It has now been five years since online sports betting was legalized in the U.S. As the industry continues to grow, Cheddar News breaks down the logistics behind online betting and what lies ahead.

<div class="block">It has now been five years since online sports betting was legalized in the U.S. As the industry continues to grow, Cheddar News breaks down the logistics behind online betting and what lies ahead.</div>

Closing Bell

Online Sports Betting on the Rise in the U.S.

Been five years since online sports betting became legal in the US. And Ashley Mastronardi tells us what's next in the world of online gambling as the industry continues to grow. This month marks the five year anniversary of legal sports betting in the US. In that time, Americans have bet $220 billion on events like the NBA playoffs. Experts say basketball is one of the most popular sports in online sports betting to the delight of betting enthusiasts across the country for the past five years, they've been able to place sports bets in the palm of their hands legally. It's better than just going to place and spending two hours on public transportation just to make a bet or going out of state in a million to one odds. The professional and amateur Sports Protection Act which allowed sports betting in only four states was overturned in 2018 C coo of Fanduel sports Mike Grains Beger says it's a trend that's made its mark in the US over the past five years. It's really been an explosion of sports betting around the United States with now over 30 states across the country. Legislating, regulating and taxing online sports betting. This ruling created tax revenue for states to the tune of $1 billion in 2022. It also created an additional revenue stream for casinos and horse tracks and safeguards from unregulated gambling websites kind of fun. It adds excitement to the games. I think it keeps everything very relevant, but that addiction to excitement may become all consuming. Experts say it's important to know when to tap out. Sports betting is an entertainment product and it should be fun and when it stops being that that might be a sign that people should reflect on their play and either not participate or use one of the tools that Fadel has where I said you can limit your deposits, you can limit the time you play the amount you bet. Right now. Sports betting is legal in two thirds of the states with more states expected to join in the near future. Ashley Masar Chatter news.