The United States sports betting market was expected to hit new heights in 2023, and that is exactly what has happened. Even though only a handful of states have even reported on November sports betting numbers, the total sports betting handle is already up over $100 billion.
The total sports betting handle could approach close to $115 billion before everything is said and done, and that will shatter the mark that was set in 2022. Last year the total handle came in at $93.8 billion, and impressive number of its own.
October is currently the biggest monthly handle on record at $12.2 million, and November should actually bring in more betting action than that. With over 30 states now with some sort of legal sports wagering, it’s no coincidence that the numbers just continue to climb.
June 2018 was the first time that states outside of Nevada were able to accept legal sports betting wagers, and things have progressed in a hurry. The 2023 handle already represents 34% of the total handle recorded since 2018, and it will represent a larger chunk by the time the calendar year ends.
The Top Markets Lead
The state of New York is clearly the leader in legal sports betting as it has posted a total handle of more than $17 billion in 2023. New York recently became the first state to record at least $2 billion in one month, and it will likely repeat that feat for the next few months.
New Jersey is currently sitting at $10.69 billion through November 2023, and it’s holding on to second place. Illinois could actually surpass New Jersey by the end of the year as the Land of Lincoln is at $8.93 billion through October.
Those three states have separated from the rest of the pack, but Florida could look to join that group in 2024. Online sports betting is now back in the state of Florida as the Hard Rock Bet app is available to all residents that are of legal age in the state.
Pennsylvania and Nevada continue to round out the top five, and both of those states will finish the year with at least $6 billion in wagers. Those states are doing a bulk of the damage, but some newer markets are thriving as well.
Ohio Making a Charge
Ohio got things started off in 2023 in a big way as that state officially launched sports betting on January 1. There was over $1.1 billion wagered during that first month of action, and the Buckeye State has seen $5.98 billion wagered through November.
Massachusetts is another state that launched sports betting in 2023 that is now currently sitting in the top-ten in yearly handle. Online sports betting went live in that state back in March, and it is approaching $5 billion wagered for the year.
With more states set to launch online wagering in 2024, expect some more record-setting numbers posted by this growing industry.
