The United States sports betting industry just hit a new landmark, and it was the state of Nevada that got the industry over the hump. There has now been over $25 billion bet on sports inside of the United States since June 2018.
The United States Supreme Court lifted the federal ban on sports betting in May 2019, and the industry has exploded since June 2018. Nevada reported a sports betting handle of $475 million in August, pushing the mark over $25 billion.
Nevada has accounted for most of the sports betting total since June 2018, with more than $10 billion bet in that time. The state has traditionally been the only location to bet on sports in the US, but there are now more than 20 states with legalized sports betting.
New Jersey Now the Leader
Even though Nevada pushed the industry over the $25 billion mark, it is New Jersey that is now the sports betting capital of the United States. New Jersey posted a sports betting total of more than $668 million in August, shattering Nevada’s previous record set last November.
The biggest reason for the dominance from New Jersey is that the mobile industry has taken off. More than 90% of all bets placed were done via mobile, and that is an area where Nevada has fallen behind.
Nevada has an in-person registration requirement in place, while New Jersey allows for remote registration. With casinos still shut down or operating under new guidelines, new customers are simply not joining the market in Nevada.
Nevada Seeing Industry Recovery
After a few rough months, the industry in Nevada is showing signs of recovery. The August total was larger than the total from March-July combined, and that’s an excellent sign for the state.
Basketball was the most popular sport to bet on in Nevada during August, bringing in more than $193 million in bets. Baseball was second in August, accounting for more than $175 million in wagers.
August is typically a slow month for the entire industry, but the adjusted sports calendar brought more betting options. The September numbers should be even larger as the return of NFL football always sparks betting interest.
Decisions Coming in November
Several states could join the sports betting industry as early as 2021, but that decision will be left up to voters this November. Several states require a constitutional amendment before legalizing sports betting, and that requires voter approval.
Each parish in the state of Louisiana is set to vote on the sports betting issue, and it is likely that the entire state will not pass the law. This will force lawmakers to create regulations for the industry in only those parishes that legalize sports betting.
Virginia is hoping to launch sports betting in 2021, but five cities will have the final say in November. These five cities are voting on a casino development plan, which is where the sports betting would take place.