Sports betting is America’s new pastime—and it’s bigger than movies, music, and museums together as Americans wage a whopping $166 billion on bets

Americans spent more on sports bets last year than on movies, music, and museums combined—and the industry taking a growing share of that money isn’t a sportsbook at all. In 2025, Americans placed roughly $166 billion in bets on sporting events. Fortune reported last week 35% of bettors say they’re using traditional sportsbooks less because prediction markets like Kalshi and Polymarket have changed how they bet. Billions of dollars in sports wagering had started moving into a market invisible to state regulators, because prediction markets aren’t classified as gambling at all. The legal fight over that money has escalated fast. Kalshi is facing cease-and-desist orders or lawsuits in at least six states, and in March, Arizona became the first state to file criminal charges against the company, accusing it of running an illegal gambling…