If you look back years and years ago, the US sports betting industry was limited to Nevada. The effort to place a bet on your sports team would mean you going over to Vegas on a road trip with friends. Fast forward to 2018, and the PASPA repeal opened the doors for anyone who wants to be a successful bookie to operate in the US- provided each state will allow it. Today, not all states offer sports betting, although the list grows longer by the year. Let’s take a quick peek at the sports betting markets in the US, by state.
US Sportsbook Industry: Handle By State
Well take a look at the total handle for the top 5 states from June 2018 to October 2020, although the October numbers may not be reflecting all states yet. We’ll begin with the highest betting handle to date, and focus on the first 5 for now.
Naturally, Nevada has the highest grossing handle across the country at $10,248,050,623. After all, being a pioneer has its advantages. Its total revenue is $608,105,000, with a hold percentage of 5.93%.
New Jersey shows everyone the potential of a sports betting market to grow into a large and successful one in a matter of a couple of years. Just as you would with PricePerPlayer sportsbook software solution, you start slow, and eventually expand to take in a wider customer base. For New Jersey, going online was their ticket to success. It is a close second to Nevada with a handle of $9,116,156,888. The total revenue is higher than Nevada at $616,420,026 and a hold of 6.8%.
Experts expect Pennsylvania to mature into one of the biggest sports betting markets in the country in the future, and we can see its beginnings now. Its handle is at $3,522,315,963, with revenue of $242,471,797 and a hold of 6.9%.
Indiana has been showing a steady increase in handle over the past year, which was blocked by the pandemic early this year. But with the sports betting market recovering fast, Indiana is getting back on its feet. Its handle is at $1,409,820,532, with a revenue of $109,298,766. The hold is at 7.8%.
Rounding up our top 5 is Mississippi, with a handle of $719,154,291. Its revenue is at $78,728,324 with a hold of 10.9%. Not bad for a state that does not allow mobile betting outside casino floors, so unless they change this, other states with more accessible sports betting options may soon surpass them.