has reached yet another milestone with states now seeing approximately $1.5 billion in taxes from local sportsbooks.
This comes from the $10 billion in revenue sportsbooks reported since 2018 with a hold rate of 7.1%. The total betting handle since 2018 has been over $141 billion across all active markets.
US Betting Brings Billions
The US market surpassing $1.5 billion in tax revenue comes in large part thanks to the New York sports betting market.
NY takes in 51% of all sports betting revenue from taxes and the Empire State has ballooned into being the largest betting market on a monthly basis in the US already.
The weekly revenue report that NY has already raked in $311,340,328 in taxes off of $648,779,713 in revenue since launching in January 2022.
New York has seen the largest total tax revenue, surpassing Pennsylvania’s $270,174,562 and New Jersey’s $242,021,240. These three markets have benefited the most from tax revenue from sportsbooks.
Tax Revenue Benefits States
Each state allocates tax revenue to different departments. Markets like New York, Tennessee, and Michigan use revenue from sports betting to fund educational efforts in their state.
Michigan in particular has seen a combined $2.5 billion in gaming taxes (sports betting and casino gambling) which has been allocated to support 6-12 schools.
Billions of dollars being sent to improve schools through the Michigan’s School Aid Fund is a major benefit from the betting market.
Other states are recognizing this as well. The California sports betting market could see a bill pass that would allocate sports betting tax revenue to aiding homelessness in the Golden State.
Ohio’s sports betting tax revenue will be used to aid Ohio veterans once the market goes live in 2023.
Revenue from sports betting is improving the lives of states and is expected to continue to do so going forward.
News tags: Atlantic City | Las Vegas | Michigan | Michigan Gaming Control Board | Nevada | New Jersey | New York | Pennsylvania | Pennsylvania Gaming Control Board
Coming from a background in narrative-based writing, Giovanni strives to write stories that will keep the reader engaged. Although he does pride himself in being accurate, how the story is told is also very important to him. When he’s not keeping readers up to date on sports betting laws and legislation, you can find him writing and recording music, playing videogames, or engaged in heated sports debates with his friends.