In this blog, we will cover the states that have legalized online sports betting as of September and break down the current state of each market. This blog will be updated monthly as new data becomes available feel free to bookmark. The information below is based on the most recent data as of October 31, , representing the various states that have regulated online sports betting markets.
Market Leader refers to the leader for online sports betting. This is not a recommendation to buy or sell securities. The Garden State has become the success story in U. New Jersey, which launched its first legal online sportsbook in the summer of , is now the U. The state set a record for single state monthly sports betting handle in the U. FanDuel and PointsBet are both partnered with license holder Meadowlands, therefore, their revenue is reported together.
Nevada has a rich history of gambling as the first state to legalize most forms of wagering in In , Nevada allowed sports betting apps to go live, which opened the door to wagering outside of a physical sportsbook. Despite seeing fewer tourists than last year, sports betting increased Online mobile sports betting was responsible for a little over half of the handle in October The market leader in Nevada is William Hill.
Pennsylvania is becoming one of the hottest online sports betting markets in the United States. I was in Philadelphia in September and every street corner had some sort of sports betting advertisement. Online sportsbooks are aggressively going after the market with Penn National Gaming debuting the Barstool Sportsbook app in the state and DraftKings partnering with the Philadelphia Eagles to bring a premium lounge to Lincoln Financial Field.
However, the current market leader in the state is FanDuel. Rhode Island only has two sportsbooks in the entire state, and both are powered by William Hill , giving William Hill the entire market share. If you are wondering why Rhode Island only has two sportsbooks in the entire state, taxes could be playing a role. Participants at the forum cautioned that while the industry is growing quickly, the high cost of acquiring customers and promoting a new business could lead to some current operators failing.
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