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Americans placed roughly $166 billion in sports bets in 2025, according to a Fortune report, a total that exceeded the combined revenue from U.S. movies, recorded music, live music, books, and museums.
Using figures cited in the report, those entertainment categories added up to about $70 billion last year, including $8.87 billion in North American box office revenue, $11.5 billion in recorded music, $18.51 billion in live music, $14.6 billion in book publishing, and $16.4 billion from the U.S. museum industry.
That comparison helps show how large legal sports betting has become since the Supreme Court struck down the federal ban in 2018. Fortune said legal sports betting handle grew from $6.6 billion in 2018 to $166 billion in 2025.
For New York readers, the report identified New York as one of the states that has gone “all in” on legal sports betting, alongside New Jersey, Massachusetts, Colorado, and Arizona. Economist Victor Matheson said those markets are now at more than $1,000 per person per year in handle.
There is also an important distinction between money wagered and money lost. The report said more than 90% of wagered money is returned to bettors as winnings, meaning $1,000 in bets works out to about $100 in average losses per adult. At the same time, losses are not spread evenly: Fortune said roughly 95% of total betting losses are absorbed by 5% of bettors.
That concentration is one reason the headline betting total does not tell the whole story for players or policymakers. The report also said the true 2025 wagering total may be higher than $166 billion because some tribal sportsbook activity is not publicly reported and prediction market platforms such as Kalshi and Polymarket may add another $50 billion to $100 billion in handle. Matheson told Fortune that the full U.S. total could approach $300 billion.
Another trend to watch is whether sports betting is pulling spending from other forms of entertainment. Fortune reported that lottery ticket sales at convenience stores have started to decline in states where online sports betting has taken hold.
For players, the main takeaway is that sports betting is now a mainstream spending category in the U.S., but the biggest financial harm appears concentrated among a relatively small share of heavy users. As more states and platforms expand wagering options, responsible gambling protections will remain a key part of the conversation.
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Source: As reported by Catherina Gioino.
