Sports betting, explained

Experts suggest the industry could be a $45B business

Sports betting used to primarily consist of who would win and the points spread, but the rise of online betting apps has fueled a substantial increase in parlay bets. "Existing markets are still growing at a rapid clip," said Noah Naparst, who evaluates sports-betting companies for Goldman Sachs. "So we’re not mature yet, but we’re not in the early wildcat days of the market anymore, either.”

Even athletes aren't immune to the sports-betting craze

While gambling scandals occasionally blew up before 2018, the widespread legalization of sports betting provided athletes with more opportunities to bet on the games they were playing.

Americans spent nearly $150B in sports-related bets in 2024

These bets ranged from who would win the World Series to what color clothes famous celebrities would wear to the Super Bowl. Experts believe the industry will continue to grow.

A timeline of sports-betting scandals

This timeline examines memorable moments from three decades of sports-betting history. It breaks down key political moments, as well as some historical moments such as when the internet pushed underground bookmaking online. There are also multiple descriptions of betting scandals from 1989 on.

Sports betting is legal in 47 states and the District of Columbia

This downloadable map provides an easy-to-see overview of each state's position on legalized gambling, including a breakdown of online versus retail betting. Click on a state, and a new page will provide information on what type of wagers are allowed, key regulations, tax rate data, and where that tax money will be allocated.

Legal gambling on Super Bowl 60 is expected to reach $1.76B

Legal Super Bowl wagering has grown sharply over the past decade as US states legalized sports betting. In 2018, sports betting was only legal in Nevada and accounted for $158.5M.

Sports media have also embraced sports betting

For decades, ESPN kept its distance between reporting on games and talking about gambling lines. Sports teams refused to have franchises in Las Vegas, fearing it would harm the sport. But since 2018, that has changed. ESPN’s personalities regularly pick games, and the company has also launched its own betting app.

How much does sports betting generate?

According to 2025 data, sports betting generated $2.7B in state tax revenue. That number has increased every year since the government began collecting data in 2021.

Decoding sports-betting language

The world of sports gambling is filled with insider lingo: What's a "spread"? How about a "moneyline" or a "parlay"? This resource breaks down the jargon, helping you navigate the industry or, at least, giving you the keys to talk about it.

How America became a nation of gamblers

For thousands of years, humans have liked to gamble. What started as dice games and betting on chariot races became a way for states to generate revenue here in America. This article explores how states have been using gambling to pay for infrastructure and capital projects–and the cost it’s had on the citizens.

Frictionless online gambling platforms accelerate compulsive behavior

As of late 2025, as much as 95% of bets are placed online, where "always on" betting and a variety of formats, such as prop bets and parlays, encourage users to keep participating. Experts warn that the normalization of gambling through advertisements also reduces the perceived danger of addictive gambling.

Prediction markets convinced regulators they're not gambling, but exchanging commodity futures contracts

Kalshi built a legal case that argues its yes/no bets on real-world events are futures contracts, and the relevant regulator—the Commodity Futures Trading Commission—agreed in 2020. Many states are now suing major prediction markets, arguing this legal case is faulty and obscures the true substance of the business: gambling.

Find out the difference between prediction markets, sports betting, and investing

As one expert put it, "investing is a long-term strategy to build wealth over time, speculation is an attempt to predict the future, and gambling is a game of luck."

In 1992, sports betting was outlawed in places where it wasn't already legal

On Oct. 29, 1992, then-President George HW Bush signed the Professional and Amateur Sports Protection Act, outlawing sports gambling where it was not already legal.

How math whizzes exploit sportsbooks

Chris Dirkus is a professional sports bettor who approaches the hobby as a math problem, not from a fan's perspective. He focuses on mispriced odds in popular games where many fans are betting for high liquidity. He's one of a rare segment of sports bettors exploiting slow models and human mistakes.

'Moneyball' author Michael Lewis believes sports betting is a problem for young men

The noted journalist and author of "Moneyball," "The Big Short," and "The Blind Side" has now fixed his discerning eye on the sports-betting industry. In this interview, he explains why he sees sports betting as a problem for American society, especially boys and young men, and why he believes the government needs to regulate the nascent industry more seriously.

Major League Baseball, explained

Major League Baseball is America’s oldest professional sports league. Alongside triumphs, the league has faced scandals, including drug abuse and steroid use, shaping its path over the decades. Today, MLB embraces new rules, international talent, and a growing connection to legalized sports betting.

The complicated economics of horse racing

The Triple Crown commands big ratings (and enormous amounts of money in betting) but the sport as a whole is in a precarious position, thanks to limited tracks and an overreliance on subsidies. This special from Freakonomics unpacks what all that means for the future of the sport.

Explaining the rise in adult sports leagues

Community sports leagues shifted from publicly supported entities to privatized ones in the 1990s, as tech advances streamlined registration processes. Millennial interest drove significant growth in social sports leagues for adults, growing much faster than other kinds of sports. A few industry leaders have benefited from this shift.

Fantasy football is now a $10B industry

Curious about how fantasy football grew into a global empire? This video breaks down how a losing Oakland Raiders team led to the first form of fantasy football, long before the internet and smartphones made it a worldwide phenomenon.

The NBA, explained

From humble beginnings in 1891, basketball transformed into the global juggernaut we know today. The NBA, established in 1949 and later revitalized by Commissioner David Stern in the 1980s, became a model for sports branding, player marketing, and international expansion.

New rules introduced in 2021 let college athletes profit from their name, image, and likeness (NIL)

The NCAA’s 2021 policy shift allowed athletes to earn money through endorsements, sponsorships, and personal branding—transforming the college sports landscape and changing the dynamic of what it means to be a student-athlete.

Driving forces behind pay transparency laws

Since 2018, pay transparency laws have been enacted in more than a few states and cities across the US. But what’s driving the trend, from a legal perspective? This law review article attempts to answer that question, citing factors such as the Great Recession and the gender pay gap—click here to learn more.

How March Madness Selection Sunday works

March Madness is one of the most popular American sporting events, but most viewers aren't aware of how its 68 teams are selected for the prestigious national tournament. This official process overview breaks down how the teams are selected, seeded, and placed into the bracket. Knowing the ins and outs might not stop you from disputing the committee's selections, but at least you'll understand how they came to those decisions.

How banking works

To do big things, people often need more money. Banks jumpstart economic activity with loans paid back with interest, and when things are working well, both people and the bank make more money. Formed in the Middle Ages amid competing currencies in Italy, banks—from the Italian for bench, banco—helped stimulate that era's commercial revolution, a massive expansion in Mediterranean trade and development. Find out the ins and outs of banks in this quick explainer video.

While the first exchange-traded fund (a 'basket' of different assets that can be bought and sold on a stock exchange) in the US only launched in 1993, the global ETF market has grown to more than $10T in the short time since.

Long before Major League Baseball began allowing instant replay for balls and strikes, an umpire reluctantly used the technology to determine whether a hit was a home run, a move that inadvertently ushered in a new era for the sport.

Exploring the Larry Bird punch that almost changed March Madness

US consumers collectively owe more than $1T to credit card companies—almost as much as they owe in auto loans.

Learn how to read a prospectus, the juicy document that any company must file with the SEC before going public.

Art theft is the third-largest source of criminal revenues worldwide, thanks in part to the subjective nature of valuing a work of art.

See this overview of the firework rules across all 50 states, ranging from a complete ban on non-professional fireworks in Massachusetts to states with more lax rules like Indiana.

How Amazon operates a 'flywheel' business model, a self-reinforcing cycle that drives continuous growth

The 1987 Nintendo video game 'Stadium Events' isn't known for being particularly fun, but its scarcity has made it a highly sought-after item that has sold for up to $35K at auction.

The US Constitution is widely regarded as the longest-standing written national constitution still in force—see how it has influenced rights worldwide.

Jimmy Carter signed a 1978 bill that legalized home brewing, a move credited with kick-starting the craft beer industry.

See how Budweiser's famous Clydesdales spend their days at Warm Springs Ranch, where roughly 70 to 80 of the beer brand's giant horses can be found at any given time.

Gerrymandering works through two techniques: cracking opposing voters across districts to dilute their power, and packing them into a few to waste their votes in lopsided majorities.

Telehealth demand for GLP-1s for weight loss is booming as consumers seek easier access.

A century of Billboard issues documenting the evolution of popular music.

A 2019 Facebook event called on attendees to "Storm Area 51, They Can't Stop All of Us," resulting in countless memes, the creation of a music festival, and eventually the arrests of those who did try to approach the area.

Up to a million Girl Scouts sell about 200 million cookie boxes every spring, generating $800 million, largely because refusing a child is frowned upon

Play the role of a student in a game where you try to navigate college and remain debt-free, selecting different income levels, high school experience, race, ethnicity, and more.

Explore fun facts from the USPS, including unique post office buildings, a stamp that traveled past Pluto, and more.

The word 'jazz' evolved from 'jasm,' 19th-century American slang for 'energy'

Chaos theory—informally known as the butterfly effect—is the reason why weather forecasts are presented with probabilities rather than certainties.

Search a massive database of over 4 decades of clues from the TV quiz show 'Jeopardy!'

After 25 people used virtual reality headsets to practice flying with virtual wings—flapping their arms—their visual cortex responded to the wings almost as if they were real arms, treating them as body parts.

Watch how viruses like Ebola can spill over from animals to humans—and vice-versa.

Explore the history, structure, and species of Australia's Great Barrier Reef with this interactive journey narrated by Sir David Attenborough.