Following a third quarter where $24 billion in bets were made, Americans are now on pace to exceed $100 billion in total sports bets placed for the year 2023.
According to the most recent report from the American Gaming Association, Americans bet $24.10 billion on sports in the third quarter, 38.9% more than the previous year. The acceleration in handle was relatively fast compared to the growth in revenue, reflecting a decrease in the hold rates across several jurisdictions, the report states.
Through September, commercial sports betting remains on track for another record-setting year as revenues reached $7.20 billion through the first nine months, 52.9% higher than last year and nearly matching the full-year 2022 revenue of $7.18 billion, according to the report.
The year-to-date handle is $79.76 billion, a 24.5% annual increase.
Since legalization in January 2022, New York State has led the nation in sports book action, having another strong month this past October when it became the first state to surpass $2 billion in sports betting in a single month.