Americans placed a staggering $23 billion in sports bets during the third quarter of the year, marking a 32.7% increase from the previous year and putting the industry on track to reach a record-breaking $100 billion total handle for the year. This growth has been driven largely by states like Massachusetts and Ohio, which have expanded or introduced legal sports betting this year, contributing to the sport’s growing popularity.
The total sports betting handle for January to September reached $78.7 billion, representing a 22.9% increase from the same period in 2022. Not only has betting volume increased, but sports betting revenue for operators has also seen a notable uptick. Third-quarter revenue reached $2.15 billion, marking a 22.8% increase from the previous year. The nine-month revenue of $7.11 billion is 51% higher than the same time period in 2022, and nearly matches the full-year figure of $7.18 billion.
The rise in betting volume in comparison to revenue growth suggests a growing and engaged betting community, according to Matt Speakman, U.S. sports betting analyst at Online-Gambling.com, who expects continued market growth with upcoming major sporting events like Super Bowl LVII and March Madness basketball tournament in March 2023 . The U.S