U.S. sports betting revenue hit a record $13.7B in 2024 with no signs of stopping

The U.S. sports betting industry continued to grow in 2024, generating record amounts of money wagered and revenue. According to the American Gaming Association’s latest commercial gaming revenue tracker, Americans legally wagered $147.91 billion on sports in 2024, an increase of 23.6 percent over the previous year. That betting generated $13.71 billion in revenue, which was a 25.4% increase.

According to the AGA, 95% of money wagered on sports was done online.

This type of growth was to be expected. Though the revenue bump was aided by a slightly higher sportsbook winning percentage in 2024, from 9.1% to 9.3%, it can also be attributed to increased legalization, as North Carolina and Vermont became operational in 2024.

Missouri also legalized sports betting at the end of the year but has yet to launch. It should go live in 2025, which will only help growth continue another year, even if it slows a bit with no other states on track to launch soon. That doesn’t mean growth will stop completely, though. Existing markets continue to see gains. New York, Illinois, Virginia, Massachusetts, Maryland and Tennessee were among the states that saw increases upward of 20% over 2023.

The record revenue generated by sports betting was part of a larger trend in the U.S. gaming industry, which set a new overall revenue record for the fourth straight year. Total revenue from sports betting, land-based casino games and iGaming reached $71.92 billion in 2024, which was a 7.5% increase. Once tribal gaming revenue is accounted for, that number is expected to approach $115 billion.