The U.S. sports betting industry is on track to hit a record $100 billion handle by the end of 2023, according to recent data. This represents the highest level in the history of the industry and is attributed to the successful launch of sports wagering markets in various states. Ohio, for example, contributed significantly with a $6 billion handle.
The American Gaming Association (AGA) reported that the U.S. sports wagering handle reached $79 billion by the end of the third quarter of 2023, marking a 79% increase from the same period in 2022. Based on the handle averaged over the three quarters of 2023, it is estimated to reach around $105 billion by the end of the year. AGA vice president David Forman expressed caution but stated that the industry handle may reach around $100 billion by the end of 2023, surpassing the $91.7 billion turnover achieved in 2022.
New markets launched in 2023, including Ohio, Massachusetts, Kentucky, Kansas, and Maryland, have contributed to the industry’s success. Ohio and Maryland, along with Nebraska, have been among the busiest mobile sports betting markets, with Ohio alone generating a $6 billion handle.
When compared to the first year of legalized sports wagering in the U.S. in 2018, the overall 2023 result is even more significant. The industry has seen tremendous growth since then, with the handle doubling each year. In 2018, the industry handled $6.6 billion in sports bets, a number comparable to Ohio’s 2023 level as a single state.
Looking ahead to 2024, even more growth is expected with the launch of new markets, including Vermont and North Carolina. The industry is not expected to double the $100 million mark in 2024, but it is anticipated to grow significantly with the inclusion of these new markets. The strong markets launched recently, together with the newcomers Vermont and North Carolina, provide a reliable basis to expect that the overall U.S. handle may hit a new record in 2024.