BUSINESS

Nearly $10 billion in sports bets since PASPA fell

TAGs: PASPA, sports betting, United States

In the year since the Professional and Amateur Sports Protection Act (PASPA) was overturned by the U.S. Supreme Court, operators have made a lot of money on sports betting. According to the Associated Press, the total value of bets placed is likely nearing $10 billion.

Nearly $10 billion in sports bets since PASPA fellWithout May numbers calculated in, their calculation is that Nevada, New Jersey, Delaware, Mississippi, West Virginia, Rhode Island, and Pennsylvania have combined for $8.9 billion in bets. New Mexico also offers sports betting, but under a tribal compact that is not reported on. Counting that state, and likely bets made in May, for sure they’re close to the suggested $10 billion.

New Jersey, which helped force that fateful PASPA decision, is celebrating the year that’s been since sports betting became legal throughout the country. Johnny Avello, head of digital sportsbooks for DraftKings, said:

“Overall the first year in New Jersey has been spectacular, but to be honest, I couldn’t give you enough positive adjectives to serve justice to the question. The future is mind-blowing, and with eight states active and an additional seven authorized to offer sports wagering in 2019, DraftKings is positioned to capitalize on these and subsequent markets.”

FanDuel was also very complimentary of the garden state, with CEO Matt King noting, “New Jersey has shown how sports betting can benefit the state by setting up a competitive marketplace with retail and online operators working to better serve their customers and other states should be taking their lead from New Jersey.”

With many more states expected to open up to sports betting this year, everyone is a little giddy to see what happens next. “It’s been a great first year, and I think the strong momentum is going to continue over the next 12 months,” said Joe Asher, CEO of William Hill US.

The AP notes that Nevada is still king when it comes to sports betting, bringing in $5.2 billion worth of bets since May 2018. New Jersey, who was eager to get started right away, represented $2.94 billion in bets. The other states that reported numbers all added up to a total of less than $1 billion.

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