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    October Sports Betting Hits Estimated $3B, Gaming Revenue Recovering

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    UPDATED February 19, 2023 | 09:58 pm
    A boost in sports betting revenue.
    Danielle Parhizkaran/NorthJersey.com via Imagn

    Americans legally wagered an estimated $3 billion on sports in one month for the first time ever in October, according to the American Gaming Association.

    New Jersey set the national sports betting record for the third month in a row, taking in over $803 million in bets.

    Sports betting revenue is up nationwide 53.5% year-over-year to $237.5 million.

    Betting Stocks Are Booming Too:

    DraftKings — up more than 39% in the last month 
    Penn National — up more than 46%
    Betz ETF — up more than 27%

    Year-to-date revenue for the broader gaming industry is still down 33.5% to $24.12 billion, but six states generated more gaming revenue in October 2020 than a year ago: Colorado, Iowa, New Jersey, Ohio, Pennsylvania and South Dakota.

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