Sports Betting Revenue hits $11 Billion in 2023
It case you didn’t know, sports betting is getting more and more popular every year. The sports betting industry set a record with nearly $11 billion in revenue for 2023. The American Gaming Association reported that US sports betting posted a record $10.92 billion in revenue for 2023. That is a huge year for the industry. It also represents a 44.5% year over year increase from 2022. 2022 previously held the record. A handle of almost $120 billion combined with an increase win percentage of the books of 9.1% contributed to the record.
Five new legal states helped the industry set the record. Those 5 states are Kentucky, Maine, Massachusetts, Nebraska, and Ohio. All 5 states went online in 2023. New York maintained its dominance at the top of the leaderboard. The state of New York accumulated $1.70 billion in 2023. New Jersey and Illinois both eclipsed $1 billion in annual revenue. That is the first time either of those two states went over $1 billion.
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