Day: June 25, 2025

The U.S. online sports betting industry has experienced explosive growth since the 2018 repeal of PASPA, expanding from virtually zero revenue to an estimated $21 billion by 2024, with legalization now in 38 states and rapid adoption fueled by state tax needs and consumer demand. The market is dominated by a few major players like DraftKings and FanDuel, who benefit from significant technological investment, while rising "hold rates" and the popularity of parlays have driven increased revenue per user, especially among 18–35-year-old males. However, the sector faces challenges including concerns over problem gambling, regulatory scrutiny, and the potential disruption from emerging prediction markets that operate more like stock exchanges than traditional sportsbooks.