Seeing the potential for sky-high profits, sportsbooks are dumping money into advertising.Ĭompanies have spent hundreds of millions of dollars on sweeping ad campaigns in a bid to swallow up new customers. Companies have spent big on advertising, with little pushback
Pennsylvania and New Jersey, both of which legalized sports betting in 2018, have each raked in more than $225 million in taxes, according to figures compiled by the website Sports Handle. Meanwhile, some states have hit the jackpot. That amounted to $4.29 billion in revenue for an industry that was forbidden almost everywhere in the U.S. Last year, the sports betting industry exploded, recording $57.2 billion in handle - an insider's term for the amount of money wagered - the AGA reported. The four professional leagues have entered into partnerships with major sportsbook operators, and TV broadcasts now routinely display odds during games.
Four of the country's major sports leagues - the NBA, NFL, NHL and MLB - as well as the NCAA, once vehemently opposed legalized betting on games and pushed for the Supreme Court to maintain the embargo.īut since the 2018 opinion, the leagues have come to not only accept sports betting, but champion it. The court's ruling wasn't the only major evolution in the world of sports betting.
