- The US sports betting industry saw a 230% increase in revenue generated from 2020 to 2021.
- More states are opening online sports betting markets, as the market proves profitable.
- Wyoming is the first state-regulated sports betting market accepting cryptocurrency.
- New Jersey became the first state to handle $1 billion in sports wagers.
LAS VEGAS – 2021 has been the biggest year for the overall United States sports betting industry to date, but online sports betting, in particular, is becoming more widely available.
Record High Industry Revenue
According to a report from the AGA, the US sports betting industry generated roughly $3.16 billion in gross total revenue over the first 10 months of 2021.
This is a massive 230% increase from the same 10-month period from the previous year of 2020, and with 11 more states legalizing sports betting in 2021, 2022 will see even higher numbers.
“It’s been a boom for consumers, really. I mean, prior to 2019 consumers had to either pay to fly to Vegas to place your bet, which most people are unable to do or are unwilling to do, or you had to be with an illegal bookie or with an offshore site,” said David Forman, senior director of research at the AGA.
Newly Launched States With Online Betting
Virginia, Wyoming, and Arizona also launched sports betting with online offerings this year, and even New York – a state that already had in-person sportsbooks – awarded nine online sports betting contracts to different sportsbook operators in hopes to expand their market.
Other Notable Sports Betting Milestones In 2021
New Jersey became the first state to handle over $1 billion from sports wagers in a single month, after sportsbooks received $1,011,114,311 in wagers in September, generating $82.4 million in profit.
New Jersey went on to handle over $1 billion in October and November as well.
With more than 90% of that coming exclusively from online wagers, lawmakers are definitely noticing the desire for differing styles of online gambling.
Wyoming launched its own sports betting industry in September using an online-only format similar to Tennessee. However, Wyoming is the first state-regulated sports betting market to accept the usage of cryptocurrency.