Earlier this year a record 67.8 million American adults bet on Super Bowl – that’s more than a quarter of the U.S. adult population and a 35% increase from the previous year, according to the American Gaming Association.
For 25 years, sports betting had been banned outside of Nevada – then in 2018 the U.S. Supreme Court struck down the Professional and Amateur Sports Protection Act. In the following six years, sports betting quickly became one of the most popular forms of gambling. Now 38 states and Washington, D.C. allow for online or in-person betting.
Sports betting may look like putting a wager on a basketball game or betting money on a horse race. It’s the fastest-growing source of state tax revenue, The Washington Post reported. The tax revenue that sports betting generates helps fund state resources, including roads and highway construction, public education, law enforcement and gambling addiction programs.
These states take home the most revenue in taxes from legal sports betting:
How much money do states make from sports betting?
At the end of last year, New York state took in $260 million in tax revenue from legal sports gambling. New York made the most money of any other state in the fourth quarter, according to the Census Bureau’s quarterly summary of state and local tax revenue.
The Northeast reported larger revenue amounts from sports betting, compared to other regions in the country.
Since 2021, taxation on sports betting has quadrupled, according to The…
