• Loading stock data...
Tuesday, April 16, 2024
  • -
    days
  • -
    hours
  • -
    minutes
  • -
    seconds

U.S. Sports Betting Sets Records in 2023 for Handle, Revenue

  • The American Gaming Association reports record wagering totals for last year.
  • New state legalization, high-profile arrival of ESPN Bet among the contributing factors.
Circa Resort & Casino

The U.S. sports betting industry previously projected 2023 to be the first 12-figure year for total handle. That expectation, as it turned out, was a bit too modest.

The American Gaming Association said the U.S. sports betting business finished with a record $119.8 billion in handle, a whopping 27.8% increase from 2022, blowing past those prior projections of hitting $100 billion for the year, and coming on the heels of a robust, football-driven fourth quarter for the year that easily surpassed the January to September handle growth rate of 22.9%. 

The full-year increase owes to several factors, such as five new jurisdictions becoming operational in 2023, including top performers Ohio and Massachusetts, as well as the high-profile arrival of ESPN Bet.

Among the other key findings in the AGA annual report released Tuesday:

  • U.S. sportsbook revenue grew 44.5% to $10.9 billion, also a record, led by New York’s $1.7 billion as the Empire State continues to be a highly coveted jurisdiction for operators despite a 51% tax on operators.
  • Trailing New York among top states in sportsbook revenue were (in order): New Jersey, Illinois, Ohio, and Pennsylvania. 
  • More than $40 billion alone was bet between October and December, up by 34.4% from the same period in 2022. 

Tap the Brakes?

Future growth at similar rates, however, could be harder to come by as top-population states California, Texas, and Florida continue to show resistance to varying degrees toward legalization, and 38 states plus D.C. now allow sports betting. North Carolina is the latest and will begin activity next month after legislative approval last June. 

“There’s a lot fewer states left on the board [for legalization],” said Chris Cylke, AGA senior vice president of government relations. “Some of them have pretty significant political challenges in terms of getting sports betting itself enacted.”

Linkedin
Whatsapp
Copy Link
Link Copied
Link Copied

What to Read

Caitlin Clark’s WNBA Chapter Officially Opens as No. 1 Overall Pick

Clark’s professional career is starting as a member of the Indiana Fever.

Star-Studded NBA Play-In a Potential Ratings Boon for ESPN and TNT

The initial portion of the NBA postseason features three former MVPs.

NBA’s Two Tourneys Drive Record Attendance

Total attendance for the 2023–24 season, which ended Sunday, was 22,538,518.
podcast thumbnail mobile
Front Office Sports Today

Inside the Most-Hyped WNBA Draft in History

0:00
0:00

Featured Today

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.
Mar 31, 2024; Portland, OR, USA; NCAA officials measure the three point line while coaches from the Texas Longhorns and NC State Wolfpack watch with referees in the finals of the Portland Regional of the NCAA Tournament at the Moda Center center.
April 1, 2024

NCAA Has No One to Blame for Latest Women’s March Madness Transgressions

NCAA is still making avoidable mistakes three years after a complete overhaul.
Nov 16, 2015; Bloomington, IN, USA; General view of the championship banners at Assembly Hall prior to the game between Austin Peay and Indiana.
March 31, 2024

How to Make It in Basketball: Become a Manager at Indiana

Inside the Hoosiers’ unglamorous, profoundly rewarding incubator for basketball’s biggest names.

Careers

Powered By

Careers in Sports

Looking for a new job? Check out these featured listings and search for openings all over the world.
Nike
Multiple - USA Careers
NBA
Multiple - USA Careers
Dunham's Sports
Multiple - USA Careers

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

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

Authorities detailed how Ippei Mizuhara hid bank transfers from Ohtani.
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.’
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 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.
April 2, 2024

Sportsbooks Say Iowa-LSU Smashed Records

It’s the new all-time most-wagered women’s sports competition on FanDuel.
March 27, 2024

NCAA Wants to End Prop Betting on College Sports. Will It Succeed?

The announcement comes just days after the NBA began investigating a prop scandal.
March 27, 2024

NCAA President Calls for Nationwide Ban on College Prop Bets

The NCAA president is reacting to the recent betting turmoil in sports.