The 2023-2024 NFL season officially kicked off on September 7, when the Detroit Lions made an early season statement by beating last year's Super Bowl winner-the Kansas City Chiefs. However, one can't overlook the fact that heavyweight states like California, Florida and Texas have yet to legalize sports betting.Īll eyes are on the sports gambling industry this fall because the NFL season represents the crown jewel of this still nascent industry. The top three states for sports gambling-related tax revenue include New Jersey, Nevada and New York, in that order. However, the "house" now extends beyond just sports books-state governments have also horned in on the action-collecting an estimated $3.50 billion in tax-related revenue since the start of 2018. And over that same period, the sports gambling industry has raked in roughly $15 billion in revenues. Since that momentous decision, Americans have legally wagered roughly $245 billion on the outcomes of sporting events. Supreme Court struck down the Professional and Amateur Sports Protection Act of 1992 (PASPA), which consequently allowed individual states to legalize sports betting activity. Sports betting has spread like wildfire since 2018, when the U.S.
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