Sports Betting Industry Crosses New Mark
When the federal ban on sports betting was lifted back in 2018, no one really knew what to expect from this market. There were some that expected some big handle and revenue numbers for the industry, but no one could have predicted that the numbers would be this good.
The total sports betting handle since the legalization of online sports betting is now more than $250 billion. Every year seems to get better for this industry, and there is a chance that the U.S. could see more than $100 billion wagered in 2023 alone.
It was less than six months ago that the total U.S. sports betting handle went over $200 billion, and that speaks to just how rapidly everything is growing. Kentucky is set to launch sports betting next month, and it will become the fourth state to join the industry just this year.
New York is now the clear leader when it comes to online sports betting, but there were some other states that really drove the numbers early. There are now 30 different states with legal sports betting of some kind in place, and that number is only going to continue to grow.
Some Impressive Numbers for the U.S.
When you look at the different states with sports betting in the United States, you will notice that New York has set a number of records that simply won’t be matched. New York has recorded the 12 highest monthly handle totals of all-time, and no other state has been particularly close.
There have been four different months in which the total sports betting handle was over $10 billion across the United States. A group of five states have enjoyed the most success as that group has all posted at least one month with a handle of more than $1 billion.
This growth has been pretty rapid over the last few years as there were just seven states with legal sports betting heading into 2019. That number jumped all the way up to 13 heading into 2020, and then up to 20 heading into 2021.
The current monthly record for the total handle in one month happened back in January 2023 as that number was up over $13.5 million. With the 2023 NFL season set to start soon, there is a chance that the record will get broken before 2024.
Another Launch Coming
There have already been three states that have launched sports betting in 2023, with Ohio getting things started right away on January 1, 2023. Massachusetts and Nebraska have also launched sports betting so far in 2023, and another state is getting ready to do the same.
The Kentucky Horse Racing Commission recently announced nine companies that were granted temporary sports betting licenses, and this state should see some great operators offering betting to customers.
Kentucky is not going to become a massive sports betting market, but there is still a chance that the state puts up some solid numbers right away. Other states are preparing for a launch in 2024, and others are going to be working on getting a bill passed.
