Raising the Stakes on Sports Betting

13 THINGS

- BY Eric Raskin

1) ABOUT 112 MILLION people tuned in to see the Rams top the Bengals in Super Bowl LVI last February, making it the most watched sporting event of the year. It was also the most wagered on. Gamblers across the country bet almost $8 billion-though not all legally that month, largely on gambling websites and sportsbook apps such as FanDuel and DraftKings.

2) THESE RELATIVELY new platforms are also newly legal in a growing number of places. Now, 26 states (plus D.C.) have legalized online sports betting, including Tennessee, where there isn't a single casino.

3) CASINO GAMBLING remains legal statewide only in Louisiana and Nevada, but web versions of blackjack, roulette, slots and more operate in a handful of states: Connecticut, Delaware, Michigan, New Jersey, Pennsylvania and West Virginia. You'll find these games on apps and websites such as BetMGM, DraftKings and FanDuel, which make most of their money from casino games, even though they brand themselves as sportsbooks.

4) "SPORTS" IS a loose term here. In Indiana, Louisiana, Michigan and New Jersey, you can wager on the winners of the Oscars. Some states allow betting on hot dog eating contests, Russian table tennis and video game tournaments (also known as esports). But one category that isn't allowed in any state sportsbook: elections. Those stakes are high enough already.