Sports Betting is on Pace to Surpass $100 Billion in 2023

• Americans bet $79.76 billion on sports since January of 2023.
• Based on current pace and upcoming sporting events, the market expects to continue its growth and surpass the $100 billion mark before the year ends.
• The emergence of new online sportsbooks and more states with legal sports betting contribute to the exponential growth.

NEW YORK – The continued growth of sports betting expects to reach a record $100 billion in wagers for 2023. As of Nov. 16, Americans placed $79.76 billion worth of sports wagers in 2023.

A report from the American Gaming Association (AGA) stated that legal sports betting numbers increased 23% from this point in 2022. The report also shows a 39% increase in sports betting handle from July to September this year, where bettors wagered over $24 billion in the three-month period.

The rising numbers from our sports betting revenue tracker can be attributed to increasing states with legal sports betting and more online sportsbooks. Betting volume and exponential revenue growth also continue with sports leagues’ acceptance of legal sports betting.

More Legalized States, New Sportsbooks Explain 2023 Growth

This year’s additions of Kentucky, Massachusetts, Nebraska, and Ohio bring the number of legal US sports betting states to 37 states in 2023. Maryland also launched online sports betting in Nov. 2022 and saw over $2.2 billion in wagers in 2023.

Ohio launched on Jan. 1 and has a lifetime sports betting handle of $5.16 billion. Massachusetts recorded over $3.67 billion in sports wagers since their March launch.

Online sports betting launched in Kentucky on Sept. 28 but no official sports betting numbers are released. Governor Andy Beshear claimed that more than $250 million worth of sports wagers were placed in the first six weeks with legal sports betting. Oh

The relaunch of legal Florida sports betting increases the likelihood of Americans reaching the $100 billion wagered mark this year. The Seminole Tribe’s Hard Rock Bet app launched on Nov. 7 with retail sports betting scheduled for Dec. 7.

The introduction of ESPN BET and Fanatics Sportsbook marked two new entrants into the sports betting industry. ESPN’s sports betting product ESPN BET launched on Nov. 14 across 17 states.

The sports apparel company, Fanatics, acquired PointsBet US assets and continued their progressive launch of Fanatics across seven states. Steady growth of the sports betting market sets a pace of $100 billion for 2023, but it could be far past that number in 2024.

Sports betting handle and revenue numbers from the American Gaming Association showed an 11th consecutive quarter of year-over-year growth in the 2023 Q3. It’s the sports betting industry’s highest-grossing third quarter ever and second-biggest single quarter in the history of commercial gaming revenue.

News tags: American Gaming Association | ESPN BET | Fanatics | Florida | Kentucky | Maryland | Massachusetts | Ohio