• Loading stock data...
Sunday, April 21, 2024
  • -
    days
  • -
    hours
  • -
    minutes
  • -
    seconds

Sports Betting Industry Just Set a Quarterly Revenue Record

  • The industry posted a record $1.68 billion in revenue for Q3 2022.
  • It beats the previous record of $1.62 billion from Q1 2022 and marks an 80.6% increase year-over-year.
Danielle Parhizkaran/NorthJersey.com / USA TODAY NETWORK

California overwhelmingly rejected legalized sports betting on Election Day — but the American sports betting industry is still doing great even without the United States’ largest economy contributing.

The industry posted a record $1.68 billion in revenue for Q3 2022 — beating the previous record of $1.62 billion set in Q1 2022 and marking an 80.6% increase year-over-year, according to data from the American Gaming Association.

The seven new betting markets since last September — in particular New York — have been strong contributors to the industry. But even excluding those, national betting revenue increased 33.3% from this time last year.

  • Perhaps the strongest reason for the outstanding quarter was a record sportsbook win percentage of 10.5%.
  • This is also known as the “hold” percentage, or the sportsbooks’ revenue as a percentage of the overall handle.
  • Sportsbook hold was 7.5% in Q2, and 6.0% in Q1 of this year.
California-sports-betting-vote

Sports Betting Trounced at California Polls

California voters resoundingly rejected two propositions that would have legalized sports betting.
November 9, 2022

The quarter was also spurred on by a strong August: The industry brought in $471.4 million for a 116.2% YoY increase in the usually slow sports month.

But the start of the college football and NFL seasons certainly couldn’t have hurt.

And, of course, volume had something to do with it, as the almost $16 billion sportsbook handle represented a 40.9% increase from the year before.

As the industry enters the final quarter, it’s already set to have a landmark year: Its $4.78 billion revenue through three quarters is a 71.4% YoY increase — and has already surpassed the full-year record of $4.34 billion set in 2021.

Linkedin
Whatsapp
Copy Link
Link Copied
Link Copied

What to Read

Rockies Coach’s Team Plane Cockpit Visit Triggers Federal Investigation

A since-deleted video shows him sitting in the cockpit mid-flight.

NCAA Made Empty Threats to Jim Harbaugh over Lawyer’s Twitter Posts

The attorney kept criticizing the NCAA on social media after the October warning.

The Yankees’ Radio Voice Retires, Ending an Era of Longevity

The longtime Yankees radio announcer was an industry outlier in many respects.

O.J. Simpson Lawyer Says He Won’t Shield Estate From Goldman, Brown Families

The executor of Simpson’s will had previously said the Goldmans would get ‘zero.’
podcast thumbnail mobile
Front Office Sports Today

Why Ian Rapoport Lives for the NFL Draft’s Chaos

0:00
0:00

Featured Today

Everything You Need To Know About the Legal Attempts To Kill the ACC

Four lawsuits involving the conference, Clemson, and FSU could determine the future.
April 20, 2024

A Bare-Knuckle Fighter Won His Pro Debut. The Far Right Scored a Marketing Win

With Proud Boys sponsoring him, experts say extremist groups will use his success to elevate their ideologies and recruit new believers.
April 7, 2024

Women’s Basketball Finally Has a TV Deal to Match the Excitement. Now What?

A lucrative new media-rights contract could rectify problems of the past, but the future of March Madness media rights is anyone’s guess.
Mar 16, 2024; Washington, D.C., USA; North Carolina State Wolfpack forward DJ Burns Jr. (30) cuts the net after defeating the North Carolina Tar Heels for the ACC Conference Championship at Capital One Arena.
April 6, 2024

How Two College Seniors Helped DJ Burns Cash In on a Final Four Run

Two college seniors are facilitating deals for NC State’s big man.

Careers

Powered By

Careers in Sports

Looking for a new job? Check out these featured listings and search for openings all over the world.
Live Nation
Multiple - USA Careers
Adidas
Multiple - USA Careers
FanDuel
Multiple - USA Careers

NBA’s Lifetime Ban Highlights Surge in Gambling-Related Incidents

The NBA’s lifetime ban on Jontay Porter marks a crescendo of escalating incidents across the industry.
April 16, 2024

Jontay Porter Bet ‘Millions’ on FanDuel Account: Report

The Raptors forward is currently under league investigation.
April 17, 2024

NBA Bans Jontay Porter for Life After Gambling Investigation

The NBA found that Porter gave injury information to sports gamblers, among other violations.
Sponsored

Rapid Returns: How Technology Is Getting You Back to Your Seat

How Oracle’s POS technology is helping fans get back to their seats faster.
April 12, 2024

A Decade-Long Timeline of the Shohei Ohtani–Ippei Mizuhara Saga

Ohtani’s former interpreter has been federally charged with bank fraud.
April 11, 2024

Following a Long List of Blows, MLB Walks for a Change

Officials say the Dodgers’ superstar is ‘considered a victim in this case.’
April 11, 2024

Shohei Ohtani’s Interpreter Stole $16 Million to Cover Gambling Losses, Feds Say

Authorities detailed how Ippei Mizuhara hid bank transfers from Ohtani.
April 10, 2024

Shohei Ohtani’s Interpreter Pleading Guilty to New Charges, per Report

Ippei Mizuhara is said to have lost over $4.5M of Ohtani’s money.