United States sports betting saw record-breaking figures in November, with Arizona reporting a handle of over $10 billion.
Record-Breaking Sports Betting Handle in the United States
In a historic milestone, the United States sports betting market reached a handle of $10 billion in a single month during November, marking the first time this figure has been achieved since the repeal of the Professional and Amateur Sports Protection Act (PASPA) in 2018.
This rapid market growth can be attributed to the legalization and launch of regulated sports betting in multiple states, increased consumer access to mobile and retail sportsbooks, and the expansion of major markets such as New York and New Jersey.
New York, in particular, has been a driving force behind this growth. Since launching legal mobile wagering in January 2022, the state has set numerous monthly and weekly handle records. In late 2024, New York repeatedly posted weekly handles around or above $500 million, contributing significantly to the national handle records.
Joining New York as one of the top performers in November was New Jersey, which, as an early adopter since August 2018, consistently captures substantial betting handle volume. Other large markets, including Illinois, Nevada, Pennsylvania, and Arizona, also contributed significantly to the national totals.
In Arizona, the sports wagering handle for November reached $616.9 million, marking the second time Caesars Sportsbook reached $4 million in adjusted revenue. Desert Diamond Mobile also saw an $11 million handle, extending a meteoric rise for the second straight month.
Arizona became the seventh state to surpass $5 billion handle in the 2022 calendar year, although the record in the Grand Canyon State remains just shy of $691 million, established last March. November's figure marked the first time Arizona cleared $600 million in back-to-back months.
The overall gross revenue of $56 million claimed by Arizona sportsbooks prior to deductions, promotions, and losses from some operators was a new monthly record. Notable performances include FanDuel, which topped $25 million in gross revenue thanks to a win rate close to 13%, and Barstool Sportsbook, which recorded a handle of over $20 million, the first time since January.
Despite these successes, Caesars Sportsbook and Barstool Sportsbook posted losses in retail sports betting in November, with Caesars taking the bigger hit. DraftKings, on the other hand, reported a hold of 5.8%, resulting in a gross revenue of $11.9 million.
As we approach the end of the 2022 calendar year, the total sports wagering handle for the year with three reports still to be published for December stands at $92.2 billion. The nationwide sports wagering handle for the month of November was $10.016 billion, further cementing the United States' position as a global leader in the sports betting market.
- The sports betting industry in the United States reached a record-breaking handle of $10 billion in November, a first since the repeal of PASPA in 2018.
- The sports betting market growth can be linked to the legalization and launch of regulated sports betting in several states.
- New York has been a major contributor to this growth, posting numerous monthly and weekly handle records since launching legal mobile wagering in January 2022.
- New Jersey, an early adopter since August 2018, consistently captures significant betting handle volume.
- Other large markets, including Illinois, Nevada, Pennsylvania, and Arizona, also contribute significantly to the national totals.
- Arizona's sports wagering handle for November reached $616.9 million, with Caesars Sportsbook and Desert Diamond Mobile seeing notable success.
- Arizona surpassed $5 billion handle in the 2022 calendar year, falling just short of the state record established in March.
- November marked the first time Arizona cleared $600 million in back-to-back months.
- The overall gross revenue of $56 million claimed by Arizona sportsbooks was a new monthly record.
- FanDuel topped $25 million in gross revenue, thanks to a win rate close to 13%.
- Barstool Sportsbook recorded a handle of over $20 million, a first since January.
- Caesars Sportsbook and Barstool Sportsbook posted losses in retail sports betting in November.
- DraftKings reported a hold of 5.8%, resulting in a gross revenue of $11.9 million.
- With three reports still to be published for December, the total sports wagering handle for the year stands at $92.2 billion.
- The nationwide sports wagering handle for the month of November was $10.016 billion.
- This rapid growth in the sports betting market can be seen as a significant development in the finance and business sectors.
- The expansion of major markets such as New York and New Jersey also impacts the personal-finance and personal-growth aspects of lifestyle.
- The sports betting industry's growth is a testament to the influence of fintech and data-and-cloud-computing on the modern economy.
- Travel and hospitality sectors, particularly in Las Vegas, may also benefit from this increase in sports betting activity.
- The growing sports betting market has even sparked interest in industries not typically associated, such as real-estate and education-and-self-development.
- Sports betting trends and gambling cultures are becoming increasingly popular topics in entertainment and pop-culture discussions.
- Social media platforms are buzzing with sports betting-related content, from big-wins to responsible-gambling messages.
- Casino-and-gambling establishments, including casino-games and lotteries, are attractive destinations for those interested in sports betting.
- Traditional casino games like poker and blackjack attract a different demographic, while sports betting appeals to a broader audience.
- The rise in sports betting handles is also influencing the racing industry, with racing events attracting more spectators and bettors.
- With more states likely to legalize sports betting in the future, the market is expected to continue growing.
- As sports betting becomes more mainstream, it's essential to promote responsible gambling practices to ensure the wellbeing of those participating in this growing industry.
