US Sports Betting Industry Earned $11 Billion in 2023

US Sports Betting Industry Earned $11 Billion in 2023

The US sports betting industry continues its upward trend. According to the latest report from the American Gaming Association, the sector earned $10.92 billion in 2023. It was a 44.5 percent increase year-over-year. Also, it broke the record set in 2022.

According to Bookie Intelligence sources, US sportsbooks had a handle of $119.8 billion, a 27.8 percent increase year-over-year. Also, they had a win percentage of 9.1 percent increase year-over-year. AGA noted that some states had late reports, including Arizona and Kentucky.

Factor number two was that in 2023, five other states, namely Kentucky, Maine, Massachusetts, Nebraska, and Ohio, legalized internet betting. Swiftly becoming the nation’s fourth-highest-earning state, Ohio has become a sports betting mecca, raking in $936.6 million. Last year, the five new states brought in $1.49 billion.

US Sports Betting Industry

US Sports Betting Industry Earned $11 Billion in 2023Meanwhile, with $1.697 billion in revenue in 2023, New York remained unrivaled. On the other hand, Illinois ($1.002 billion) and New Jersey ($1.007 billion) broke $1 billion in revenue for the first time.

Aside from the overall figures, the sports betting business also had a record quarter, raking in $3.41 billion in revenue in the last three months of 2023. According to sports betting software suppliers, this rose 30.8% from the previous quarter and 19.6% from the record established in the year’s first three months.

Potentially, another quarterly record could be in the works. With record-breaking totals in Nevada ($185.6M) and New York ($162.2M) from Super Bowl LVIII, the American Gaming Association predicted Americans would wager $23.1 billion on the mega-game. A new record quarter for Q4 2024 appears quite likely, with North Carolina establishing legal online sports betting in early March for March Madness. Legalization in states has slowed significantly. Therefore, the industry is cautious that 2024 will be another record year. Thus, more people want to know how to open a sportsbook.

The total income for the American gambling sector, which encompasses both online and brick-and-mortar casinos, reached $65.52 billion in 2023, up 10% from the previous high set in 2022. The fifty-two billion dollars, or 75.3% of total income, came from land-based gaming alone. Moreover, the American Gaming Association brags that in 2023, state and local governments received $14.4 billion.

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