United States: Betting Trends in 2024 - Colorado Residents Showcased Largest Wagers and Strategic Betting
The US sports betting market is thriving, with Americans wagering a staggering $150 billion through legal sportsbooks in 2024. Joining the ranks, Vermont and North Carolina, particularly the latter, made strong debuts.
Each jurisdiction has its distinct strategy for sports betting. For instance, New York has a tax rate as high as 51%, whereas places like Nebraska have a much lower effective rate.
Let's delve into some intriguing findings from last year's betting landscape:
Insightful Figures Breakdown
Junk bond trader Alfonso Straffon compiled an enlightening table detailing the 2024 sports betting figures of states publicly reporting results:
You'll observe that states like Florida, governed by the Seminole Tribe's state-tribal compact, aren't included in this table since they aren't obligated to disclose their handle and revenue from Hard Rock Bet publicly.
A closer look at this chart unveiled fascinating trends in betting activity, win rates, and tax impacts across these states.
Regional Betting Habits
While New York stands out as the dominant state in terms of overall handle with nearly $23 billion in 2024, per-capita betting in New Jersey surpasses its neighboring state significantly. The average New Jersey resident wagers $1,835 annually compared to $1,526 in New York.
Another notable finding was the relatively low betting expenditure in North Carolina, less than $672 per adult in 2024. Given that sports betting was only legalized in March 2024, this market is expected to flourish with time.
Bettor Success and State Performance
Coloradans demonstrated the sharpest betting acumen in 2024, with sportsbooks retaining only 7.7% of their handle. Iowa follows closely with a 7.9% hold rate.
In contrast, Louisiana ended up on the wrong end of the spectrum, boasting a 12.5% hold rate for sportsbooks. Retail operations in Nebraska and Washington, D.C. followed closely behind with 12.2% and 11.6% respectively.
Sports Betting Taxation Insights
One of the key driving factors behind almost 40 states legalizing sports betting is the potential tax income. New York, for instance, raked in over $1 billion in 2024 from taxes on gross gaming revenue.
Even though New York imposes a hefty 51% rate, it hasn't seemed to hamper the market's growth. In fact, some states are considering raising taxes, such as Illinois, whose taxes reached $29.50 per adult in July. Other states like Ohio and Maryland may also opt for similar changes to maximize their revenue.
There is, however, a concern among bettors that this trend could lead to certain sportsbooks exiting markets due to escalating taxes or offering suboptimal odds to maintain their margins.
In essence, the US sports betting landscape offers a dynamic and captivating array of betting activities, win rates, and taxation implications, making it an exciting sector to observe and participate in. Each state adds its unique twist to sports betting regulations, ensuring that the playing field remains diverse and vibrant.
- The US sports betting market is projected to reach a staggering $150bn in 2024, with states like Vermont and North Carolina making strong debuts.
- Each jurisdiction has its distinct strategy for sports betting, such as New York's high tax rate of 51%, while places like Nebraska have a more moderate effective tax rate.
- A table by junk bond trader Alfonso Straffon reveals interesting trends in betting activity, win rates, and tax impacts across various states.
- States like Florida, covered by the Seminole Tribe's state-tribal compact, aren't included in the table because they're not obligated to disclose their sports betting revenue publicly.
- New York leads the overall handle with nearly $23bn in 2024, but per-capita betting in New Jersey is significantly higher at $1,835 annually compared to $1,526 in New York.
- North Carolina, despite only legalizing sports betting in March 2024, has a relatively low betting expenditure of less than $672 per adult in 2024.
- Coloradans demonstrated the sharpest betting acumen in 2024, with sportsbooks retaining only 7.7% of their handle, while Louisiana had a 12.5% hold rate.
- Some states are considering raising taxes to maximize revenue, like Illinois, whose taxes reached $29.50 per adult in July.
- There's a concern that escalating taxes could lead certain sportsbooks to exit markets or offer suboptimal odds to maintain their margins.
- The US sports betting landscape is captivating, featuring a diverse and vibrant array of betting activities, win rates, and taxation implications.
- The unique twists in sports betting regulations across states ensure that the playing field remains engaging and full of intrigue.
- The sports betting sector offers an effective avenue for personal-finance enhancement, lifestyle improvement, business growth, and entertainment through casino-and-gambling, general-news, education-and-self-development, sports-betting, entertainment, and sports events like football, baseball, hockey, golf, basketball, racing, tennis, sports-analysis, and mixed-martial-arts.
