One gap in the regulations, in Edelman's opinion, is that there is no prohibition on running sportsbook commercials at times when people too young to gamble may be watching TV in high numbers. 'Most of the states that are legalizing and regulating sports gambling, they say they're regulating and taxing, but it's really more about taxation than about regulation,' said Marc Edelman, a professor at the Zicklin School of Business at Baruch College. Caesars Entertainment, for example, at one point vowed to spend $1 billion to market its sports betting app.Īctor-comedian JB Smoove, representing Caesars Entertainment, speaks as the Arizona Diamondbacks partner with Caesars Entertainment setting up temporary betting windows at Chase Field, home of the Diamondbacks baseball team, during a news conference last summer in Phoenix.īut in the absence of more targeted regulation from states and the federal government, sportsbooks face little interference when it comes to how many ads to run and what they say in them.

Seeing the potential for sky-high profits, sportsbooks are dumping money into advertising.Ĭompanies have spent hundreds of millions of dollars on sweeping ad campaigns in a bid to swallow up new customers. Companies have spent big on advertising, with little pushback Pennsylvania and New Jersey, both of which legalized sports betting in 2018, have each raked in more than $225 million in taxes, according to figures compiled by the website Sports Handle.

Meanwhile, some states have hit the jackpot. That amounted to $4.29 billion in revenue for an industry that was forbidden almost everywhere in the U.S. Last year, the sports betting industry exploded, recording $57.2 billion in handle - an insider's term for the amount of money wagered - the AGA reported. The four professional leagues have entered into partnerships with major sportsbook operators, and TV broadcasts now routinely display odds during games. Four of the country's major sports leagues - the NBA, NFL, NHL and MLB - as well as the NCAA, once vehemently opposed legalized betting on games and pushed for the Supreme Court to maintain the embargo.īut since the 2018 opinion, the leagues have come to not only accept sports betting, but champion it. The court's ruling wasn't the only major evolution in the world of sports betting.

Sports betting industry dollars