Sports betting generating billions in tax revenue across US
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(NewsNation Now) — Sports betting is a multibillion dollar business in the U.S. despite the industry being legal nationwide for only about three years.
During the first 10 months of 2021, sports betting generated over $3 billion in revenue.
Sports betting has been legalized in 30 states and the District of Columbia with more states expected to join the party, including New York. Mobile sports gambling will go live this weekend in the Empire state.
The state that has benefited the most from legal sports betting is New York’s neighbor, Pennsylvania.
Residents did over $10 billion in wagering this year and the state earned $110 million just in tax revenue through November of last year. New Jersey and Illinois were the other top three states in terms of tax revenue earned from sports betting.
That new revenue is a major reason why so many states have adopted online sports betting. Mobile sports bettering was legalized in the U.S. after a 2018 Supreme Court ruling. Since then, it has brought in over $871 million in tax revenue.