The sports betting industry had another record-breaking year.
The American Gaming Association released its annual report on Tuesday and it showed massive growth for the industry.
The United States sports betting industry posted a record $10.92 billion in revenue for 2023. That represents a 44.5% year-over-year increase from 2022.
The total handle for sportsbooks totaled $119.84 billion, which was a 27.8% increase from 2022. The win percentage for sportsbooks grew one percent (8.1% to 9.1%) which contributed to the massive growth of revenue.
There were five new legal betting states in 2023: Massachusetts, Nebraska, Kentucky, Maine and Ohio. Ohio has become one of the biggest sports betting states in the country. The state brought in $936.6 million in 2023 which ranked as the fourth-highest in the country.
New York, New Jersey and Illinois all eclipsed $1 billion in annual revenue in 2023. It was the first time New Jersey and Illinois hit the $1 billion mark.
This could be the last year where sports betting sees massive growth. There are now 38 states that have legalized online sports wagering and there are few expected to launch in 2024.
And only one more state launch — in North Carolina — is scheduled so far this year.
"When we look at the map, there could be potentially two or three states that have some activity and get it across the finish line this year," AGA senior vice president of government relations Chris Cylke told reporters Tuesday. "There could be zero, which would be disappointing, but that's where we are right now with the progress that we've made over the past almost six years."
