Fast DC News Ticker

AMERICANS BET $119.84B IN 2023 — AN INCREASE OF 27.8% OVER 2023

By Skip Charles in Vegas

American sports betting is exploding:

A record $10.92 billion in revenue for 2023, according to the American Gaming Association’s annual report.

That’s a 44.5% year-over-year increase from 2022, which previously held the record.

A handle of $119.84 billion (a 27.8% year-over-year increase) combined with an increased year-over-year sportsbook win percentage of 9.1% (up from 8.1% in 2022) contributed to the record.

AGA notes that these figures are all without Arizona (November) and Kentucky (November and December) reporting their most recent data.

Another key factor was the addition of five new legal betting states — Kentucky, Maine, Massachusetts, Nebraska and Ohio — all going online in 2023. Ohio has quickly established itself as a sports betting hotbed, bringing in $936.6 million to rank as the fourth-highest-earning state in the country. The five new states combined to bring in $1.49 billion last year.

Meanwhile, New York maintained its dominance at the top of the leaderboard by accumulating $1.697 billion in 2023 revenue, while New Jersey ($1.007 billion) and Illinois ($1.002 billion) each eclipsed $1 billion in annual revenue for the first time.

Aside from the yearlong numbers, the sports betting industry also posted a record quarter by bringing in $3.41 billion in revenue in the fourth quarter of 2023 — a 30.8% increase from the fourth quarter of 2022 and a 19.6% increase from the record set in the first quarter of 2023.

Another quarterly record could be on tap. The AGA projected that Americans would bet $23.1 billion on Super Bowl LVIII, and Nevada ($185.6M) and New York ($162.2M) already reported enormous numbers from the game. With North Carolina launching legal online sports betting in early March — just in time for March Madness — a new record quarter for Q4 2024 seems all but assured.

While another record year could also be in store for 2024, the industry is wary of the notable slowdown of states legalizing.

AGA also touts that gambling taxes generated $14.4 billion for state and local governments in 2023.

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