US sports wagering exceeds $100 billion in 2023

US sports wagering exceeds $100 billion in 2023

The US Sports wagering handle has reported accepted bets of over $100 billion. The number comes at a time when most of the major reports for November are due, and December is 10 days away from the conclusion. It is an increase of 7.2% from last year, when the number was $93.8 billion. The total amount of accepted bets comes to $291 billion, and the recent figure makes up 34.5%.

The segment went live in multiple US jurisdictions in 2018. Figures have only been rising since then, with the first-ever report claiming a success of $4.6 billion. The following year marks a pivotal moment since the number increased nearly three times, with the continuous growth fueled by the expanding interest in sports betting USA.

As for months, November could potentially continue the streak of bagging more than $10 billion in a month. October’s number was $12.2 billion, after September, which reported a milestone of $11.6 billion. The previous streak in 2023 was broken in February when the value of bets accepted was $9.01 billion. January and February had $11.4 and $11.2 billion of bets, respectively.

Newcomers who have significantly impacted the record are New York, New Jersey, and Illinois. NY leads with $17.14 billion, while other states are at $10.69 billion and $8.93 billion, respectively. Michigan is rallying around $4.2 billion, likely to go above $4.5 billion after December numbers are made public. A similar sentiment applies to New York and New Jersey.

Ohio has a longer build-up process. Expectations were that it would surpass a couple of regions to at least appear in the top three. It now sits at $5.98 billion, just behind Nevada, where collections have reached $6.5 billion. Nevertheless, Ohio still has a chance, with a projected number of $7.25 billion by the end of 2023.

Kentucky’s debut in September proved fruitful when the number surpassed $10 billion for the first time since March this year. The momentum appeared to go on only to break in November, wherein, Maine’s number included, the milestone is barely above $8.5 billion. To reiterate, the year 2023 has been good so far considering the value is above $100 billion and most of the major players have yet to share their data for November. December will have a more optimistic projection, not just of how 2023 went by but also of how 2024 could happen.

Meanwhile, FanDuel and DraftKings have decided to take on the competition with ESPN BET. They look committed to enticing customers with pretty amazing promotions. Also, they are committed to leading the segment of parlay wagering as a primary source.

A constant rise in the numbers is credited to the accessibility of the premise via mobile betting. Additionally, other regions, led at the moment by New York, are surprising the industry with their stellar performance while Nevada lags behind in fifth place with $6.5 billion.

Author: Albert Turner