Sports Betting is Big Business

Sports betting is big business, as betting on the NFL and College Football is expected to exceed $31 billion this season. If those projections are correct, that would be a record.

The Business of Betting

A record 46.6 million Americans plan to bet on NFL games this season. That is up 3% from last year according to the American Gaming Association (AGA.)

A major reason for this increase is the legalization on gambling in several states. As of September of 2022, there were 31 states plus Washington DC that offered some form of legal sports betting. That is up from 22 states last year.

A ruling by the US Supreme Court in 2018 paved the way for legalized sports betting when they struck down the Professional and Amateur Sports Protection Act. This ruling allowed the individual states to decide how they would handle sports betting in their own states as opposed to having the Federal government decide at a national level.

Some Interesting Facts

• The number one state for sports betting is New York
• Professional and College Football represent around 30% of all sports wagers.
• This season’s Super Bowl in Arizona will be the first time that the big game will be played in a state that allows legal betting for the game.
• California will soon be voting on whether to allow legal sports betting in their state. If the measure passes, then the season opener game between Buffalo and LA will be the last game played in the state where legal sports betting is not allowed.
• According to total bets placed and total money wagered, the favorite to win this year’s Super Bowl are the Buffalo Bills.

Conclusion

Sports betting is big business. As more states allow legalized sports betting, more and more people are getting in on the action. If you are going to try it, then just remember to set limits, and only bet what you can affords to lose.

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Brian Lesko

Writer and Investor. Based in the Pittsburgh, PA area, Brian holds full-time employment as a Warehouse Manager for an electronics firm. Brian enjoys wealth building, investing, gardening and the great outdoors. Brian holds a B.A. in Environmental Studies from the University of Pittsburgh and an MBA from Robert Morris University.