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Report
Record Sports Betting Totals in 2024 Reached $150 Billion
SportsGrid
Follow
1/3/2025
Category
🥇
Sports
Transcript
Display full video transcript
00:00
It appears as though a lot of records were broken in 2024.
00:04
Yeah, Happy New Year to you too, Craig.
00:06
And it was a great year for the sports betting industry.
00:09
Once again, as you had another record amount of total dollars
00:13
bet and LSR were projecting 150 billion dollars all legally
00:18
bet at sportsbooks during the full year of 2024.
00:21
That's according to data only from 33 states out of the 37
00:25
that report so far.
00:26
So it might even be a much bigger total than that.
00:30
Interestingly enough, 95% of that was online.
00:33
We've kind of see that move more and more as the years have
00:36
gone on as legal betting has spread.
00:38
You have the shift away from retail sportsbooks and the shift
00:41
towards online where you can bet on your phone and you see
00:45
so many more states are embracing it now as well.
00:48
And the total bet was a 23% increase from last year, but
00:52
notably the revenue that the operators keep after they pay
00:56
out winning bets was up even more 29% to 14.2 billion.
01:00
So it shows that wall more people are betting more people
01:03
are betting larger amounts.
01:05
The operators are, you know, increasing the pace at which
01:08
they squeeze revenue out of players by an even higher count
01:13
2.9 billion of that total was sent to state and local governments
01:18
in the form of taxes.
01:19
Now, it's still just a drop in the bucket compared to the
01:22
total amount of taxes that a state might get in their budget,
01:25
but it's not nothing and it's a lot more than we really
01:29
conceived of when the Supreme Court repealed PASPA and paved
01:32
the way for states to legalize sports betting.
01:35
So you see it's just continuing to grow.
01:37
You have sportsbooks also taking a record 9.5% hold that
01:43
is essentially the money they keep after they pay out bets
01:47
their winning margin, so to speak.
01:48
So the holds have gone up as you've seen, you know, we talk
01:51
about a lot, but I'm gonna say it again parlays are increasingly
01:54
popular these high margin bets for the sportsbooks.
01:57
They've really leaned into that this year as well.
02:00
These things that people kind of look at as lottery tickets
02:02
where they can determine a game narrative and return for a big
02:05
return obviously has a small chance of hitting so sportsbooks
02:09
have done a really good job profiting off that and pushing
02:12
it on people.
02:12
You have states like Nevada were surpassed by a couple others
02:16
this year.
02:17
They actually had a small smaller hold than usual and a lot
02:20
of that is because now they have limited props limited parlay
02:24
offerings and more betting in person.
02:26
Maybe some sharper betters in the state as well.
02:28
You had New York overtake all of the states for most dollars
02:32
bet ever, you know, New York has only had legal betting for
02:35
a few years, but it's already surpassed New Jersey and Nevada
02:39
in terms of total amount bet, you know, just showcasing that
02:42
it's one of the biggest states that is able to squeeze a lot
02:44
of money out of players.
02:45
You have other states as well, like Illinois making inroads
02:49
and on this side, you have Fandula DraftKings counting for
02:53
65% of all the dollars bet as they just continue to widen
02:59
their lead against the rest of the competition.
03:01
I think you have around 50 other so small sports betting
03:04
sites bigger sports betting sites across the country, but
03:07
Fandula DraftKings continue to dominate in that space looking
03:11
forward to this year.
03:12
You have possibly some new entrance, you know, like Maddox
03:15
and ESPN bet could make some inroads crypto.com and Robin Hood
03:18
we've talked about are interested in getting in betting as
03:21
well.
03:21
So we'll see if DraftKings and Fandula continue what they did,
03:24
but it was another great year for them in 2024 as betting
03:27
overall is up across the board.
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