As the U.S. betting scene swells under the weight of several top-tier sports, the overall value of the market continues to skyrocket. Recently, more states have opened their doors to online sports betting practices, and, year-on-year, record figures are being tracked across the board. It’s expected that, by the end of the year (2022), the total betting handle in the United States will exceed $100 billion in total.
This claim comes following a report published by the AGA, the ‘Commercial Gaming Revenue Tracker’. On the 19th of October, a nationwide breakdown was published that highlights extreme growth in several areas within the United States. For instance, it was revealed that August was the eighteenth consecutive month with positive year-over-year gaming revenue growth. From January through August, commercial gaming revenue exceeded $39 billion, a 15% increase year-over-year.
There are high expectations that the growth will continue far into 2023 and beyond.
The Market Is Opening Up
Recently, the likes of Kansas, Massachusetts, and Maryland have moved to open their doors to various sports betting practices, including online sports betting. In November, Props. 26 and 27 will go to the polls, which could impact the integration of online sports betting practices in the state of California. Reportedly, top U.S.-based gambling organisations, BetMGM, FanDuel, and DraftKings, have invested more than $160m in support of Prop. 27, which, if passed, would legalise mobile sports betting in California.
In the report published by the American Gaming Association (AGA), it was revealed that sportsbooks had seen the greatest growth in the last year. Throughout August, sportsbooks recorded more than $471m in revenue, which is a 116% increase year-over-year. As more states change their stance on gambling, these numbers continue to swell. In a short statement posted to Twitter, Bill Miller, the CEO and President of AGA said:
‘Despite the business challenges posed by macroeconomic conditions, gaming is well on its way to another record-setting year – a testament to the strength of our industry.’
From January to August 2022, more than $4 billion in revenue was recorded by U.S. sportsbooks. While the betting handle for the U.S. sports betting market is expected to exceed $100b by the end of the year, it sat at a substantial total of $56 billion by the end of August. This equalled an 86% gain year-on-year when compared to the same period in 2021.
Out of thirty-one ‘commercial gaming jurisdictions’ tracked by the AGA, twenty-seven of them reported revenue growth year-over-year. According to statistics published by the AGA, the state with the greatest growth was Virginia, which saw a year-over-year change of 185.3% (in August).
There are few blockers in place now preventing the opening up of sports betting markets on a nationwide basis. In the last few years, there has been a remarkably positive reception to sports betting in the United States, and as time goes on, it’s becoming a much more accepted concept.