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The Business of Sports Betting: Why Did It Explode Over the Last Decade

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The Business of Sports Betting: Why Did It Explode Over the Last Decade

A single court ruling changed everything. On May 14, 2018, the U.S. Supreme Court struck down the Professional and Amateur Sports Protection Act, a federal statute that had blocked states from authorizing sports gambling for 26 years. Nevada lost its monopoly. States lined up to pass their own laws. Money followed.

The numbers since then have been staggering. The American sports betting industry posted $13.71 billion in revenue during 2024, up from $11.04 billion the year before. Handle for the year reached $149.9 billion. As of February 2025, 38 states and Washington, D.C. have legalized sports betting in some form. What was once a black market activity or a trip to Las Vegas became a phone app.

Before 2018, sports betting existed in America. It operated through offshore websites, local bookies, and informal networks. The Supreme Court decision did not create demand. It legalized existing demand and built a regulated infrastructure around it.

States saw revenue potential immediately. Commercial gaming operators paid an estimated $15.66 billion in gaming taxes in 2024, marking an 8.5% increase from the prior year. Legislatures that once avoided the topic now compete for operator licenses and tax dollars. The argument shifted from moral objection to economic opportunity.

Each state writes its own rules. Some allow mobile betting statewide. Others restrict wagers to physical casinos. Tax rates vary from single digits to over 50%. This patchwork creates arbitrage for operators and confusion for bettors, but the direction is consistent. More states legalize each year.

Stretching a Bankroll in a Crowded Market

Operators spend heavily on customer acquisition. Sign-up offers, deposit matches, and risk-free wagers have become standard tools in a competitive field. Sportsbook promo codes and bonuses incentivize new users to pick one platform over another, while referral programs and loyalty points reward those who stay. These tactics cut into operator margins but drive the volume that sustains the business model.

Bettors who shop around can reduce their own exposure. Comparing odds across sportsbooks, stacking welcome offers from multiple operators, and timing bets around promotional windows all lower the effective cost of wagering without changing the underlying risk.

Phones Changed the Game

Of the $149.9 billion wagered in 2024, 95% came through online platforms. The smartphone turned sports betting from an event into a constant possibility. A bettor can place a wager during a commercial break, at halftime, or between innings. No travel required. No cash needed.

Live betting accelerated this trend. Globally, in-play wagering commands a 59.58% market share. Bettors no longer commit to outcomes before games start. They react in real time. A quarterback throws an interception, and odds adjust within seconds. The bettor decides whether to act. This format keeps users engaged throughout events rather than waiting for final results.

The global sports betting market reached $100.9 billion in 2024. Projections put it at $187.39 billion by 2030, with a compound annual growth rate of 11%. Mobile access drives much of this expansion across North America, Europe, and parts of Asia.

Leagues Stopped Fighting and Started Partnering

Professional sports organizations once opposed legalized betting. They argued it threatened game integrity. That position reversed when money became available.

DraftKings now serves as an official sports betting partner of the NFL, NHL, NBA, PGA Tour, and UFC. MGM Resorts became the first casino operator to partner directly with the NBA, a deal reportedly worth $25 million over three years. These agreements bring advertising revenue, data licensing fees, and brand exposure to leagues that previously distanced themselves from gambling.

The partnerships work both ways. Sportsbooks gain credibility through league logos and official data feeds. Leagues gain new revenue streams and deeper fan engagement. A viewer who bets on a game pays closer attention to the broadcast. Networks benefit from higher ratings. Everyone gets paid.

The Math Behind the Business

Sportsbooks operate on margins. They set odds to guarantee a profit regardless of outcomes when betting is distributed evenly across both sides. In practice, imbalances occur, and operators adjust lines throughout the day to manage exposure.

The model depends on volume. Thin margins multiplied across millions of bets generate profit. Customer acquisition costs remain high because lifetime value per bettor runs into the thousands of dollars. Operators spend on marketing now to capture users who will wager for years.

Competition compresses margins further. When multiple books chase the same customer, promotional spending increases, and odds become more favorable to bettors. The market rewards scale. Smaller operators struggle to match the bonuses and advertising budgets of larger competitors.

What Keeps the Growth Going

Three factors sustain the expansion. First, states continue to legalize. Florida, California, and Texas represent massive untapped markets. When they open, national numbers will jump again. Second, betting products keep multiplying. Prop bets, parlays, same-game combinations, and micro-bets on individual plays all add options. Third, media integration deepens. Broadcasts now include betting lines on screen. Pre-game shows discuss spreads openly. The activity becomes normalized through repetition.

The business model has proven resilient through its first years. Revenue records fall annually. Handle increases. Operators remain profitable despite heavy promotional spending.

Looking Ahead

The sports betting industry built itself on legal permission, mobile technology, and league cooperation. None of these factors shows signs of reversal. States want tax revenue. Bettors want convenience. Leagues want partnerships. The alignment of interests makes contraction unlikely.

The market will mature. Promotional spending will decrease as customer bases stabilize. Consolidation among operators will continue. Regulation will tighten in some states and loosen in others. Through all of it, the core business remains straightforward. People want to bet on sports. Legal channels now exist to take that action. The decade since 2018 proved the demand was always there. The infrastructure finally caught up.

670 The Score Announces Passing of Longtime Host Terry Boers

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670 The Score Announces Passing of Longtime Host Terry Boers

The Chicago sports media landscape is mourning the loss of Terry Boers, a pioneering voice from 670 The Score who helped shape sports talk radio in the city for more than two decades.

Boers was a founding figure at The Score, helping establish its tone and credibility during Chicago’s all-sports radio formative years. Known for his sharp wit and willingness to challenge convention, he became a central station personality. He was also a trusted voice for listeners who valued opinion-driven sports conversation.

“The Score lost one of our own today. Terry Boers passed away today surrounded by loved ones,” said Mitch Rosen, Vice President, 670 The Score. “Terry was one of the founding fathers of The Score and one of the most popular people on the air and in the Score hallways.”

According to Rosen, the family has requested privacy, and no cause of death was disclosed.

During his 25-year run on Chicago airwaves, Boers shared the airwaves with many talents. He co-hosted afternoon drive alongside Dan Bernstein, a pairing that became one of the most recognizable shows in the market. Their dynamic blended humor, confrontation and insight, creating a program that consistently sparked conversation and helped define The Score’s brand.

In 2016, Boers announced his decision to step away from daily hosting, citing a combination of health concerns and personal reflection. In a column published on the station’s website at the time, he thanked listeners for their loyalty and acknowledged that the physical and mental demands of the role had become increasingly difficult. His final show aired Jan. 5, 2017, marking the end of an era for Chicago sports radio.

Although he retired from a full-time schedule, Boers never fully separated from the station he helped build. He made occasional appearances on the air and remained closely connected to former colleagues, many of whom continued to seek his perspective and company.

“Terry was original, funny, smart, witty and most importantly a beautiful person,” wrote Rosen.

Following the news of Boers’ passing, tributes and rememberances poured out online.

Barrett Media produces daily content on the music, news, and sports media industries. Sign up for our newsletters to stay updated and get the latest informed right in your inbox.

SNY Award Winning Mets Director John DeMarsico Departing After 17 Seasons

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SNY Award Winning Mets Director John DeMarsico Departing After 17 Seasons

A notable behind-the-scenes shift is coming to New York Mets television broadcasts this season, signaling the end of an era for one of baseball’s most acclaimed productions. Longtime game director John DeMarsico is departing SNY after 17 seasons overseeing Mets telecasts, including those featuring the widely respected booth trio of Gary Cohen, Keith Hernandez and Ron Darling.

DeMarsico confirmed the move publicly in a post on X, bringing clarity to what will be a meaningful change for the network and its viewers.

“This wasn’t easy to write,” DeMarsico shared. “After 17 seasons with the Mets on SNY, my time directing games there has come to an end.”

During his tenure, DeMarsico became synonymous with the visual identity of Mets baseball. He helped shape a broadcast style that blended storytelling, pace, and cinematic flair. His work earned multiple Emmy Awards. It also elevated SNY’s coverage into one of Major League Baseball’s most praised local broadcasts.

“I was incredibly fortunate to help tell the story of this team for nearly half my life. After a lifetime of fandom that made the opportunity feel almost impossible when it began. From the very start, I believed deeply in the idea that baseball is cinema. I poured myself into that belief. Grateful for the trust to take creative risks in service of the game and the fans who embraced them,” he wrote.

From a creative standpoint, DeMarsico said his exit stems from broadcasts moving in a different direction. He did not elaborate on specific changes. He expressed gratitude for the trust he received to take chances and treat baseball as a visual art form. That philosophy resonated strongly with viewers for nearly two decades.

DeMarsico acknowledged that leaving has been emotionally challenging, describing Mets baseball and its surrounding community as central to his identity. He added that he has not yet determined his next professional move, marking the first time he has entered the industry without a clear destination.

“I’ve never been a free agent before,” he wrote. “I’m taking a breath, looking ahead, and carrying a lot of pride and gratitude with me.”

SNY has not commented on DeMarsico’s departure as of yet.

Barrett Media produces daily content on the music, news, and sports media industries. Sign up for our newsletters to stay updated and get the latest information right in your inbox.

Colin Cowherd: ‘Inside the NBA’ Feels Invisible on ESPN

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Colin Cowherd: ‘Inside the NBA’ Feels Invisible on ESPN

FOX Sports Radio host Colin Cowherd is raising eyebrows across the sports media landscape after suggesting that ESPN’s use of Inside the NBA during its first year under the network’s umbrella may not be accidental. Following comments from Inside the NBA commentator Charles Barkley about wishing the program would have been on more in 2025, Cowherd hinted that the decision could reflect a quieter understanding between ESPN and the NBA.

Speaking on The Herd with Colin Cowherd, the veteran broadcaster framed his comments carefully, repeatedly labeling them as conjecture rather than confirmed reporting. Still, the theory resonated because it touches on a familiar tension between leagues and the media partners who depend on access while also driving conversation.

“My feeling is, this is just conjecture. Is that ESPN has a great relationship with the NBA, and they said, Yeah, we’ll bring that show over. You won’t see it as much. Put it on the shelf a little bit,” explained Cowherd hinting that ESPN may be potentially attempting to cater to its partner.

While Cowherd stopped short of alleging direct pressure, he implied that the arrangement could be mutually understood rather than contractually mandated.

“You have these new deals, and there’s a lot of understandings that don’t have to be contractual,” said Cowherd. “David Stern didn’t like when people were critical of the NBA either. They’re very sensitive in the NBA.”

Beyond strategy, Cowherd questioned whether Inside the NBA still carries the same weight it once did. The show, long praised for its chemistry and unfiltered humor, previously felt unavoidable in NBA media coverage. Cowherd argued that its cultural presence has diminished, describing it as far less visible now than during its peak years.

“It felt very big at one time, and now it’s invisible. So I don’t know. I’m just saying conjecture,” said Cowherd.

The most pointed portion of Cowherd’s remarks focused on how the show’s tone has historically landed with NBA leadership. Cowherd referenced items he’s heard, over time, that some executives within the league office were uncomfortable with how Inside the NBA lampooned the league and, at times, individual players.

“There were people upstairs in the NBA office that didn’t like how they lampooned the league, and some of the players,” said Cowherd although not specifying any names. “NFL shows don’t make fun of the players. Why are we making fun of the players? I heard that before.”

That sensitivity, Cowherd added, is not new. He also suggested that figures closely associated with Inside the NBA, including Charles Barkley, may not fully see why the show’s role appears reduced. Cowherd argued that modern media deals often come with informal understandings that never appear on paper but still influence programming decisions.

Neither ESPN nor the NBA has publicly addressed Cowherd’s speculation. Inside the NBA is slated to return Saturday with three dates remaining in January. The program has only aired five times since the start of the 2025-2026 season.

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Sal Licata Reflects on Emotions of ‘BT & Sal’ Live Event Following WFAN Exit

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Sal Licata Reflects on Emotions of ‘BT & Sal’ Live Event Following WFAN Exit

Sal Licata admitted he didn’t fully know what to expect when he walked on stage Thursday night for the BT & Sal Show event in front of a live audience at The Vogel in Red Bank, N.J. What unfolded, however, left a lasting emotional imprint that lingered long after the lights went down.

During the most recent episode of The Sal Licata Show, Licata reflected on the night, describing a mix of anxiety, nerves, and excitement that accompanied his return to a stage setting — one that felt especially personal given the show’s abrupt end on WFAN last month.

“I gotta tell you, it was incredible,” Licata said. “I don’t know what I was expecting. I was more anxious, nervous, also very excited to do a show in front of a live crowd. But I’ve never done one on my own like that.”

The event marked the first time Licata and Brandon “BT” Tierney had reunited publicly since their weekday show was removed from WFAN’s weekday lineup. While the duo spent more than two years together on air, Licata acknowledged the unusual circumstances surrounding the event made the night feel different from anything he had experienced previously.

“This was a show that no longer exists,” Licata explained. “To many extents, the show [BT & Sal] failed, at least in the people who put the show together and in their minds it wasn’t good enough to keep it on WFAN.”

Licata had not shared a stage or studio with Tierney in over a month. In addition, the event required listeners to purchase tickets and travel to New Jersey, adding another layer of uncertainty Licata admitted. Even so, the turnout exceeded his expectations.

“I hadn’t done the show with BT in over a month after doing shows together for two and a half years,” he said. “And you know, it’s in Jersey. You sell them tickets for it. Who knows about the prices? We really do appreciate everybody who drove down there.”

The emotional peak came before a single word was spoken on stage. Organizers opted to have Licata and Tierney enter through the back of the venue, walking directly through the audience as the show’s familiar opening music played.

“When the song hit, the place went nuts,” Licata said. “I’m not saying it was a ton of people. It was whatever, 400 people. I’m not even sure how many people there, but the place went nuts, and it was a weird feeling.”

That reaction, Licata said, reaffirmed the connection the show had built with its audience, even after its end. As the night progressed, the energy only intensified.

“The energy that we both felt with the intro and the crowd and walking through the crowd and high fiving everybody and thanking them for coming, and then getting up on stage and doing our thing,” Licata said. “I’ll tell you, I’m still kind of on a high from it.”

For Licata, the reunion was more than nostalgia. It was validation that the bond formed on the air continues to resonate, even when the show itself no longer exists.

Photos and videos of the event circulated online with appreciation for the event from those in attendance.

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Bill O’Reilly Gives Update Following Medical Absence Announcement

BNM Staff
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Bill O’Reilly Gives Update Following Medical Absence Announcement

Following an announcement that he’d be away from his media obligations due to medical issues, Bill O’Reilly has given an update on what the future looks like.

In an article published on his website, O’Reilly shared that he was on the mend and looking forward to returning.

“Greetings, No Spin Nation! Your tour guide is okay and recovering from some stomach stuff. We are open on the website and very happy the Greenland invasion is not happening, but Sri Lanka better watch it,” he joked. “Amazing good wishes have arrived here in New York City, and it’s hard to describe my gratitude.  I am planning a jail break out of the medical facility where there are more than a few Concierge Members. That’s major.”

He continued by noting that he’s already planning his first broadcast back.

“Working on the first broadcast back because there’s nothing else to do here except watch hysterical local TV news coverage about snow generated by global warming.”

Bill O’Reilly committed to providing another update on Sunday. O’Reilly has been hosting and producing his No Spin News show since his 2017 high-profile exit from Fox News. Additionally, he is regularly seen on NewsNation’s primetime show Cuomo alongside Chris Cuomo and Stephen A. Smith.

He also recently ended his nightly radio show on 77 WABC in New York. That station inserted Joe Concha into the 9-10 PM ET timeslot previously occupied by O’Reilly.

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KOOL 105 Morning Host Dom Testa Exits

BNM Staff
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KOOL 105 Morning Host Dom Testa Exits

KSE Radio announced that Dom Testa has exited KOOL 105, ending his time with the station. Dom Testa had been part of KSE Radio for 10 years and joined KOOL 105 in 2024 after a long run elsewhere in the Denver market.

Joel Clary, Senior Vice President & General Manager of Radio for KSE, addressed the move and Testa’s tenure with the organization.

“We are deeply grateful for Dom Testa’s contributions and the energy he brought to our airwaves,” Clary said. “Throughout his tenure, Dom has been a true professional, a trusted partner, and an integral part of our success. His dedication, expertise, and passion for connecting with audiences have left an indelible mark on our team and the community.

“Dom has been a tremendous resource and colleague, and we wish him nothing but the best in his future endeavors.”

Prior to arriving at KOOL 105, Testa spent nearly 32 years hosting the morning show on Mix 100. His move to the KSE sister station took place last year.

During his time at KOOL 105, Testa co-hosted mornings with Melissa Moore. Moore will continue in the weekday 6-10 a.m. MT slot.

The station said the change reflects a shift in programming focus. In recent years, Testa had broadcast remotely from Georgia.

“This change reflects KSE Radio’s strategic direction to strengthen local engagement and maximize opportunities with our valued media partners and advertisers,” Clary said. “By focusing on talent with deep local roots, we aim to deliver even more relevant and impactful content to our listeners.”

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Don Lemon Following No Charges Filed After Minnesota Protest: Trump Will Keep Trying to Arrest Me

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Don Lemon Following No Charges Filed After Minnesota Protest: Trump Will Keep Trying to Arrest Me

On Thursday, officials declined to press charges against Don Lemon following his coverage of an anti-ICE protest in a Minnesota church. He said he expects this to be a recurring theme for him.

A federal magistrate refused to sign off on charges urged by the Department of Justice. Many had argued that Lemon and other protestors had run afoul of the FACE Act.

The FACE Act (Freedom of Access to Clinic Entrances Act of 1994) is a U.S. federal law that makes it a crime to use force, threats, or physical obstruction to interfere with someone obtaining or providing reproductive health services or exercising religious freedom at a place of worship.

Don Lemon has continually maintained that he was present at the demonstration as a journalist and not as a protester. 

During his digital video show on Thursday evening, Lemon reiterated those claims.

“I have said several times, I am not a protester — I’m a journalist,” Lemon said.

He continued by noting that he wears the title of “journalist” as a badge of honor.

“I stand proud, and I stand tall. This is not a victory lap for me because it’s not over,” Lemon added. “They’re going to try again, and they’re going to try again. And guess what? Here I am. Keep trying. That’s not going to stop me from being a journalist. You’re not going to diminish my voice.”

Barrett Media produces daily content on the music, news, and sports media industries. Sign up for our newsletters to stay updated and get the latest information right in your inbox.

Bob Costas’ NBC Sports Return for ‘Sunday Night Baseball’ May Last Past 2026

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Bob Costas’ NBC Sports Return for ‘Sunday Night Baseball’ May Last Past 2026

NBC Sports is turning back to one of the most recognizable voices in American sports television as it prepares to relaunch its Major League Baseball coverage. The network announced Thursday that Bob Costas will host Sunday Night Baseball and anchor NBC’s Opening Day broadcast on March 26, marking a high-profile reunion nearly seven years after his departure from the company.

Costas, who spent four decades as a central figure in NBC’s sports identity, will open the season covering the Dodgers-Diamondbacks matchup. While the assignment brings familiarity for longtime viewers, both sides stressed the relationship extends beyond a one-off nostalgia appearance.

During a conference call, Costas hinted that the partnership is expected to last beyond the upcoming season.

“We’ll see what happens,” Costas said. “I think I’ll be a contributor. As long as I’m upright and haven’t lost my fastball completely. I’ll be a contributor as long as I have something to contribute.”

Costas acknowledged that his focus has shifted in recent years, particularly after stepping away from play-by-play duties after the 2024 postseason. In addition to baseball, Costas will also contribute to the network’s NBA coverage.

He made a brief on-air appearance earlier this season when NBA games returned to NBC. The moment signaled discussions between both sides had been underway well before the MLB announcement became public.

“While I’ve been gone from NBC since 2019, we have been in nearly constant contact since shortly after that. Just waiting for the right time and the lineup of the right circumstances to come together for me to return. And now those circumstances have perfectly come together,” Costas added.

Importantly, Costas stressed that his presence is not intended to overshadow NBC’s current on-air talent.

“Nothing that I will do will overlap with what others are doing. Others are in the primes of their careers. I’m an icing on the cake guy now. A contributor, a role player, and I look forward to it. Especially just because it’s under the NBC umbrella,” said Costas.

For NBC, the reunion offers a chance to reintroduce a familiar voice while launching a new chapter in its MLB coverage. For Costas, it provides an opportunity to close his broadcasting career on more deliberate terms, focused on quality contributions rather than ceremony.

Barrett Media produces daily content on the music, news, and sports media industries. Sign up for our newsletters to stay updated and get the latest information right in your inbox.

RTDNA to Award Former WGN Radio Anchor Steve Bertrand with Lifetime Achievement Award

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RTDNA to Award Former WGN Radio Anchor Steve Bertrand with Lifetime Achievement Award

Following his retirement last year, the RTDNA has announced it is awarding its Lifetime Achievement Award to former WGN Radio news anchor Steve Bertrand.

Bertrand spent 40 years working at the Chicago news/talk station. He originally began working at the station as an intern before being hired full-time in 1985. In 1992, he began working as a news anchor and held the job until his November retirement last year.

In addition to his time at WGN Radio, Steve Bertrand also spent six years as the producer and pre/postgame host of the Chicago Bears Radio Network.

The RTDNA called Bertrand a natural choice to be bestowed the prestigious honor.

“Over his career, he covered many of the most significant local and national events of the past 40 years while mentoring colleagues and helping define the standard for excellence in local radio journalism,” the RTDNA said in its announcement. “His retirement in 2025 marks the culmination of a lifetime dedicated to informing the public and strengthening the role of local news.”

Bertrand will be honored at the 2026 First Amendment Awards, scheduled for March 12 at the Watergate Hotel in Washington, D.C.

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