The amount of money bet on sports each year is substantial and has been growing, especially with the increasing legalization of sports betting in various regions around the world. As of my last update, the global sports betting market was estimated to be in the hundreds of billions of dollars.
For instance, in the United States, where sports betting was legalized at the federal level in May 2018 following the Supreme Court’s decision to strike down the Professional and Amateur Sports Protection Act (PASPA), the American Gaming Association (AGA) reported that in 2020, the legal sports betting handle (the total amount of wagers placed) was approximately $21.5 billion.
Internationally, the market is even larger, with countries like the United Kingdom, where sports betting has been legal for decades, contributing significantly to the global figure. Asia is also a major contributor, with countries like China, Japan, and South Korea having large markets for sports betting, although much of it is through illegal channels in some of these places.
It’s important to note that these figures are constantly changing due to the evolving legal landscape, the introduction of new betting technologies, and fluctuations in the popularity of sports events. Additionally, the figures can vary greatly depending on the source and the methodology used to calculate the total amount bet. For the most current and precise figures, one would need to consult the latest reports from authoritative sources in the gaming industry or relevant government agencies.