States Where Gambling Revenue Is Skyrocketing (and Plummeting) – 24/7 Wall St.

Following a 2018 Supreme Court decision that lifted a federal ban on sports betting, many states have rushed to create new laws to allow sports betting. There are now 32 states with at least some form of legal gambling an increase of five states from two years earlier.

With new forms of wagering that people can access without having to go to a casino, gaming revenues are hitting all-time highs in the U.S. In nearly every state with legal wagering, revenues are up well above what they were two years ago, just before the COVID-19 pandemic hit more than doubling in a few states.

To determine the states where gambling has grown the highest, 24/7 Wall St. reviewed The American Gaming Associations Commercial Gaming Revenue Tracker. Adult population figures came from the U.S. Census Bureau. States were ranked on the change in gaming revenue from January 2020 to January 2022.

In highest of the states with some form of legal gambling, revenue increased anywhere from 0.1%-35% from January 2020 to January 2022. In five of these states, revenue declined but typically just slightly. In two states, revenue more than doubled. The AGA found that casino visits in early 2022 were roughly equivalent to what they were in January 2020. The growth in the industry is being driven by sports betting and iGaming.

Five states Connecticut, Tennessee, Virginia, Wyoming, and Montana had no gambling revenue in 2020 but have since allowed at least one type of gambling. Other states, like New York and Ohio, already had casinos but recently enacted laws that permit sports betting as well. Gambling can produce tens of millions of dollars in tax revenue for these states. These are the states that spend the highest on gambling.

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States Where Gambling Revenue Is Skyrocketing (and Plummeting) - 24/7 Wall St.