US Sports Betting Surpasses Entertainment Industries Combined

In 2025, Americans placed approximately $166 billion in sports bets, a figure that significantly surpasses the total revenue generated by the entire U.S. movie, music, book, and museum industries combined. The North American box office for films in 2025 reached $8.87 billion, remaining 22% below its pre-pandemic levels. The recorded music industry achieved a new record, generating $11.5 billion in revenue. Live music events, including concerts and festivals, contributed $18.51 billion to the economy. The book publishing sector, as tracked by the Association of American Publishers, reported $14.6 billion in revenue for the year. Furthermore, the U.S. museum industry generated an estimated $16.4 billion. When aggregated, the total revenue from these entertainment sectors amounts to roughly $70 billion, which is less than half of the amount Americans wagered on sports.

Martin “Marty” Conway, an adjunct lecturer in Georgetown University’s Sports Industry Management program, commented that sports gambling "fills that void, and it will crowd out other forms of entertainment, other forms of hospitality, for sure." He further explained that sports gambling has become more pervasive and is increasingly accepted as a legitimate form of entertainment. Conway noted a shift in engagement, stating, "They’ve taken something that was just who’s going to win, and now you’re actually able to get involved in certain other events of the game. That’s a form of engagement as opposed to what we knew previously."

The reported $166 billion figure may even underestimate the total volume of sports wagering. Several states, including Florida, Washington, and Wisconsin, permit betting through tribal casinos, which are not mandated to publicly disclose their betting handle. Victor Matheson, an economist at Holy Cross specializing in sports gambling, estimated that Florida alone contributes between $5 billion and $10 billion to the total. Matheson stated to Fortune that the $165 or $170 billion number is likely low. This estimate also excludes sports wagering conducted through prediction market platforms such as Kalshi and Polymarket. These platforms have rapidly expanded their offerings to include sports contracts following their receipt of federal regulatory clearance. Matheson indicated that activity on these platforms could represent a substantial, unquantified portion of the overall sports betting market, further increasing the total amount wagered by Americans.