The American Gaming Association has released its annual gaming revenue tracker for 2024, highlighting continued record growth in sports betting. The American landscape underwent a significant transformation when the Supreme Court legalized sports betting years ago. Although it remains illegal in several major states, such as Texas and California, the nationwide impact has been considerable.
According to the AGA, online betting, which encompasses sports and other games, was responsible for nearly all revenue growth in the gaming industry in 2024. While traditional casinos experienced a minimal increase of less than one percent from 2023, online betting surged by 24.6%, generating $21.54 billion in revenue. At the heart of this online boom is legalized sports betting, with Americans wagering a staggering $147.91 billion on sports—a nearly 25% rise from the previous year. Almost all of this betting occurred online, resulting in $13.71 billion in revenue for the industry.
Americans legally wagered $147.91 billion on sports, up 23.6 percent from the previous year. More than 95 percent of money wagered on sports last year was done online.
This increased handle drove nationwide sports betting revenue to $13.71 billion in 2024, marking a 25.4 percent increase compared to the previous year.
Sports betting revenue was also bolstered by a slightly higher winning percentage. In 2024, sportsbooks won 9.3% of the money bet on sports, compared to 9.1 percent in 2023.
In 2024, Illinois surpassed New Jersey, becoming the second-largest sports betting state, trailing only New York, which recorded over $2 billion in revenue. Ohio and Pennsylvania complete the top five states.
Regrettably, the rise in sports betting also poses challenges for many individuals. A study from St. Bonaventure University revealed that 48% of men aged 18-49 have an online sportsbook account. Additionally, 52% admitted to “chasing” bets, wagering more after losses in hopes of recovery, while 37% expressed feelings of shame regarding their betting habits. Significantly, 20% reported that their betting led to financial difficulties in meeting obligations.
Sports betting has become a prevalent force in the American sports landscape. With more states moving toward legalization and leagues and networks continuing to embrace the practice, the industry is poised for further growth.
