‘Tis the Season
As states continue to legalize sports betting and companies like DraftKings and MGM Resorts increase their investments, more Americans will bet on NFL games in 2021 than ever before.
According to data from the American Gaming Association (AGA), about 45 million Americans expect to gamble on the NFL season this year, up 36% from the previous year. Additionally, at least $12 billion will be wagered on the NFL this season.
This increase comes as legal sports betting spreads across the United States following a Supreme Court ruling in 2018 that overturned a federal ban prohibiting states from allowing sports betting on collegiate and professional sports.
Sports betting is now legal in 26 states and Washington, D.C., up from 18 states and Washington, D.C. at the start of the last NFL season. Moreover, many states have approved legislation but haven’t yet allowed betting platforms to launch their products.
According to the AGA, Americans have lawfully bet about $27 billion on sports in the first seven months of 2021, producing over $350 million in federal, state, and local taxes. As sports betting grows in popularity and generates even more tax revenue, we could see more states relax their gambling laws.
Betting with online sportsbooks will experience the most growth among wagering methods this NFL season, with more than 19.5 million consumers making bets online, up 73% year over year. In contrast, 10.5 million people are projected to wager at an in-person casino sportsbook, up 58% from the previous year.
We’ll be watching to see how much Americans bet this NFL season as it gears up for its first regular-season game Thursday night.
I am not a financial advisor and my comments should never be taken as financial advice. Investments come with risk, so always do your research and analysis beforehand.