Sports betting continued to boom in 2024. According to recent statistics, more than $437 billion worth of legal bets were placed in the US last year. The total sports betting handle reached $135 billion, generating $12 billion in gross revenue and approximately $2.67 billion in taxes.
The market was busiest during the NFL season (September to January), with monthly handles ranging from $11.6 billion to $14 billion.
With these numbers, we can see that the industry is thriving, and based on the latest sports betting data and projections, this will continue in the coming years.
The US has some of the biggest key players in the sports betting industry, so let’s examine how much these legal sports gambling companies made in 2024.
States With Legal Sports Betting
Last year, several more states joined the ranks of those regulating online sports betting. It’s been over six years since the Supreme Court struck down the Professional and Amateur Sports Protection Act (PASPA), prompting many states to begin regulating sports betting activities.
Delaware, New Jersey, Mississippi, West Virginia, Pennsylvania, and Arkansas were among the first states to legalize sports betting in the same year PASPA was overturned. Since then, more states have followed suit, and as of today, there are 38 states with legal sports betting.
California and Texas Failed to Pass Sports Betting Last Year
California has been working to legalize sports betting since PASPA was struck down, but Proposition 26, which would have allowed in-person sports betting at tribal casinos and racetracks, was decisively defeated.
Similarly, Texas continues to struggle with passing legislation to legalize sports betting. In 2023, a bill successfully passed the House of Representatives but failed to gain approval in the Senate. The same outcome occurred in 2024.
Lieutenant Governor Dan Patrick has been a vocal opponent of legalizing sports betting in Texas. In a 2021 interview on The Chad Hasty Show, he stated, “There’s so much infighting and competition amongst all the people in that arena, that’s why it [legalization of sports betting] never goes anywhere. It’s not even an issue that’s going to see the light of day in this session.”
Several influential senators, including Charles Schwertner, Donna Campbell, and Bob Hall, share Governor Patrick’s stance, further hindering progress.
Throughout the years, there have been various casino scandals, which some people claim can be a reason why some people are still hesitant to support the legalized gambling market. However, it’s likely that many states will come forward to allow sports betting and gambling in the coming years.
More States Working on Legalizing Sports Betting
Sports betting will launch in Missouri on December 1, 2025, following the approval of Amendment 2 by voters in the 2024 election. In light of this, the Missouri Gaming Commission will oversee both online and in-person sports betting operations in the state, and the proceeds will be subject to a 10% tax.
Minnesota is also working hard to have legal sports betting, but passing any bills, including sports betting legislation, will now be more challenging. That’s because after the 2024 elections, the House was evenly split between Republicans and Democrats (62-62).
Though other states like Utah, Alabama, Georgia, South Carolina, Oklahoma, Alaska, and Hawaii have not actively pursued this or are adamantly opposed to regulating gambling operations, California and Texas are expected to continue pushing for legal sports betting.
Top Earning Online Sports Gambling Brands of 2024
The two most well-known sports betting companies were FanDuel and DraftKings. However, FanDuel outperformed the other with 40% ($50.7 billion in sports betting revenue) of the total market share. DraftKings, meanwhile, made almost $4.67 billion, or 33% of the market.
Aside from these two industry giants, other popular brands include BetMGM, Caesars Entertainment, William Hill, PointsBet, Unibet, Betway, Betclic, and 888 Holdings.
The third spot is held by BetMGM, which generated $1 billion in net revenue in the first half of 2024 alone. Caesars Entertainment, which acquired William Hill in 2021, reported $11.27 billion in annual revenue as of September 30, 2024. That number includes the rest of their services, including casinos.
New York leads the list of states with the largest sports betting revenue in 2024, with over $5 billion. New Jersey ($4.4 billion), Nevada ($2.6 billion), Illinois ($3.4 billion), and Pennsylvania ($2.9 billion) are next in line.
What To Expect in the Coming Years
We’ll definitely see more sports betting brands enter certain states to compete with the biggest names right now. Fanatics Sportsbook has recently been working on making its services more available to many legal betting states, as well as ESPN Bet.
The sports betting market is expanding remarkably despite the fact that the legal environment surrounding sports betting in the US is still fragmented. States like Missouri’s continuous attempts to legalize sports betting point to a promising trend toward wider acceptance.
While some states remain resistant, the overall momentum is toward more widespread legalization.
