The American Gaming Association has recently released data indicating that Americans placed a staggering $23 billion in sports bets during the third quarter of 2022, representing a 32.7% increase from the previous year. This growth has been driven largely by states like Massachusetts and Ohio, which have expanded or introduced legal sports betting this year, contributing to the sport’s growing popularity.
The total sports betting handle for January to September reached $78.7 billion, representing a 22.9% increase from the same period in 2021. This growth is expected to continue as more states legalize sports betting and new players enter the market, such as Fanatics and ESPN Bet.
Not only has betting volume increased, but sports betting revenue for operators has also seen a notable uptick. Third-quarter revenue reached $2.15 billion, marking a 22.8% increase from the previous year. The nine-month revenue of $7.11 billion is 51% higher than the same time period in 2021, and nearly matches the full-year figure of $7.18 billion.
According to Matt Speakman, U.S. sports betting analyst at Online-Gambling.com, this rise in betting volume suggests a growing and engaged betting community that will continue to drive market growth with upcoming major sporting events such as Super Bowl LVI and March Madness basketball tournament.
New York remains the industry’s top performer, having been the first state to post $2 billion in sports betting handle in a single month following the introduction of legal online sports betting in January 2022.
Overall, these findings indicate that the sports betting industry is experiencing rapid growth and expansion across many states in America and it’s not slowing down anytime soon with new players entering into market and major sporting events on horizon.