US Leads World in Gambling Losses with $116.9B Annually

The US leads the world in gambling losses with $116.9 billion annually, according to a recent study from WorldAtlas. China is a distant second at $62.4 billion, followed by Japan ($24.1 billion), Italy ($19 billion), Australia ($18.3 billion), and the UK ($18 billion).

About 62% of Americans surveyed by WorldAtlas said they had gambled at some point in the US in 2023

Approximately 62% of surveyed Americans said they had gambled at some point in 2023. Gamblers admitted to participating in at least one of the six common forms of betting: lotteries, raffles, casinos, slot machines, bingo, and sports betting.

Sports wagering has increased significantly in the US since 2018, when the Supreme Court overturned the Professional and Amateur Sports Protection Act (PASPA) from 1992 that prohibited sports betting in most states.

The PASPA barred state-authorized sports gambling with some exceptions. It made Nevada the only state where a person could wager on the results of a single game.

The justices agreed 7-2 that the federal ban was unconstitutional, and that states have the authority to decide whether to offer legal sports betting. As of September 2024, 38 states and Washington, D.C. offer some form of legalized sports betting.

Sports betting operators reported a record $10.92 billion in revenue for 2023, a 44.5% year-over-year increase from 2022

According to WorldAtlas’ study, around 26% of US adults placed bets on the Superbowl in 2024, totaling around 23.1 billion dollars in wagers. This amount climbed by roughly $7 billion compared to the previous year.

Per the American Gaming Association, the sports betting industry reported a record $10.92 billion in revenue for 2023. It was a 44.5% year-over-year increase from 2022, which previously held the record.

A handle of $119.84 billion (a 27.8% year-over-year increase) combined with an increased year-over-year sportsbook win percentage of 9.1% (up from 8.1% in 2022) contributed to the record.

One notable factor was the addition of five new legal betting states — Kentucky, Maine, Massachusetts, Nebraska and Ohio — all going live online in 2023.

Ohio quickly established itself as a sports betting giant, bringing in $936.6 million to rank as the fourth-highest-earning state in the country. The five new states combined to bring in $1.49 billion last year.

US has four of the world’s largest casinos

The US is also home to four of the world’s largest casinos: Winstar (600,000 sq. ft.) in Thackerville, Oklahoma; Foxwoods (340,000 sq. ft.) in Ledyard, Connecticut; MGM Grand (170,000 sq. ft.) in Las Vegas, Nevada; and the Borgata (161,000 sq. ft.) in Atlantic City, Jersey.

Las Vegas, Nevada, remains the world’s gambling capital. Nevada currently has 345 casinos, which is more than any other state, according to World Population Review. Additionally, 172 of them are located in Clark County, out of which 104 are based in Las Vegas.

Las Vegas, also known as Sin City, is famous for its casino gambling, hot temperatures, buffets, and nightlife. Nevada’s casinos attract tourists from all over the world. Its hotel-casinos generate revenue of about $1.4 billion, which is approximately 45% of the state’s revenue, per WorldAtlas.