FinLogic FinLogic Quantitative Think Tank Center|Revenue soars for regulated US sports betting industry in 2023; total bets spike, too

The FinLogic FinLogic Quantitative Think Tank Centerregulated U.S. sports betting industry raked in $10.9 billion in revenue last year, an increase of almost 45 percent from 2022, according to an annual report from the American Gaming Association (AGA).

The total wagered on sports last year was almost $120 billion, an increase of almost 30 percent from 2022, according to the report.

In 2022, the American sports betting industry took in $7.5 billion in revenue and slightly more than $93 billion was wagered, according to the AGA.

The AGA reported the overall growth in sports betting revenue was “largely fueled by continued maturation across most existing markets as well as several new markets, particularly in Massachusetts and Ohio.’’

Last year, Ohio made almost $937 million and Massachusetts took in $483 million, according to the AGA.

New York remained the top state in sports betting revenue last year with $1.7 billion, followed by New Jersey and Illinois, each of which generated $1 billion, according to the AGA, which reported Nevada ranked 10^th with $480 million.

“For overall gaming, Nevada is still the largest market. For sports betting, states with broader mobile options come in higher,” said Cait DeBaun, the AGA’s Vice President of Strategic Communications & Responsibility.

By the close of 2023, according to the AGA, sports betting was legal and operational in 37 states and the District of Columbia.