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Mapped: Legal Sports Betting Totals by State

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The following content is sponsored by Roundhill Investments.

The Briefing

  • Legal sports betting reached over $93 billion in the U.S. in 2022.
  • New York State had the most wagers, with a total of $16.3 billion.

Legal Sports Betting Totals by State

Which states are driving the legal sports betting market, and which have not yet become major players? The answer is fueled by each state’s legalization status, population, and other factors.

In this graphic from Roundhill Investments, we show a breakdown of legal sports betting by state.

A State View of Legal Sports Betting

In 2022, sports betting was live in 31 states plus Washington, D.C. Betting activity is highly concentrated, with the top five states accounting for 57% of the total reported legal wagers.

State/DistrictLegal Sports Wagers in 2022
New York$16.3B
New Jersey$10.9B
Illinois$9.8B
Nevada$8.7B
Pennsylvania$7.3B
Arizona$5.5B
Colorado$5.2B
Virginia$4.9B
Michigan$4.8B
Indiana$4.5B
Tennessee$3.9B
Iowa$2.3B
Louisiana$2.3B
Connecticut$1.5B
Maryland$981M
New Hampshire$892M
Kansas$719M
West Virginia$569M
Rhode Island$533M
Mississippi$532M
Oregon$498M
Washington D.C.$216M
Arkansas$185M
Wyoming$145M
Delaware$82M
Montana$51M
South Dakota$7M
New MexicoLegal, no data
North CarolinaLegal, no data
North DakotaLegal, no data
Washington StateLegal, no data
WisconsinLegal, no data
MassachusettsLegal, became operational in 2023
OhioLegal, became operational in 2023
FloridaLegal, not yet operational
MaineLegal, not yet operational
NebraskaLegal, not yet operational
AlabamaNot legal
AlaskaNot legal
CaliforniaNot legal
GeorgiaNot legal
HawaiiNot legal
IdahoNot legal
KentuckyNot legal
MinnesotaNot legal
MissouriNot legal
OklahomaNot legal
South CarolinaNot legal
TexasNot legal
UtahNot legal
VermontNot legal

New York State had the most legal sports betting, largely because it was the most populous state to allow online sports wagers so far. Notably, 1.2 million accounts were created in the first 10 days of legalization. New York also has multiple teams across all four major sports—football, basketball, baseball and hockey—which boosts local interest.

New Jersey took the second spot. The state challenged the federal ban against legal sports betting, winning their case in 2018. New Jersey has since rapidly established itself as a sports betting hub, thanks to its established gaming regulations, prime location near New York City and Philadelphia, and strong gaming and tech infrastructure.

Illinois had the third highest annual total, and beat its prior state record with $1 billion in wagers in October alone. One key factor was a change to the registration process in 2022, which allowed residents to sign up online rather than in-person at a casino. Not only that, the state is home to some popular teams including the Chicago Bulls, who have the third-largest social media following of any NBA team.

Smaller, and Not Yet Legal, Markets

South Dakota had the lowest legal sports betting of the states with reported totals. The state only allows in-person betting in the city of Deadwood and at tribal casinos, with the latter not reporting the total bets they receive. Online sports betting is not yet legal in the state unless the bettor is physically at a Deadwood casino.

Montana had the second smallest total bets. The state has a small population and no major league professional sports teams. Not only that, sports betting in the state is government-run rather than a competitive market. Like South Dakota, online bets can only be placed when the bettor is physically present at a retailer.

Notably, the most populous states of California, Texas, and Florida do not yet have legal and/or operational sports betting. Together, the three states represent 27% of the total U.S. population. Sports betting was initially legal in Florida but has been paused due to ongoing legal proceedings.

Expanding Geographic Reach

Legal sports betting has expanded significantly since the federal ban was lifted in 2018. However, 17 states have not yet legalized sports betting in any form, and some states could see growth from allowing online betting.

As more states proceed with legalization, the consumer base is likely to continue expanding. This creates a revenue opportunity for sportsbook operators. In fact, Goldman Sachs estimates that the total revenue opportunity could grow from $900 million in 2021 to $39 billion by 2033.

Looking for exposure to the growing sports betting industry? Explore Roundhill’s sports betting ETF, $BETZ.

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Datastream

Charting the Rise of Cross-Border Money Transfers (2015-2023)

With over 280 million immigrants transferring billions of dollars annually, the remittance industry has become more valuable than ever.

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The Briefing

  • 79% of remittance payments in 2022 were made to low and middle-income countries.
  • Borderless, low-cost money transfer services like those provided by Wise can help immigrants support their families.

The Rise of Cross-Border Money Transfers

The remittance industry has experienced consistent growth recently, solidifying its position as a key component of the global financial landscape. Defined as the transfer of money from one country to another, usually to support a dependent, remittances play a pivotal role in providing food, healthcare, and education.

In this graphic, sponsored by Scottish Mortgage, we delve into the growth of the remittance industry, and the key factors propelling its success.

Powered by Immigration

With over 280 million immigrants worldwide, the remittance industry has an important place in our global society.

By exporting billions of dollars annually back to their starting nations, immigrants can greatly improve the livelihoods of their families and communities.

This is particularly true for low and middle-income countries, who in 2022 received, on average, 79% of remittance payments, according to Knomad, an initiative of the World Bank.

YearLow/Middle Income (US$ Billion)World Total (US$ Billion)
2015$447B$602B
2016$440B$596B
2017$477B$638B
2018$524B$694B
2019$546B$722B
2020$542B$711B
2021$597B$781B
2022$626B$794B
2023$639B$815B

India is one of the global leaders in receiving remittance payments. In 2022 alone, over $100 billion in remittances were sent to India, supporting many families. 

Enter Wise

As the global remittance industry continues to grow, it is important to acknowledge the role played by innovative money transfer operators like Wise.

With an inclusive, user-centric platform and competitive exchange rates, Wise makes it easy and cost-effective for millions of individuals to send money home, worldwide.

Connection Without Borders

But Wise doesn’t just offer remittance solutions, the company offers a host of account services and a payment infrastructure that has helped over 6.1 million active customers move over $30 billion in the first quarter of 2023 alone.

Want to invest in transformative companies like Wise?

Discover Scottish Mortgage Investment Trust, a portfolio of some of the world’s most exciting growth companies.

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