The gambling industry is perceived differently by different people. And over the years, many have come up with myths and often inaccurate information about gambling in the USA. This gambling facts guide will give you all the necessary gambling facts that you need to know. It covers information of all kinds and deals with the industry as a whole.
Stats by the American Gaming Association reveal that the industry is currently worth an estimated USD264 billion, and has created roughly 1,8 million jobs across 40 states in the USA. Despite the positive statistics, gambling in the country has experienced massive blows throughout history. Many anti- online gambling laws have come to the fore, and the industry has generally been very restricted since inception. Many of these stern regulations have yet to be updated and has been carried over since the 1960’s. Fortunately, authorities have started to warm up to the idea in more recent years, resulting in a rise for the industry. The introduction of online gambling and sports betting facilities are proof of this. Today the industry is a multi billion-dollar industry that’s progressing more and more every day.
Even with nations like Macau who are literally industry giants, the USA remains at the top of the pack overall. Nevada is undoubtedly the gambling capital in the country and accounts for most of the revenue generated from the industry. Nevada is also one of the most liberal states on gambling in the US. One gambling fact is that in 2013, Nevada, along with Delaware and New Jersey become the first states to transition onto online gambling when it introduced laws to regulate gambling on the internet. While most states in the country have banned its residents from engaging in online play, states like Nevada continue to progress and now operates legal online poker sites. Delaware and New Jersey are just as liberal and also offers legal online gambling experiences by way of poker sites and online sports betting.
Revenue Collected Through Gambling US
The most recent revenue data including across 2017 to 2018 shows the rise of the industry. Statistics show that USA gambling revenue has increased to over $160 billion in 2018. Sports betting is also on the rise and analysts believe that revenue from this will soar as high as $200 billion each year very soon. The US state governments are also slowing legalizing more and more games as the years go by. Here’s a quick breakdown on the amount of money generated from each form of gambling in the USA from 2017 to 2018.
2017 Revenue Collected
2018 Revenue Collected
Charitable Games e.g. Bingo
USD2, 1 billion
Pari- mutual gambling
Top 5 Other Gambling Facts in the USA
Most popular gambling events in the country
The Super Bowl, Belmont Stakes, Kentucky Derby, NBA Finals and US Tennis Open are the most lucrative gambling events in the USA. These events happen annually and usually receives millions of dollars in wagers every year. In 2019, over USD200 million in bets were placed at the Super Bowl. A man named Sir Winston won the USD1,5 million Belmont Stakes prize, over USD250 million was raised at the Kentucky Derby and over USD50 million was wagered on the NBA Finals, also in 2019. The 2018 US Tennis Open raised an overall prize amount of USD53 million.
Gambling Fact on Tax in the USA
If you happen to win money while gambling, it’s expected that you report your winnings to the Inland Revenue Service (IRS). The casino or casino site usually reports winnings to the IRS themselves. The IRS will then tax your winnings. Paying taxes on gambling winnings is required by law. But, tax only applies to winnings large enough to be taxed. It is also your responsibility to keep record of all the wins and loses you’ve incurred while gambling. You do this by keeping all your receipts and proof of payments. You will need to submit details of the date you placed the wager, the name of the game or event, the full address of the gambling venue or sportsbook, as well as your total winnings.
States that ban gambling completely
Utah and Hawaii are currently the only two states in the US that ban all forms of gambling entirely. Not even state lottery games are available. Hawaii has opened up to certain forms of social gaming, but these activities are restricted to your own private property and cannot be facilitated elsewhere. Utah on the other hand remains staunch in its laws against all kind of gambling.
The USA is the second greatest gambling nation in the world
Despite the tough rules and regulation that presides in the state, the USA remains the second greatest gambling country in the word. The industry is worth an estimated USD261 billion and has created about 1.8 million jobs for its citizens. The state of Nevada accounts for most of the revenue collected, as well as jobs created.
The year 1996 was one of the most lucrative gambling years for Las Vegas
Records show that during 1996, 29,6 million people visited Las Vegas and 87% of those visitors gambled during their stay. Each person stayed for four days on average.