The percentage kept, called the hold rate, has been steadily climbing over time, with 2023’s national average at 9.1% of the money bet.
If gamblers bet around $3 billion on March Madness, then states will pocket over $50 million dollars in extra revenue just from a three-week basketball tournament.
Meanwhile, the number of calls to the National Problem Gambling Helpline lasting more than a minute has increased sharply in recent years.
While not every state and bank allows credit cards to fund a sports betting account, many do.
Anyone with an online gambling account would need to prefund their account with cash.
Persons:
Jay L, Zagorsky
Organizations:
Statehouse, Sports Betting, Boston University
Locations:
Massachusetts