Sports Betting: How Much Do Fans Bet on Boxing, and How Will US Legislation Help?

In 2018, the United States Supreme Court repealed a law preventing American citizens from betting on sports. Since the apex court approved sports betting, sports lovers in the US have pumped billions into these wagers to add a new level of excitement to watching their favorite sports. In 2021 alone, gamblers have wagered nearly $58 billion on sports betting in commercial casinos.

Boxing Fans Bet Big

In 2017, boxing world champion Floyd Mayweather Jr. and mixed martial arts (MMA) world champion Conor McGregor faced off at the T-Mobile Arena in Nevada. Billed as “The Biggest Fight in Combat Sports History,” it’s no surprise that it was popular amongst gamblers. Even Mayweather reportedly put a few hundred thousand dollars down on himself. While there were six separate bets of at least $1 million each, an unknown gambler bet a whopping $1.21 million on Mayweather and made $282,000 after Mayweather won in Round 10.

The popular Maloof family also reportedly won $160,000 after wagering $880,000 on Mayweather. Interestingly, some reports suggest that while the biggest bets were on Mayweather, most of the smaller wagers put their faith in McGregor.

Another Mayweather fight, against Manny Pacquiao, was dubbed the “Fight of the Century” and bettors seemed to agree. It’s thought that an unnamed Irish fan bet over £150,000 (around $195,000) on Mayweather’s win—which paid off when he was declared the winner by the judges.

Mayweather isn’t the only boxer to put money on his own victory: in the meeting between Marcantonio Vs Woodhouse, Woodhouse bet £5000 (around $6500) on himself at odds of 50-1 (+5000). Despite the long odds, his confidence paid off, and he won both the fight and £250,000 (approximately $325,000).

Boxing Betting Legislation in the US

As of July 2023, online sports betting is legal in over 20 states, with others like Delaware, New Mexico, and North Dakota restricting approval to in-person action. Nonetheless, the states with friendly dispositions to sports betting register interesting figures in revenue every month.

For instance, New Jersey’s sports betting revenue was $72.3 million in April 2023 and jumped 13.6% to $82.17 million in May. Generally referred to as the gambling capital of the US, Nevada also sees heavy sports betting revenue, with $30.53 million recorded in April and $30.06 million in May.

Despite the Supreme Court ruling, sports betting, including boxing, is still illegal in several states. According to Best Sports Betting Texas, sports betting is not yet legal in Texas. However, there is already some interest in expanding gambling laws to allow sports betting. For instance, Governor Greg Abbott confirmed he would not oppose new pro-sport betting bills before the House and Senate. In addition, the Texas House of Representatives approved House Joint Resolution 102 in May 2023, allowing voters to contribute to prospective changes that would eventually allow mobile sports betting.

However, optimism about the chance of mobile sports betting in Texas might be misguided. The Texas Freedom Caucus has already announced its objection to HJR 102 and HJR 97, both bills seeking to legalize sports wagering in the state.

So, with the two most populous states (Texas and California) still enforcing a ban on sports betting, we can only imagine how much their contributions to the industry could be when it becomes legal. Of course, there’s also the fact that many TX and CA cities have excellent venues for boxing events—the Cowboys’ stadium could hold over 50,000 people for a boxing match, and the Staples Center has already hosted famous faces like Manny Pacquiao.

Since June 2018, Americans have spent over $235 billion in sportsbooks, with New Jersey recording the largest bets at $38.3 billion. Nevada is in second place with $32.5 billion, while New York, Illinois, and Pennsylvania take the third, fourth, and fifth positions, with $23.4 billion, $22.6 billion, and $22.1 billion, respectively. Together, these states account for more than half of the total revenue collected in the US over the last 5 years.

Interestingly, US sports betting revenue hit $93.7 billion in 2022, spiking 64% from 2021. A Morning Consult survey conducted in December 2021 found that 12% of Americans bet weekly. This number will likely increase as more states legalize sports betting, with Texas possibly biting a considerable chunk due to its sheer population.