Arizona sports betting has generated $2.8 billion in gross revenue since its legalization four years ago, according to a new study by The Motley Fool. This puts Arizona in a 6th-place ranking for the most money wagered across states where sports betting is legal. The study analyzed tax and gross earnings data to reveal which states generate the most cash from wagers and taxes.

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Key Findings

  • States have collected $9.3 billion in taxes from sports betting since June 2018. 
  • Sports betting is currently legal in 38 U.S. states and the District of Columbia.
  • Sports bettors have lost $13 billion to sportsbooks in 2024, equivalent to 8.7% of the $149 billion wagered that year. 
  • The average NFL bettor loses between 8% and 9% of their wagers, amounting to as much as $209 lost per person. 

Top 10 States By Gross Revenue (Since Legalization)

  1. New York ($6,399,082,421)
  2. New Jersey ($5,099,001,121)
  3. Illinois ($4,375,873,069)
  4. Pennsylvania ($3,376,600,461)
  5. Nevada ($2,905,691,000)
  6. Arizona ($2,802,219,947)
  7. Virginia ($2,413,101,560)
  8. Ohio ($2,295,196,016)
  9. Indiana ($2,066,377,199)
  10. Michigan ($1,941,399,218)

Is it better to bet on sports, invest, or save?

Based on the numbers during football season, the average NFL bettor losses between 8% to 9% of what they wager. That translates to a $133 to $209 loss per bettor depending on the year. Even with big games and high stakes, sportsbooks consistently come out ahead and most individual bettors finish with less than they put in.

By comparison, putting that same money into a high-yield savings account or the stock market would have delivered steady gains. High-yield savings accounts offer modest but safe and predictable returns of between 0.4% and 2.7% over the NFL season, depending on the year while the S&P 500 delivered anywhere from 1% to 12% gains, again depending on the year.