Sports Betting Achievements Persist as Final 2023 Statistics Unveiled

Sports Betting Achievements Persist as Final 2023 Statistics Unveiled

The US sports betting market experienced a significant surge in 2023, with numerous milestones reached and impressive growth. According to estimates derived from available data and trends, the total sports wagering handle for 2023 is approximately $55.1 billion, marking a substantial increase from previous years.

In October 2023, sixteen states set all-time handle highs in monthly handle, with New York becoming the first to reach $2 billion. This was a historic moment for the industry, as it signaled the growing popularity of sports betting across the nation.

Six states had at least $9 million in full-year increases in tax revenue compared to 2022, with Ohio making a particularly strong debut in sports betting, generating a billion-dollar handle in its first year, fueling a record $11.5 billion handle nationwide.

The gross revenue generated by sports betting operators in 2023 was $24,961,102,148, which is about 10% of the total handle, assuming a typical hold of 10%. This resulted in approximately $5.5 billion in gross operator revenue for the year.

State taxes generated from sports betting revenue in 2023 totaled $4,554,397,151. New York, which entered the mobile betting space in 2023, accounted for more than 41% of this total, with a tax revenue of $862.6 million, all of which went towards state education.

Five states have collected $100 million-plus in tax revenue in 2023, and another nine states are projected to have year-over-year gains in tax revenue between $1 million and $5 million. Eight states have totaled at least $75 million in tax revenue in 2023, compared to only four in 2022.

The all-time sports wagering handle reached $305,537,571,248 in 2023, an increase of 42.2% compared to the full-year 2022 total. The adjusted gross revenue (AGR) in 2023 was $21,641,202,578, an increase of 36.3% compared to the full-year 2022 total.

These figures represent the growing US sports betting market prior to the more rapid expansion and higher revenue expected in 2024 and 2025 according to industry forecasts. The market is poised for continued growth, as more states legalise and regulate sports betting, offering new opportunities for operators and generating additional revenue for state coffers.

| Metric | Approximate 2023 Value | |----------------------------|------------------------------| | Total Sports Wagering Handle| ~$55 billion | | Gross Operator Revenue | ~$5.5 billion | | State Taxes Generated | ~$500 million |

1. The substantial increase in sports betting handle in 2023, reaching approximately $55.1 billion, opened up opportunities for parlaying diverse wagers within the sports betting market.
2. The sports betting industry saw a significant shift in 2023, with states like Ohio, generating a billion-dollar handle in its first year, influencing the lines for future sports betting growth.
3. In the realm of casino-and-gambling, sports betting has become a lucrative venture, with operators generating an estimated gross revenue of $24,961,102,148 in 2023, assuming a typical hold of 10%.
4. The growing US sports betting market, marked by milestones such as New York reaching a record $2 billion monthly handle, has brought in substantial tax revenue, with over 13 states generating $100 million or more in 2023.

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