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Tuesday, April 16, 2024
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Sports Betting Industry Starts Year With Quarterly Record

  • The American sports betting industry posted $2.79B in Q1 2023 revenue.
  • It broke the previous record of $2.61B set in Q4 2022 and was a 70.1 percent increase year-over-year.
A view of the FanDuel Sportsbook betting area at a casino in Cincinnati.

Largely thanks to the addition of several key markets, the American sports betting industry set a quarterly record once again.

In the first quarter of 2023, the sports betting industry posted $2.79 billion in revenue — a slight bump from the previous record of $2.61 billion set in Q4 2022 and a 70.1 percent increase year-over-year, per the American Gaming Association’s Commercial Gaming Revenue Tracker.

The industry also set a quarterly record for handle, with Americans wagering $31.1 billion in Q1 2023, a 15.1 percent increase. As a result, the sportsbook win percentage (revenue divided by handle) was 8.97%.

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Sportsbooks — both online and in-person — were bolstered by the addition of several notable states (Kansas, Massachusetts, Ohio) into the legal wagering fray.

In particular, Ohio generated $387.3 million in revenue and $2.49 billion on its own in Q1 2023, establishing itself as the second-largest sports betting market in its first full quarter as a legal betting state and trailing only New York.

In total, 18 states broke quarterly records, and 13 of the 26 markets live in Q1 2022 saw growth year-over-year.

Additionally, legal sports betting accounted for $7.5 billion in revenue. It contributed $1.5 billion in state and local taxes in 2022, according to AGA’s annual State of the States report, which was also just released.

The AGA’s newest reports come on the heels of the fifth anniversary of PASPA’s repeal on May 14.

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