The U.S. sports betting industry has achieved a significant milestone, surpassing a $100 billion handle for the calendar year 2023. This achievement marks the first time since the U.S. Supreme Court’s 2018 authorization of states outside Nevada to offer regulated sports wagering.
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According to the American Gaming Association, U.S. bettors placed wagers totaling $79 billion in the first nine months of 2023, indicating a substantial 33% increase compared to the same period last year. The total sports betting handle for 2022 was $93.7 billion.
The robust performance of betting operators, particularly in emerging markets, has contributed to this historic milestone. Maryland, Massachusetts, Nebraska, and Ohio, entering the sports betting landscape this year, played a significant role in the surge of revenue.
The Big Apple
New York’s sports betting industry, particularly its mobile segment introduced in January 2022, has stood out, accounting for 10 out of 20 instances of 10-figure month handles in 2023. New York has contributed approximately one-sixth of all wagers placed in the U.S.
The commercial sports wagering industry has also seen a substantial improvement, generating over $7 billion in revenue during the first three quarters of 2023, marking a 53% increase compared to the previous year. The maturation of existing markets online for a year or two has further fueled this growth, according to David Forman, vice president of research at the American Gaming Association.
High Season
The popularity of football and basketball remains pivotal in driving sports betting, with the NFL playoffs anticipated to boost numbers in January. The NCAA men’s and women’s basketball tournaments in March have consistently attracted substantial bets. The report emphasizes that 2024 is expected to witness the addition of more states to the legalized sports betting landscape, with Vermont launching online sports betting on January 11 and North Carolina planning to introduce online and mobile sports bets early in the year.
