U.S. sports gambling industry reaches $220 billion in total since 2018.

As the NFL season kicks off, sports betting has surged into a booming industry in the United States. Since the Supreme Court overturned a law prohibiting state-sanctioned sportsbooks in 2018, more than $220 billion has been wagered in the U.S. sports gambling market, according to a Bloomberg report on Friday (Sept. 6).

This growth has benefited mobile betting apps like FanDuel and DraftKings, as well as betting kiosks at stadiums. NFL games dominate much of the betting, with an estimated $26.7 billion wagered on the league’s 2023 season alone, the report noted.

Despite the rising popularity of online sportsbooks and gaming, instant payouts remain relatively uncommon. The PYMNTS Intelligence report, Generation Instant: Gamers and Winning, found that less than half of gamers currently have access to instant payments, even though 80% prefer immediate access to their winnings.

Among gamers who don’t receive instant payouts, 44% are paid in cash, 17% through non-instant digital payments, and 11% via check. When instant payouts are available, 18% opt for immediate payments, with 8% choosing digital wallets and about 3% transferring winnings to bank accounts.

The gaming sector is one of the leading industries offering instant payments, with 37% of their ad hoc payment transactions now using instant methods, according to the PYMNTS report Meeting the Demand for Instant Ad Hoc Payments.

In August, DraftKings reported an 80% increase in new online sports betting and iGaming customers during the second quarter compared to the same period in 2023. CEO and co-founder Jason Robins stated during the earnings call that the company efficiently acquired more new customers than expected and saw continued strong engagement from existing customers.