NFL Week 1 saw a record amount of geolocation transactions, with a 56% increase from the previous year. This data from GeoComply Solutions shows that the U.S. sports betting industry is on a roll right now, with a 40% increase in sportsbook signups as well.
These numbers are due in part to the numerous sports betting launches that have occurred in the past year. With Kentucky sports betting about to become fully available, the betting handle should only continue to trend upward.
Betting Transactions Up 56% In NFL Week 1
Now that Week 1 of the NFL season is in the books, it’s interesting to look at some of the data behind the betting market. Vancouver-based GeoComply Solutions, which specializes in geolocation technology, has revealed that 242.3 million U.S. geolocation transactions were recorded in the NFL season’s first weekend. Compared to the previous year’s first weekend of football action, this represents a 56% increase.
This data is tracked by location verification, meaning the numbers would increase as bettors verify their information. As opposed to in-person sports wagering at retail sportsbooks, online betting accounts for over 80% of all wagering in the country.
The growing numbers are due partially to the increasing amount of states with legal sports betting. There are now 35 states with legalized sports wagering of some kind, plus availability in Washington, D.C. In the past year, numerous states have gone live with legal sports betting, such as Maryland, Ohio, and Massachusetts.
Additionally, Kansas sports betting launched at the beginning of September 2022. Interestingly, hundreds of thousands of attempts were made to place wagers in states that haven’t legalized sports wagering, such as Alabama, Minnesota, Mississippi, and Georgia.
Additionally, the first week of the NFL season had no shortage of marquee games to bet on. Following the exciting Thursday Night Football matchup between the Detroit Lions and Kansas City Chiefs, bettors got to wager on close games like the Tennessee Titans vs. New Orleans Saints and Los Angeles Chargers vs. Miami Dolphins.
Plus, GeoComply Solutions reported that, throughout NFL Week 1, more than 1.1 million new sports betting accounts were made. This number is up more than 40% compared to the 2022 season.
The 2023 @NFL season has officially kicked off! We analyzed our geolocation data from the past week to learn about this year's #sportsbetting activity & opportunities to protect consumers in unregulated states.
Read the report to learn more! https://t.co/6vciSmAD1p
— GeoComply (@GeoComply) September 13, 2023
Kentucky Sports Betting Launch Will Add More Transactions
The full Kentucky sports betting market will go live by the end of September. Retail sports betting launched in the state on September 7, 2023, bringing brick-and-mortar sportsbooks to local racetracks such as Derby City Gaming and Churchill Downs throughout the Bluegrass State. Then, on September 28, 2023, mobile sports betting will go live in the area, letting fans start betting with platforms like Bet365, DraftKings, FanDuel, Caesars, and BetMGM.
Kentucky sports betting should bring in a considerable amount of wagers, with plenty of sports fans throughout the state. With both online and retail sports betting available in October, the handle should be considerable.
In fact the numbers could be comparable to Louisiana, which has a similar population total and collected $255.8 million in October of 2022 with $30.7 million in revenue. The Kentucky sports betting market is expected to bring in approximately $23 million in tax revenue each year.