U.S. To Hit $100 Billion in Sports Betting Handle in 2023

It seems with every month, states set new sports betting records. So reaching a handle of $100 billion shouldn’t come as much of a surprise. Still, the bettor who reached the magic number deserves a new car.

U.S. To Hit $100 Billion in Sports Betting Handle in 2023

Start with this stat: Americans wagered $23 billion on sports games in the third quarter, 32.7 percent more than in 2022. The nine-month handle surpassed $78.7 billion, a gain of 22.9 percent over 2022, according to Front Office Sports.

Not bad, huh?

With figures like these, you would expect revenues to also glow. And you’d be right. Third-quarter revenue of $2.15 billion marked a 22.8 percent improvement. The nine-month result produced the appropriate $7.11 billion, a 51 percent gain.

“The notable rise in betting volume, surpassing revenue growth, hints at an evolving, engaged betting community,” said Matt Speakman, U.S. sports betting analyst at Online-Gambling.com.

What all this adds up to is the likelihood of wagers hitting $100 billion this year. Before going bonkers remember that Massachusetts and Ohio came online in 2023 as did the well-heeled Fanatics and ESPN Bet.

As has been the case since New York introduced legal online sports betting in January 2022, the Empire State remains the industry’s top performer. In October, it became the first U.S. state to post $2 billion in sports betting handle in a single month.