US Sports Betting Expansion Reaches 40 States as Industry Matures

In less than a decade since the Supreme Court struck down the Professional and Amateur Sports Protection Act in 2018, legal sports betting has expanded to approximately 40 US states, generating billions of dollars in annual wagering volume.

The growth has been transformative for state budgets and professional sports leagues alike, creating new streams of tax revenue and lucrative sponsorship opportunities. Finance experts estimate that nearly $2 billion was expected to be wagered on Super Bowl LX alone, underscoring the sheer scale of legal betting activity.

Richard Borghesi, a professor of finance at the University of South Florida, emphasized the significance of the expansion in a recent interview. He noted that confidence is a major driver of gambling behavior, with many bettors placing wagers based on strong personal convictions about outcomes rather than careful statistical analysis.

Recent research suggests that enthusiasm for legal betting continues to grow. A study found that roughly half of NFL fans planned to wager on the Super Bowl through legal markets, with more than a quarter indicating they intended to bet more than usual on the event.

However, the rapid expansion has not come without concerns. Problem gambling rates have risen in some jurisdictions, and experts warn that offshore and black market operators continue to attract customers with more favorable odds and fewer restrictions.

The challenge for regulators and lawmakers going forward will be maintaining the momentum of legal market growth while strengthening protections for vulnerable consumers and closing gaps that allow unlicensed operators to thrive.