The Average Sports Bet Amount: What Sports Betting Looks Like for the Average American

19 min read
Sep 3, 2024, 1:54 PM
Author
Sol Fayerman-Hansen
Sol Fayerman-Hansen
Editor-in-Chief
Last Updated: Sep 18, 2024, 7:55 PM

Average Sports Bet Amount

In today's legal sports betting environment, understanding the average sports bet amount offers crucial insights into the habits and behaviors of American sports bettors. As millions of Americans participate in sports betting, the amount of money wagered on individual bets becomes a significant indicator of broader trends within the industry.

The average sports bet amount not only reflects the financial commitment that bettors are willing to make but also serves as a barometer for the health of the sports betting market. For those focused on responsible gambling, this figure is essential for identifying potential risks and ensuring that betting remains a controlled and enjoyable activity.

In this context, the average sports bet amount emerges as a key metric that informs both the sports betting industry and its stakeholders, highlighting the importance of maintaining a balanced and responsible approach to sports wagering.

Overview of the US Sports Betting Market

The U.S. sports betting market, especially in the online sector, has become a cornerstone of the gambling industry, demonstrating significant growth in recent years. There are currently 38 U.S. States with legal sports betting and in 2025 that number could grow.

In 2024, the U.S. is expected to generate $16.52 billion in revenue from the online sports betting market, with a projected market volume of $27.15 billion by 2029.

In 2024, the revenue generated from legal sports betting is projected to reach $16.52 billion, according to data from Statista. This reflects the increasing number of Americans who bet on sports, including online sports bettors who have contributed to the surge in sports betting revenue across the country.

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The legal sports betting market is expected to see continued growth, with a compound annual growth rate (CAGR) of 10.45% between 2024 and 2029. By 2029, the market volume is projected to reach $27.15 billion, highlighting the fast-growing industry’s potential. This growth is driven by more states legalizing sports betting and the proliferation of online sportsbooks, which offer legal sports betting options to millions of Americans.

The number of online sports bettors is expected to increase to 83.7 million by 2029, as more people participate in mobile betting and online sports gambling. User penetration is anticipated to rise from 11.6% in 2024 to 15.9% by 2029, showing that betting on sports is becoming more mainstream. The average sports bet amount is a key indicator of this trend, reflecting the money wagered by bettors across various sports, from NFL games to college football and the NBA.

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The online sports betting market’s revenue is significant not only for gambling companies but also for state and local governments, which benefit from sports betting taxes. States that offer legal sports betting have seen an influx of money spent on sports bets, contributing to their combined revenue. For example, New Jersey has been a leader in the legal sportsbooks market, often rivaling states like Nevada in terms of total amount wagered.

In global comparison, the United States is expected to generate the most revenue in the online sports betting sector. This places the U.S. at the forefront of the sports gambling world, even as other countries like Canada show high user penetration rates in their respective markets.

This growth has led to increased competition among sportsbooks, with gambling companies vying for market share in this lucrative sector. The rise of online betting and mobile platforms has made it easier for bettors to place wagers on their favorite sports, whether it’s football, soccer, baseball, or basketball. As a result, the sports betting industry has become an integral part of the broader gambling market.

However, with the rapid expansion of sports betting, there are also concerns about problem gambling. The American Gaming Association and other organizations emphasize the importance of responsible betting practices as more Americans wager on sports. As the market continues to grow, understanding the dynamics of the sports betting industry, including revenue, user behavior, and market competition, will be crucial for ensuring a balanced and sustainable future.

Sports Betting Revenue in the US

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The U.S. sports betting industry has rapidly expanded, generating substantial revenue across the nation. Since the Supreme Court's decision to allow states to regulate sports betting, the industry has flourished, with operators collectively generating over $30 billion in gross revenue from a staggering $375 billion in total handle. This surge reflects the increasing number of Americans placing legal sports bets, whether through traditional sportsbooks or the growing online platforms.

New Jersey emerged as a leader in the early days of post-legalization, quickly surpassing Nevada in April 2021. With a total handle of $52.4 billion and revenue nearing $4 billion, New Jersey continues to be a dominant player. However, New York, despite being a relatively new entrant in the online sports betting market, has made significant strides. With an impressive $48.1 billion in handle and $4.3 billion in revenue, New York is on track to surpass New Jersey and become the top market in the near future.

The sports betting market's success is not limited to these states alone. Illinois, Pennsylvania, and Colorado are also significant contributors, each generating billions in handle and substantial tax revenue for their respective states. For example, Illinois has reported a handle of $36.9 billion, resulting in over $3 billion in revenue and $490 million in taxes.

State to State Breakdown

MarketHandle ($)Revenue ($)Hold (%)Taxes ($)
New Jersey52,443,462,7583,943,171,8097.5%549,021,950
New York48,139,741,4584,264,618,9588.9%2,149,422,422
Nevada41,568,353,4062,400,389,0005.8%162,026,258
Illinois36,865,758,5933,069,581,9788.3%490,941,587
Pennsylvania30,598,376,8522,549,532,7388.3%625,906,578
Colorado18,809,537,8851,299,296,8396.9%76,910,141
Arizona17,682,387,1971,512,903,1358.6%89,507,128
Indiana17,545,068,5081,544,167,1568.8%146,718,247
Virginia17,037,657,0591,664,803,1569.8%189,438,544
Michigan16,291,119,9141,430,984,2498.8%73,489,627
Tennessee13,879,361,0041,366,800,8299.8%245,996,031
Ohio11,671,116,4561,370,487,79211.7%220,893,324
Iowa9,038,935,515664,250,2897.3%44,868,757
Maryland8,773,524,7631,020,201,68511.6%94,707,311
Massachusetts8,531,408,221809,427,8259.5%157,361,289
Louisiana6,997,915,751816,784,67511.7%108,041,895
Connecticut4,639,078,476470,867,97510.2%49,375,291
Kansas4,040,302,120354,629,6898.8%17,536,109
New Hampshire3,085,693,862253,630,8428.2%114,755,148
Mississippi2,697,234,724299,102,28911.1%35,892,275
North Carolina2,555,304,886317,356,50812.4%48,870,261
West Virginia2,536,138,177225,328,5658.9%22,534,766
Oregon2,242,781,811233,153,79310.4%116,576,897
Rhode Island2,166,284,251190,972,7208.8%97,396,087
Kentucky2,105,748,717249,917,94311.9%34,601,330
Arkansas957,165,15691,901,4409.6%13,538,028
DC815,976,669101,926,78612.5%29,646,760
Delaware698,965,910125,682,92118.0%75,529,737
Wyoming449,413,95446,666,43010.4%2,693,253
Maine359,737,17836,924,18210.3%3,835,826
Montana213,497,12828,240,42213.2%4,134,426
Vermont91,682,34211,441,33212.5%6,493,585
South Dakota23,242,7032,344,05610.1%210,965
FloridaData not readyData not readyData not readyData not ready
NebraskaData not readyData not readyData not readyData not ready
New MexicoData not readyData not readyData not readyData not ready
North DakotaData not readyData not readyData not readyData not ready
WashingtonData not readyData not readyData not readyData not ready
WisconsinData not readyData not readyData not readyData not ready
Total$385,551,973,405$32,767,490,0068.5%$6,098,871,830

Sports Betting Participation and Demographics

The rapid expansion of legal sports betting across the United States has led to a significant increase in participation, particularly in online sports betting activities. As of 2024, approximately 63.5 million Americans hold an account with an online sportsbook, with 91% of these bettors accessing their accounts via smartphone apps. This widespread accessibility has made sports betting a common activity among various demographic groups, each displaying distinct behaviors and preferences.

Core Demographics and Betting Habits

Nearly half of all U.S. sports bettors are under the age of 35, with men aged 18-34 forming a significant portion of this demographic. Their betting behaviors are often influenced by digital advertising and the convenience of mobile betting.

Sports betting in the U.S. is predominantly popular among younger adults, with nearly half of all bettors under the age of 35. According to recent surveys, 58% of Americans aged 18-22 have engaged in sports betting, with a notable portion participating several times a month. Men aged 18-34 form a significant portion of this demographic, often influenced by digital advertising and peer behaviors, leading to higher engagement in sports betting.

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Ethnic and regional differences also play a role in betting participation. Latin Americans and Black Americans are more likely to bet on sports, with participation rates of 29% and 27%, respectively. In contrast, betting is less popular among Asian Americans (18%) and White Americans (16%). Regionally, the Northeast states have the highest sports betting participation rate at 29%, reflecting the region's strong sports culture and the presence of multiple professional sports teams.

For a deeper exploration of these demographic trends and their implications, our research on the cultural impact of gambling provides a comprehensive analysis of how gambling behaviors vary across different groups.

Age Distribution and Experience

The age distribution of sports bettors shows a clear trend towards younger participants. Nearly 46.2% of bettors are under 35, with an additional 37.4% falling within the 35-49 age range. This younger demographic is more likely to engage in frequent betting activities, often influenced by aggressive marketing strategies and the convenience of mobile betting platforms. Despite their enthusiasm, many of these bettors are relatively new to the activity, with only 29% having maintained a sports betting account for more than two years.

Betting Frequency and Amounts

Betting frequency varies widely among U.S. sports bettors. While 59% of bettors place bets at least once a week, a smaller subset—24%—bets three or more times a week. The average betting unit, as reported by the Odds Assist study, is $171.69, with a median of $50. However, this average conceals a wide range of betting behaviors. Among college-age bettors (18-24), the majority of wagers (82.8%) are below $50, with about half falling between $10 and $50.

Interestingly, Black American respondents in this group are more likely to place higher bets, with 10% typically betting more than $100, which is double the average for the general population. This demographic tendency underscores the influence of cultural and social factors in sports betting behavior.

Gender Differences in Betting Behavior

Gender plays a significant role in sports betting habits, with men generally exhibiting riskier behaviors compared to women. For instance, 58% of men have engaged in "chasing" bets—where they increase their wager to recover previous losses—compared to only 42% of women. This riskier approach among men is also reflected in their betting amounts; 65% of men have bet $100 or more in a single day, compared to 47% of women.

Women, on the other hand, tend to be more conservative in their betting habits. They are more likely to withdraw winnings once they reach a certain threshold, with 51% taking money out after winning $100 or more, compared to 45% of men. Additionally, women are less likely to leave their winnings in their accounts for future bets, highlighting a more cautious approach to sports betting.

Sports Betting Habits and Average Bet Amount

The average bet amount varies widely depending on the demographic group and the type of bet being placed. According to the Odds Assist study, the average betting unit in the U.S. is $171.69, while the median bet amount is $50. This disparity between the average and median suggests that while some bettors place large wagers, the majority tend to bet more conservatively.

Among college-age bettors (18-24), most wagers (82.8%) are below $50, with about half falling between $10 and $50. This lower betting range reflects the limited disposable income typically associated with younger adults. However, within this age group, there are notable differences across ethnicities. For example, Black American respondents are more likely to place higher bets, with 10% of this demographic typically betting more than $100, which is double the average for the general population.

Gender also plays a role in average bet amounts. Men are generally more inclined to place higher bets than women, with 65% of men having bet $100 or more in a single day, compared to 47% of women. This trend is consistent with the broader observation that men tend to engage in riskier betting behaviors, such as chasing losses, which often leads to larger wager amounts.

Conclusion

The U.S. sports betting landscape is marked by significant diversity in bettor habits and the amounts wagered. With an average betting unit of $171.69, and a median bet amount of $50, the industry reflects a broad spectrum of betting behaviors across various demographics. Understanding these patterns is crucial not only for industry stakeholders but also for promoting responsible gambling practices. As the market continues to grow, these insights will play a vital role in shaping a sustainable and balanced future for sports betting in the United States.

<p>Sol has over 20 years of experience in writing for diverse industries including sports, gambling, regulation, technology, and startups. As the Editor-in-Chief at RG, Sol brings a wealth of knowledge and expertise to the role, focusing on delivering transparent, evidence-based content grounded in thorough research. Sol's mission is to empower readers to enjoy gambling responsibly and make informed decisions, enhancing their overall experience through insightful and engaging content. Under Sol's leadership, <a href="https://www.rg.org">RG</a> prioritizes the highest standards of integrity and reliability, ensuring that all information provided is accurate and trustworthy. Sol's dedication to transparency and research-based writing helps create a responsible gambling environment where readers can truly benefit from the content. This commitment to excellence has positioned RG as a leading source of information in the gambling industry.</p><p><strong>Experience:</strong></p><ul><li>Over 20 years in writing and editing across multiple industries</li><li>Former head of regional innovation at BMO Financial Group</li><li>Senior Writer, Online Casino Reports</li></ul>
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Meet our Authors

Paruyr Shahbazyan began his business career in 2000 as a private entrepreneur. Over thirteen years, he developed a deep understanding for business and leadership, laying a solid foundation for his professional journey.

In 2013, Paruyr stepped into the sports and betting industry as the founder and president of Bookmaker Rating. This online mass media platform, which he led until 2020, focused on providing in-depth analysis and insights in sports betting, earning a reputation for its quality content. 

Continuing his innovative approach in 2022, Paruyr co-founded Azuro, a decentralized betting protocol. This venture showcases his dedication to integrating advanced technology in the evolving landscape of sports betting. Through these diverse experiences, Paruyr has continuously influenced and shaped the betting industry, driving new trends and setting high standards.

 ExperienceYear
Engaged in private entrepreneurship2000-2013
Founder and President at Bookmaker Rating, an online platform focused on sports and betting2013-2020
Co-founder at Azuro, a decentralized betting protocol2022

"Innovation in sportsbetting comes from a deep understanding of both technology and the human element of sports." 

- Paruyr Shahbazyan, Founder, RG

 

Principles and Ethics

Paruyr Shahbazyan's core beliefs lie in the power of informed decision-making and integrity in the betting industry. He understands that the foundation of successful betting is not just about odds and predictions, but also about the trust and reliability of the information provided. Paruyr advocates for a betting environment where transparency and knowledge are paramount, ensuring that bettors are well-equipped with accurate data and insights.

Strategic Vision

Paruyr's vision is to revolutionize the sports betting industry through the integration of technology. He sees the future of betting as a blend of traditional sports knowledge with innovative tech solutions, like decentralized protocols, to enhance user experience and fairness. His aim is to create platforms that are not only user-friendly but also uphold the highest standards of ethical betting, contributing to a more responsible and enjoyable betting culture.

Future Perspectives

Looking towards the future, Paruyr envisions a betting landscape that is more inclusive, technologically advanced, and globally connected. He anticipates a significant shift towards more decentralized and transparent betting systems, driven by blockchain technology. Paruyr is committed to being at the forefront of this change, continuously exploring new possibilities and innovations that can redefine what it means to engage in sports betting in a digital world. His focus is on building systems that prioritize user empowerment, fairness, and the global growth of the sports betting community.

 

Sol Fayerman-Hansen
Sol Fayerman-Hansen
Editor-in-Chief

Sol has over 20 years of experience in writing for diverse industries including sports, gambling, regulation, technology, and startups. As the Editor-in-Chief at RG, Sol brings a wealth of knowledge and expertise to the role, focusing on delivering transparent, evidence-based content grounded in thorough research. Sol's mission is to empower readers to enjoy gambling responsibly and make informed decisions, enhancing their overall experience through insightful and engaging content. Under Sol's leadership, RG prioritizes the highest standards of integrity and reliability, ensuring that all information provided is accurate and trustworthy. Sol's dedication to transparency and research-based writing helps create a responsible gambling environment where readers can truly benefit from the content. This commitment to excellence has positioned RG as a leading source of information in the gambling industry.

Experience:

  • Over 20 years in writing and editing across multiple industries
  • Former head of regional innovation at BMO Financial Group
  • Senior Writer, Online Casino Reports
Cristina Varela Galan
Cristina Varela Galan
Problem Gambling Expert

Cristina used to work as a Psychology Assistant in the Bizkaia Pathological and Risky Gamblers Association. She was also part of a research team in Deusto University, specializing in pathological gambling area. While working there, she managed to develop her own project 

 “Exploring the association between emotional regulation, alexithymia, stressful life events and gambling in adolescent and young adult women”.

Nick Ashbourne
Nick Ashbourne
Senior Writer

Nick has been fascinated with sports since he was first taken to a Toronto Maple Leafs game back in 1998, and he's written about them professionally since 2014.

Nick has covered baseball and hockey for outlets like The Athletic, Sportsnet, and Yahoo Sports, and his sports betting expertise has grown since its legalization in Ontario in 2022. 

Between 2022 and 2023 he worked for a betting startup called NorthStar Bets, and in 2024 he contributed to Oddspedia before joining the Responsible Gambler team.

Sergey Demidov
Sergey Demidov
Head of News Department

Sergey has been in sports journalism since 2007 as a reporter, editor, and manager. He has covered the Olympic Games, soccer World Cups, the World Cup of Hockey in 2016, the European championships, the Stanley Cup Finals, IOC events, and many others. Sergey interviewed the sport's greatest athletes, coaches, and executives. Since 2016, he has been an Independent Senior Editor of NHL.com/ru.

Anna Kravtcova
Anna Kravtcova
Problem Gambling Expert

Ph.D. in organizational psychology, an internationally certified psychologist (EuroPsy 2022, Cognitive behavioural therapy of mindfulness 2020, International Society for Emotional Intelligence 2017, Russian Psychological society 2014, American Psychological Association(Society for Industrial and Organizational Psychologist) 2011), speaker of many international conferences (USA, Brazil, Portugal, Czech Republic, Russia, etc.). TEDx speaker.

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