• Loading stock data...
Sunday, December 8, 2024
Tune in on Dec. 11 at 1:05 p.m. ET for our last Future of Sports virtual summit of the year – Future of Sports: Marketing! Register 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

Championship Paydays: Coaches Cash In on Conference Title Wins

Kirby Smart earns bonuses for Georgia’s SEC title win, securing a CFP bye.
Old Commanders logo

Commanders Plan to Bring Back Old Logo on Special Alumni Merchandise

The Commanders are bringing back their old logo in limited fashion.
Iowa’s Kate Martin waves to the crowd during a celebration of the Iowa women’s basketball team Wednesday, April 10, 2024 at Carver-Hawkeye Arena in Iowa City, Iowa.

WNBA’s Valkyries Assemble Roster With Fan Favorite Kate Martin

It’s the WNBA’s first expansion draft since 2008.
Randy Moss

Randy Moss Taking ‘Extended’ ESPN Leave With Health Issue

Moss had discussed it on Dec. 1 before stepping away.

Featured Today

Nov 2, 2024; Ann Arbor, Michigan, USA; Michigan Wolverines cheerleader runs with a flag before the game against the Oregon Ducks at Michigan Stadium.
opinion

College Football’s Billionaire Backer Era Begins

Is this the new normal in CFB recruiting?
LA Galaxy forward Dejan Joveljic (9) celebrates with midfielder Riqui Puig (10) after scoring a goal against Seattle Sounders FC in the second half in the 2024 MLS Cup Western Conference Final match at Dignity Health Sports Park
December 6, 2024

With or Without Messi, Major League Soccer Is Barreling Into the Future

After the Cup final, the league looks to accelerate its growth.
Dec 18, 2022; Lusail, Qatar; FIFA president Gianni Infantino claps during the awards ceremony after the 2022 World Cup final between Argentina and France at Lusail Stadium.
December 2, 2024

FIFA Wants More Matches. Resistance Is Growing Inside the Global Soccer World

Resentment and frustration over expanded schedules is nearing a breaking point.
November 30, 2024

U.S. Investors Are Gunning for England’s Small Soccer Clubs

Is another Hollywood-like success story possible among the U.K.’s smallest clubs?

Poker Pro Pleads Guilty to ‘Massive’ Sports Betting Tips Fraud

Cory Zeidman ran a scheme that amassed $25 million over 14 years.
Sports betting Analyst Steve Coughlin gives out high-fives on the set of ESPN's College Game Day at the University of Texas, ahead of the Longhorns' game against the Georgia Bulldogs in Austin, Oct. 19, 2024.
November 7, 2024

ESPN Bet at Critical Point As Penn Reports Quarterly Earnings

The two sides agreed to a 10-year deal last August.
DraftKings
November 8, 2024

DraftKings Lowers Full-Year Guidance After Brutal NFL Outcomes

DraftKings cited a tough start to the fourth quarter in lowering its 2024 guidance.
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.
Nov 4, 2024; Kansas City, Missouri, USA; Kansas City Chiefs wide receiver DeAndre Hopkins (8) celebrates with quarterback Patrick Mahomes (15) after scoring against the Tampa Bay Buccaneers during the second half at GEHA Field at Arrowhead Stadium.
November 6, 2024

Missouri Becomes 39th State to Legalize Sports Gambling

Missouri was the only state with sports gambling on its ballot this election cycle.
November 5, 2024

On the Ballot: Sports Betting, Former Athletes Impacting the 2024 Election

Several U.S. Senate candidates have sports backgrounds, while Missouri voters will consider legalizing sports betting.
Tony Hinchcliffe at Donald Trump rally.
November 4, 2024

Sports Betting Companies Holding Comic at Arm’s Length After Trump Rally

Hinchcliffe drew criticism over his comments at a rally for Trump.
November 1, 2024

Polymarket Is Pushing Into Sports Betting

Once the ballots are counted, Polymarket needs to take on sports.