Online Sports Betting US
The state-by-state US wagering market: structure, economics and the regulatory map — an editorial guide from the business desk.
Sports betting in the United States operates inside the state-by-state framework created when PASPA fell in 2018. There is no federal licence: an operator is licensed separately in each state, and product, pricing and legality differ across state lines. This page is the desk’s editorial guide to how the market works — including for football, covered in detail in football betting in the US.
The Market Structure
Two operators — FanDuel (Flutter) and DraftKings — control roughly three-quarters of US online handle, with BetMGM, Caesars, ESPN BET and Fanatics competing for the remainder. The market’s economics are unlike Europe’s: customer-acquisition costs ran extraordinarily high through the launch years, most states tax gross revenue at rates from 10% to 51%, and profitability arrived only as promotional spending cooled.
The Regulatory Map
Roughly forty jurisdictions have legalised wagering in some form; the notable absences remain California and Texas, which together would add a third to the addressable market. Bettors must be 21+ and physically present in a legal state — geolocation is enforced at bet placement. The national problem-gambling helpline is 1-800-GAMBLER.
Why This Desk Covers It
The US is where sports betting intersects most directly with the capital markets this publication tracks: DraftKings and Flutter trade publicly, media companies have bet billions on sportsbook brands, and the 2026 World Cup will test whether soccer can become a meaningful US betting product. The industry story matters even where we make no operator recommendations.