The all-time state tax revenue from sports betting recently surpassed $5 billion, reaching the benchmark in less than six years since the first wagers were placed beyond Nevada’s borders in June 2018.

More than 40% of that total — $2.15 billion — came in 2023, which was a banner year for sportsbook operators.

The known hold on gross sports betting revenue was 9.1%, well above the 7% industry standard, and more than one full percentage point higher compared to 2022. Last year’s tax receipts were $643.4 million higher than 2022, boosted not only by five new states entering the marketplace but by four of them having tax rates on revenue derived from sports betting apps at 14% or higher.