U.S. Sports Betting On Track For $100 Billion Handle In 2023
For the first time in history, the U.S. sports betting industry is on pace to hit $100 billion in total handle. This growth should continue in the future, as sports wagering is set to go live in both Vermont and North Carolina soon.
One of the driving forces in the $100 billion total was the fairly new Ohio sports betting market, which itself contributed approximately $6 billion in handle through October.
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U.S. Betting Market On Pace For First $100 Billion Yearly Handle
Throughout the first nine months of 2023, U.S. sports fans bet a total of $79 billion through both online sports betting apps and retail sportsbooks. The American Gaming Association (AGA) has reported that this represented a 79% increase from 2022.
And those numbers should only continue to grow, as AGA vice president David Forman claims that the country will likely generate a handle of $100 billion this year. This would be an all-time record in the U.S., which yielded a $91.7 billion total handle in 2022.
2023 saw the launch of online sports betting in a few different markets, such as Ohio in January, Massachusetts in March, and Kentucky in September. Additionally, it was the first full year with legal mobile sports betting in states like Kansas and Maryland.
Overall, the AGA claims that growing Ohio, Maryland, Nebraska, and Maryland markets have been some of the most important in this record betting year.
2024 Should Continue Growth Of Sports Wagering
The $100 billion in sports betting handle generated throughout 2023 continues what’s been a major upward trajectory for U.S. sports betting. Since 2018’s $6.6 billion handle, numbers continued to nearly double each year, as seen with totals of $13 billion in 2019, $21.4 billion in 2020, and $57.5 billion in 2021. And while it likely won’t double the previous year’s totals, 2024 should continue seeing these numbers escalate.
2024 is set to start with the launch of Vermont sports betting, which is slated for January 11th. Plus, North Carolina is on track to roll out mobile sports betting, although an official date hasn’t been determined yet. The Tar Heel State will have to launch its sports betting market before June 14, 2024. Sports betting being available in these states and the maturation of other sports betting markets should translate to another major U.S. handle.
Ohio Starts Strong With Nearly $6 Billion Handle In First 10 Months
As noted earlier, the state of Ohio has made a major impact on the U.S. sports betting numbers. And it’s easy to see why, as the Dayton Daily News has reported almost $6 billion in total handle from its initial launch on January 1, 2023 through October.
Both retail sportsbooks and mobile betting apps became available on that date, with casinos like Hard Rock Cincinnati hosting events to commemorate legal sports wagering as former Cincinnati Reds player and manager Pete Rose placed the first legal wager. The Ohio sports wagering market is unique in that it offers betting kiosks at locations such as bowling alleys and grocery stores.
While retail sports betting is widely available in the Buckeye State, mobile sports betting has accounted for 97% of the total handle. Revenue totals have been strong in the area, totaling around $780 million through October to go with approximately $102 million in total taxes.
