As the year comes to a close, recent data indicates a significant milestone for the U.S. sports betting industry, poised to reach a historic handle of $100 billion by the end of 2023. This accomplishment is attributed in part to the successful launch of sports wagering markets in states like Ohio, which alone contributed a substantial $6 billion handle. The industry’s unprecedented growth is expected to continue, with additional states, including Vermont and North Carolina, gearing up to introduce their sports betting operations in the near future.
Surpassing $100 Billion
The American Gaming Association (AGA) reports that the U.S. sports wagering handle reached an impressive $79 billion by the conclusion of the third quarter of 2023. Reflecting a remarkable 79% increase from the same period in 2022, this figure is projected to further escalate during the final quarter. While a rough estimate, based on the average handle across the three quarters of 2023, suggests a total of around $105 billion, AGA Vice President David Forman remains cautiously optimistic, suggesting the U.S. sports betting industry may attain the $100 billion mark by the end of 2023. If achieved, this record-breaking level would surpass the industry’s 2022 turnover of $91.7 billion.
Ohio’s Significant Contribution
The launch of several new markets in 2023 has been pivotal in driving this remarkable result. States such as Ohio, Massachusetts, Kentucky, Kansas, and Maryland have made substantial contributions. Ohio and Maryland, along with Nebraska, particularly stand out as some of the busiest mobile sports betting markets. Ohio, entering the market in January, made a significant impact by generating a $6 billion handle, playing a crucial role in propelling the overall figures towards the unprecedented $100 billion milestone.
Doubling the Handle Since 2018
The significance of the 2023 results becomes more apparent when compared to the inaugural year of legalized sports wagering in the U.S. In 2018, when the U.S. Supreme Court granted states the authority to legalize sports betting, the industry handled a total of $6.6 billion in sports bets. Remarkably, Ohio’s 2023 individual state handle nearly matches the entire industry’s 2018 figure. The industry has consistently witnessed remarkable growth since 2018, doubling its numbers each subsequent year. Notably, reported totals include $13 billion in 2019, $21.4 billion in 2020, and $57.5 billion in 2021.
New Markets Expected to Propel Growth
As we gaze into the future of the U.S. sports betting industry, the prospect for 2024 is teeming with anticipation. While the industry may not witness a doubling of its impressive figures, a notable surge is on the horizon, fueled by the entry of new markets. Mark your calendar for January 11, 2024, as Vermont gears up to launch its sports betting operations, setting the stage for a thrilling year. North Carolina is also set to join the fray at a later date, adding to the dynamic landscape.
The collective strength of well-established markets that have flourished since 2018, coupled with the robust impact of recently launched markets and the imminent arrival of Vermont and North Carolina, forms a robust foundation. This amalgamation fuels our expectations that the U.S. sports betting industry is poised to set a new record in 2024. Stay tuned as the year unfolds, promising exciting developments and a potential historic milestone in the realm of sports wagering.
Frequently Asked Questions (FAQ) – U.S. Sports Betting Industry
What is the current status of the U.S. sports betting industry?
The U.S. sports betting industry is experiencing significant growth, with a handle expected to reach $100 billion by the end of 2023, marking a historic milestone.
Which states have recently entered the sports betting market?
New markets such as Ohio, Massachusetts, Kentucky, Kansas, and Maryland have been launched in 2023, contributing to the industry’s record-breaking figures.
What is the American Gaming Association’s (AGA) assessment of the industry’s performance?
According to AGA, the U.S. sports wagering handle reached $79 billion by the end of the third quarter of 2023, showcasing a substantial 79% increase from 2022.
How has Ohio contributed to the industry’s success?
Ohio, entering the market in January 2023, generated a significant $6 billion handle, playing a crucial role in driving the overall U.S. handle towards the $100 billion mark.
How does the 2023 handle compare to previous years?
The industry has witnessed consistent growth since 2018, doubling its numbers each year. Totals include $13 billion in 2019, $21.4 billion in 2020, and $57.5 billion in 2021.
Which states are expected to launch sports betting operations in 2024?
Vermont is scheduled to launch on January 11, 2024, with North Carolina also set to introduce sports betting, contributing to the anticipated growth in 2024.
What factors contribute to the expected growth in the U.S. sports betting industry?
The industry’s continued expansion is attributed to the launch of new markets, strong performance in existing markets, and a steady increase in the number of states legalizing sports betting.
How does the U.S. sports betting industry handle compare to its inaugural year in 2018?
In 2018, the industry handled a total of $6.6 billion in sports bets, a figure nearly matched by Ohio’s individual state handle in 2023.
What role does the American Gaming Association (AGA) play in monitoring industry performance?
The AGA provides valuable insights into the industry’s handle, offering quarterly assessments and projections based on data analysis.
What does the future hold for the U.S. sports betting industry?
With the inclusion of new markets and the overall positive trajectory, the industry is poised for continued growth, aiming to set new records in the coming years.
Is sports betting legal in the USA?
Yes, sports betting is legal in the USA. The legality, regulations, and available platforms vary by state, with many having legalized and regulated sports betting.
How do you sports bet in states that don’t allow it?
Betting in states without legal sports betting options is not recommended. Residents can travel to neighboring states with legal sports betting or engage in legal online options.
What states will have ESPN Bet?
ESPN Bet availability depends on state regulations. Check with ESPN or your state’s gambling authority for updates on ESPN Bet launching in your area.
What betting site can I use in the USA?
Several legal and regulated betting sites operate in the USA, including FanDuel, DraftKings, BetMGM, and others. Choose a site licensed in your state for a secure betting experience.
Best betting sites in the USA
The best betting sites in the USA include FanDuel, DraftKings, BetMGM,PointsBet, and Caesars Sportsbook. Factors like promotions, odds, and user experience contribute to their rankings.
Top 10 UK betting apps
The top 10 UK betting apps may include Bet365, William Hill, Ladbrokes, Betfair, and others. Rankings can vary based on user preferences, features, and promotions.
Best odds betting sites
Sites like Bet365, DraftKings, and FanDuel are known for competitive odds. However, the “best odds” can vary based on the specific sports, events, and bet types, so it’s advisable to compare.
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