Sports Betting News: US Sports Sees $250B Post PASPA
This is a look at legal sports betting and all the recent industry happenings. A look at national sports betting handle since PASPA’s repeal in 2018. Seminole Tribe of Florida has until Thursday to respond to the U.S. Court of Appeals. Kansas sports betting after one year of activity yields a modest return. These highlight recent legal sports betting news in the U.S.
$250 Billion Wagered Since The Repeal Of PASPA
The Professional and Amateur Sports Protection Act of 1992 prevented sports betting in most states. Following the repeal of this measure, the sports betting boom has swept the nation. PASPA has been repealed for five years now and more than $250 billion has been wagered on sports across regulated markets.
This has led to more than $20 billion in taxable sports betting revenue, an 8.1% national hold rate. Sports betting is now regulated in 33 states with 24 hosting online betting. Online sports betting is the most dominant form of wagering in the U.S.
The early years of the post-PASPA market were significantly slower in terms of national handling. With the limited states, just 10 regulating within the first year, only $10 billion was wagered by July 2019. However, every subsequent year saw a jolt in action.
In the following 12 months, $25 billion was the lifetime handle with now 19 active markets. Then one year after that, total wagers reached $65 billion, then jumped to $150 billion by July 2022. In 2023, the market produces more than $10 billion in handle every month.
Florida Seminoles On The Clock
West Flagler filed a petition over the D.C. Circuit Court’s decision to rule in favor of Florida’s sports betting compact. The D.C. Circuit Court ordered the Seminole Tribe of Florida to respond to the petition. This request indicates that there is interest in West Flagler’s appeal. The Seminoles now have until Thursday to respond.
A potential rehearing could be underway. The three-judge panel ruled to uphold the current gaming compact in June 2021. A rehearing would involve more judges to review the case. Whether it leads to a rehearing or not, this order for response delays the potential re-launch of Florida sports betting.
This is also not the end of the line for West Flagler’s strategy either. Should a rehearing be denied or another ruling in the compact’s favor is the result, the next step could be the U.S. Supreme Court. We are but in the middle of this Florida gambling case.
Kansas Collects $5.8 Million From Sports Betting
During the first full year of sports betting, Kansas sportsbooks saw $1,676,590,108 in wagers. This resulted in $58,726,207 in sportsbook revenue and the state collecting $5,872,621 in taxes.
In the first year, online sportsbooks were the primary wagering spots for locals. Mobile betting contributed $1,601,476,259 of the total betting handle for the year. DraftKings dominated seeing the most action with $675,377,744 in online wagers. FanDuel came in second with $488,660,906.
Kansas Sports Wagering Revenues Fiscal Year Summary Through June 2023
|Casino||Provider||Settled Wagers||Revenues||State Share|
|Subtotal – Retail||$75,113,849||$3,803,912||$380,392|
|Subtotal – Online||$1,601,476,259||$54,922,295||$5,492,229|
Sports betting locals still managed to embrace betting at retail operations. Local casinos have noticed an increase in activity from fans. As more fans are traveling to local casinos in order to wager on sports, it has become a gateway into the other gambling offerings.
“Now, for us as a full resort destination, we get a whole new group of folks coming in to watch games, and it’s allowed us to introduce them to what we have here at the Kansas Star,” said Kansas Star Casino vice president and general manager Doug Lang.
Kansas has managed to see early success in its betting industry. And the local market is poised to continue this trend.