Sports betting explodes into multibillion-dollar industry since legalization

Growth of sports gambling

Sports betting was legalized in 2018 by the Supreme Court, and it quickly grew to a multibillion-dollar industry. FOX 13's Danielle Zulkosky reports.

TAMPA, Fla. - Sports betting was legalized in 2018 by the Supreme Court, and it quickly grew to a multibillion-dollar industry.

Richard Borghesi is a professor of finance at the University of South Florida who researches sports betting.

"Practically, you know, it's an exponential growth in the amount of money that's been bet over the past six or seven years as a result of that legislation," Borghesi said.

The Tax Foundation said there were more than $157 billion in legal bets in fiscal year 2025.

What they're saying:

"It is a hugely important topic because of how much money is being wagered," Borghesi said. "Just as a for instance on the Super Bowl, I think something like almost $2 billion will be wager this year on Super Bowl 60."

Here in Florida, there is only one place to legally place a sports bet and that's Hard Rock's sports betting app.

PREVIOUS STORY: Florida lawmakers target rigged sports betting with new bill

"Probably almost five to ten times that would be that illegally through offshore sportsbooks, and you know, illegal bookmakers in the United States," Borghesi said. "I'd estimate that probably about 2% of the money wagered ends up being collected in the form of tax revenues." 

The other side:

There are drawbacks. Gambling addictions can ruin lives.

"We usually do. I lost a lot, so I'll slow down, but tonight I'll make it a little special," Randy Ramos, of Tampa, said. "It's a big thing, I think. That's how hard it triggers your brain."

By the numbers:

"You need to win 52.38% of your bets and that's a tall order because most people, if I had to guess, I would probably say it's closer to 50% of bets that are won," Borghesi said. "So the difference between that 50% and the 52%. 38% is really how the bookmakers earn their profits."

And parlay bets are becoming more popular, which require you to win multiple bets to get a payout.

READ MORE: Wesley Chapel man arrested after 150 mph motorcycle chase across counties: FHP

"People are definitely overconfident when they bet, otherwise they wouldn't take these long-shot bets. You know, people might estimate their probability of winning any particular bet, even if the odds are 50-50, to be more like 55-45 than to win the bet," Borghesi said. "Otherwise, if you don't believe that to be the case, you probably wouldn't gamble unless you just love risking your money. So confidence drives gambling."

There are concerns of sports corruption because of this increase in gambling. Borghesi said his research does not point to a significant increase.

"As sports betting becomes more and more popular and games are more and heavily scrutinized, I tend to think the percentage of games that are corrupted tends to decline over time," Borghesi said. "And that's what my research shows."