Ten days before the end of the year, the data show that the U.S. sports betting industry is likely to reach the total 2023 handle of $100 billion. The figure represents the highest level in the history of sports betting in the States and is partially due to the significant turnover of the recently launched sports wagering markets, according to the source, such as Ohio that hit the $6 billion handle. Still, the record may be surpassed already in 2024 as other states – led by Vermont and North Carolina – are set to launch sports betting operations in the forthcoming period.
Reaching $100 Billion Level:
The American Gaming Association (AGA) has reportedly informed that the U.S. sports wagering handle arrived to a total of $79 billion by the end of the 3rd quarter of 2023. Such a level not only represents a 79% increase from the same period of 2022 but is set to grow further until the end of the 4th quarter of 2022. Taking into account the handle averaged over the three quarters of 2023, a rough estimate would pose the total 2023 handle at around $105 billion figure, but AGA vice president David Forman seems a bit more cautious to reportedly claim that the U.S. sports betting industry handle may reach around $100 billion level by the end of 2023. Such a record level would reportedly exceed the $91.7 billion total turnover achieved by the industry in 2022.
Ohio Contributes with $6 Billion Handle:
As indicated, several new markets were launched in 2023 to contribute to the result, such as Ohio, Massachusetts, Kentucky, Kansas and Maryland. As reported by the source, Ohio and Maryland, together with Nebraska, have been among the busiest mobile sports betting markets. The Ohio market was launched in January to generate a 6$ billion handle and significantly drive the overall figures towards the record $100 billion level.
Doubling the Handle Since 2018:
The overall 2023 result seems even more weighty when compared to the first year of legalized sports wagering in the U.S. In 2018, when the U.S. Supreme Court allowed sports betting in the States, the industry handled a total of $6.6 billion in sports bets which is almost equal to the 2023 level reached by Ohio as a single state.The industry has been growing ever since 2018 to reportedly double the numbers each year. Indeed, the industry reported totals of $13 billion in 2019, $21.4 billion in 2020, and $57.5 billion in 2021, according to the source.
New Markets Expected to Boost Overall Figures:
Having arrived at a $100 million mark, these numbers are not expected to double in 2024, but significantly grow with the inclusion of new markets. As reported, Vermont is set to launch on January 11, 2024 to be followed by North Carolina at a later date. The markets operating since 2018, the strong markets launched recently, and the newcomers Vermont and North Carolina represent a reliable basis to expect that the overall U.S. handle may hit a new record already in 2024.
