U.S. Sports Betting Handle and Revenue: 2025 Totals

2025 at a Glance: $166.94 Billion Wagered, $16.96 Billion Kept

U.S. commercial sportsbooks took in $166.94 billion in wagers in 2025 and kept $16.96 billion of it as revenue, according to the American Gaming Association’s Commercial Gaming Revenue Tracker, which compiles state regulators’ reports. Handle rose 11.0% on the prior year and revenue rose 22.8%, lifting the national hold to 10.16%. State-regulated sportsbooks also generated $3.71 billion in gaming taxes, up 32.4%. The figures cover commercial sports betting in the states that report it and exclude tribal sportsbooks. This article lays out the national totals, the derived ratios, a market ranking, and Nevada’s regulator-reported results by sport for the same calendar year.

Revenue grew about twice as fast as handle. Handle increased 11.0% while revenue increased 22.8%, so the share of each dollar wagered that sportsbooks kept rose from about 9.18% to 10.16%, a gain of 98 basis points, or 0.98 percentage points. Online sports betting accounted for 96.5% of the market, according to the AGA. New York, Illinois, New Jersey and Ohio remained the four largest markets. Nevada’s regulator reported $601.4 million in sports pool win for 2025, at a hold of 7.45%.

Handle, Revenue and Hold: How the Sources Define Them

Handle is the total amount wagered. Revenue, which the AGA also calls gross gaming revenue, is the amount sportsbooks keep after paying winning bets. In its State of the States 2025 report, the AGA describes revenue as the gross figure reported by sportsbooks before allowable deductions for promotional spending or free-bet promotions, and notes that state regulators report it differently. Hold is revenue divided by handle. The national hold of 10.16% therefore means that sportsbooks kept about 10 cents of every dollar wagered before taxes and operating costs.

Accounting rules differ by state. The AGA’s 2025 report notes that some states, including Nevada, use an accrual method that includes only revenue from completed events, while others, including New Jersey, use a cash method under which bets on future events are counted when placed and adjusted later. That means monthly and annual totals are not perfectly comparable across states. The AGA’s State of the States report also describes its sports betting total as excluding revenue earned by sportsbooks in tribal casinos and mobile betting in Florida, which is conducted as a form of tribal gaming.

Nevada’s regulator uses its own vocabulary. The Nevada Gaming Control Board reports win, the amount sportsbooks keep in dollars, and win percent, which is the same ratio as hold. Its figures cover nonrestricted licensees and are stated in thousands of dollars. A basis point is one hundredth of a percentage point, so a 98 basis point change equals 0.98 percentage points.

The National Data: 2025 Handle, Revenue and Taxes

Table 1 lists the national figures as published by the AGA for calendar year 2025. Percentage changes are the AGA’s year-over-year changes.

The published figures are internally consistent. Dividing revenue by handle gives 10.16%, matching the hold the AGA reports. The tracker also shows that handle growth was uneven across jurisdictions. North Carolina handle rose 34.3% and Vermont handle rose 18.3% in their second full years of operation, and Washington, D.C. recorded the largest year-over-year increase in legal wagering. Missouri joined the legal market in the final month of the year and immediately ranked fifth by revenue for that month.

Tax receipts grew faster than revenue. State-regulated sportsbooks generated $3.71 billion in taxes, up 32.4%, against revenue growth of 22.8%. The difference reflects state tax rates and the mix of states and channels, which the tracker does not break down in the summary reviewed here. Taxes are reported for state-regulated sportsbooks only.

Breakdown: Online Share, Rankings and Nevada by Sport

Online betting dominates the national totals. The AGA reports that online sports betting represented 96.5% of the market and that online revenue grew 22.0% in 2025. In its market ranking, New York, Illinois, New Jersey and Ohio held the top four positions in both 2024 and 2025. Arizona and Massachusetts each rose, helped by 29% year-over-year increases, while Pennsylvania, Virginia and Maryland each moved down one position.

Nevada is the one regulator in this review that reports results by sport. Table 2 shows the Nevada Gaming Control Board’s calendar year 2025 sports pool win, in millions of dollars, with the share of the total calculated from the published figures.

Football produced 33.8% of the win at a 7.98% hold, followed by basketball at 24.1% and baseball at 17.9%. Basketball win fell 5.04% while baseball win rose 49.71%. Parlay cards, a small category, carried a hold of 32.59%. Mobile wagering, which the report presents as a total across all sports, accounted for 66.6% of the sports pool win.

Comparison: 2025 Against 2024, and Nevada Against the Nation

Prior-year values can be recovered from the AGA’s published growth rates, with a caveat: they inherit rounding and any revisions to the earlier figures. Table 3 shows the results. The 2024 revenue implied by the 2025 tracker is about $13.81 billion, which is slightly above the $13.71 billion the AGA reported in February 2025, a reminder that annual totals are revised as regulators update their data.

where: state gaming taxes is the AGA’s sportsbook tax total; revenue is the AGA’s sports betting revenue for the same year.

For 2025, $3.71 billion divided by $16.96 billion is about 21.9%. Compared with the nation, Nevada’s 2025 hold of 7.45% was 2.71 percentage points below the national 10.16%, and its win of $601.4 million equals roughly 3.5% of the AGA’s national revenue. Nevada’s win growth of 24.75% was slightly above the national revenue growth of 22.8%. These comparisons mix two publishers and different accounting conventions, so they indicate scale rather than a like-for-like ranking.

Methodology & Limitations

Datasets: American Gaming Association, Commercial Gaming Revenue Tracker CY 2025 and press release dated February 26, 2026 (accessed October 2026); American Gaming Association, 2024 Commercial Gaming Revenue Reaches $71.9B, February 19, 2025 (accessed October 2026); American Gaming Association, State of the States 2025 (accessed October 2026); Nevada Gaming Control Board, Monthly Revenue Report December 2025, twelve months from January 1 to December 31, 2025 (accessed October 2026). Published figures are reproduced as reported.

Calculations: hold is revenue divided by handle; the effective tax share is taxes divided by revenue; implied 2024 values are 2025 values divided by one plus the published growth rate; Nevada shares are each sport’s win divided by the published total of $601,413 thousand. Results are rounded to one or two decimals. The Nevada categories sum to $601,412 thousand because of rounding in the source.

Limitations: the national totals are compiled by an industry trade association from state revenue reports, and the AGA’s own publications show small differences for the same year, so totals may be revised. Commercial totals exclude tribal sportsbooks, accounting methods differ by state, revenue is before promotional deductions, and Nevada reports win rather than handle by sport. Derived 2024 values carry rounding error. The data show how much was wagered and kept, not bettor profits or losses.

Key Figures at a Glance

The table below summarizes the core figures used in this article, each with its period and source. All national figures are for calendar year 2025, and Nevada’s twelve-month figures run from January 1 to December 31, 2025.

Related Data and Next Steps

Wagering totals come from regulators and are different from participation measures. For survey estimates of how many adults place bets, see the compilation of survey data on how many Americans gamble. Future updates to this series should compare the same definition and period, check for revised totals, and confirm whether a figure is commercial only before comparing it with tribal or other figures. The $166.94 billion handle is the benchmark for 2025.

Sources & References

• American Gaming Association — Commercial Gaming Revenue Tracker, CY 2025 (accessed October 2026)
• American Gaming Association — Commercial Gaming Revenue Hits $78.7 Billion in 2025, February 26, 2026 (accessed October 2026)
• American Gaming Association — 2024 Commercial Gaming Revenue Reaches $71.9B, February 19, 2025 (accessed October 2026)
• American Gaming Association — State of the States 2025, definitions and scope notes (accessed October 2026)
• Nevada Gaming Control Board — Monthly Revenue Report, December 2025, twelve months January to December 2025 (accessed October 2026)