Over the first four years of legal betting, their revenue figure is $8.8 billion, according to the American Gaming Association, the gambling industry’s national trade group.Ī major rationale for the push to legalize sports betting was to protect customers from being victimized by unlicensed bookmakers, many operating as part of organized crime. After expenses, the sportsbooks generally keep less than 10% of the total amount of bets they handle. Of course, much of that money was paid out to people who won bets. To comprehend just how much $125 billion is, consider this: It’s a bit more than the amount that was spent on pet food, supplies and veterinary care in the entire country last year, and more than the net income for America’s farmers last year. For people that like to do that, sports betting has become far and away the No. DraftKings president and co-founder Matt Kalish said: “I got into this industry because I was always the kind of kid who liked to predict things, to compete with my friends and make predictions.
