• Loading stock data...
Wednesday, April 2, 2025
Nominations Are Open for Front Office Sports Honors! Submit Now

U.S. Sports Betting On Pace To Hit $100B In Wagers

  • Sports wagering activity accelerating to unprecedented levels.
  • Adoption by additional states helps prompt rise in handle, operator revenue.
Keldy Ortiz/ NorthJersey.com

Sports betting operators were always looking at 2023 as a landmark year in the business, and now there’s fresh data showing exactly how much that is the case.

A recent report from the American Gaming Association found that Americans bet $23 billion on sports during the third quarter, 32.7% higher than a year ago, and well on pace to hit an unprecedented $100 billion in total handle for the year.

The total January-September sports betting handle stands at $78.7 billion, up 22.9% from the comparable period in 2022. But the accelerating growth is due in significant part to states such as Massachusetts and Ohio that have either introduced or expanded legal sports wagering this year. 

With the strong increases in handle, sports betting revenue for operators is also on the upswing. Third-quarter revenue reached $2.15 billion, up 22.8%. The nine-month figure of $7.11 billion, meanwhile, is 51% over the comparable period a year ago and nearly matches the full-year 2022 figure of $7.18 billion.

“The notable rise in betting volume, surpassing revenue growth, hints at an evolving, engaged betting community,” said Matt Speakman, U.S. sports betting analyst at Online-Gambling.com. “With upcoming major sporting events, I expect continued market growth.”

The U.S. sports betting market also remains in the midst of transition with the entrance of the well-resourced Fanatics and ESPN Bet.

As has been the case since New York introduced legal online sports betting in January 2022, the Empire State remains the industry’s top performer. In October, it became the first U.S. state to post $2 billion in sports betting handle in a single month.

Linkedin
Whatsapp
Copy Link
Link Copied
Link Copied

What to Read

In the NIL Era, College Basketball’s Biggest Programs Keep Winning

Only Power 4 teams qualified for the men’s Sweet 16.
Kelly Coleman, pro bat lead operator, inspects a torpedo bat after it comes out of a baseball bat lathe at the Louisville Slugger Museum & Factory in Louisville, Ky. on Mar. 31, 2025.

‘Torpedo’ Bat Sales Boom As Debate Rages About Effectiveness

Several manufacturers report historic interest in the much-debated bat design.
A view of the FanDuel Sportsbook betting area at Belterra Park Cincinnati.

FanDuel’s PE Backers Fire Back at Founder’s Legal Fight Over 2018 Sale

The legal dispute stems from the 2018 sale of 61% of FanDuel.

Featured Today

Mar 26, 2025; Indianapolis, Indiana, USA; Los Angeles Lakers forward LeBron James (23) in the first half Indiana Pacers at Gainbridge Fieldhouse.

The Creator Behind the LeBron ‘Glazing’ Trend Sweeping TikTok

FOS spoke to TikTok user OkaySpade who made the original song.
Mar 22, 2025; Providence, RI, USA; McNeese State Cowboys manager Amir Khan before a second round men’s NCAA Tournament game against the Purdue Boilermakers at Amica Mutual Pavilion
April 1, 2025

Inside the 24-Hour NIL March Madness Deals

Some of the most viral partnerships come together overnight.
Seattle Kraken
April 1, 2025

Samantha Holloway Is Seattle’s NHL Present—and Hopeful NBA Future

Samantha Holloway is steering the Kraken and hoping to revive pro hoops.
Brehanna Daniels
March 31, 2025

NASCAR Pit Crew Member Brehanna Daniels Didn’t Know She’d Be a Trailblazer

The first Black female tire changer didn’t know she’d be a trailblazer.
Dec 11, 2021; Las Vegas, Nevada, USA; Darrick Minner moves in with a hit against Ryan Hall during UFC 269 at T-Mobile Arena
March 26, 2025

UFC Fighters Suspended Over Roles in Fight-Rigging Scheme

One fighter called his three-year ban “insane.”
March 27, 2025

Sportsbooks Reflect MLB’s Divide: Dodgers Heavy Favorites, White Sox No Shot

The defending champion Dodgers are favored at historic levels to repeat.
Sponsored

How UBS Crafts Impactful Partnerships Across Sports, Arts, and Culture

As UBS continues to expand its impressive array of sports and entertainment partnerships, the company solidifies its position as a leader in wealth management.
Mar 15, 2025; New York, NY, USA; St. John's Red Storm guard RJ Luis Jr. (12) after hitting a three-point basket against the Creighton Bluejays in the second half at Madison Square Garden.
March 20, 2025

Perfect Storm: St. John’s Biggest Fans Can’t Bet on the School

In the No. 1 sports betting market, the Red Storm are off-limits.
Mar 14, 2025; Kansas City, MO, USA; Texas Tech Red Raiders guard Kevin Overton (1) and Arizona Wildcats forward Carter Bryant (9) go after a loose ball during the second half at T-Mobile Center.
March 17, 2025

Robinhood Adding Prediction Market From Kalshi After Super Bowl About-Face

Robinhood’s partnership with Kalshi will be wide-ranging.
Mar 10, 2025; Dunedin, Florida, USA; Houston Astros outfielder Jacob Melton (76) steals second base past Toronto Blue Jays second baseman Andres Gimenez (0) in the second inning during spring training at TD Ballpark.
March 10, 2025

MLB Asks CFTC to Ensure ‘Integrity’ of Bets on Exchanges Like Kalshi

The CFTC is reviewing the legality of sports event contracts.
March 5, 2025

Nevada Orders Kalshi to Shut Down Sports Markets

Kalshi has not taken down the markets yet.