The American Gaming Association recently released data showing that Americans placed a record $23 billion in sports bets during the third quarter of 2022, marking 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.
Sports betting revenue for operators has also seen a notable uptick, with third-quarter revenue reaching $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 2022, 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 in comparison to revenue growth suggests a growing and engaged betting community. Speakman expects continued market growth with upcoming major sporting events, including the FIFA World Cup and Super Bowl LVI.
The U.S. sports betting market continues to be in a state of flux with the entrance of new major players like Fanatics and ESPN Bet. However, 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.