US Sportsbooks achieve $10.9bn revenue boost in 2023

The American Gaming Association (AGA) has revealed its annual report showcasing the extraordinary performance of the US sports betting industry in 2023.

According to the AGA’s comprehensive analysis, the total handle in US sports betting surged to an astounding $119.8 billion, representing a 27.8 percent increase compared to the previous year. This surge in activity was accompanied by a substantial rise in sportsbook revenue, which climbed by 44.5 percent to reach an impressive $10.9 billion.

The AGA’s report also highlights the broader commercial gaming landscape in the US, with total revenue reaching a historic annual high of $66.5 billion. This figure reflects a significant 10 percent increase from the previous year, marking the industry’s third consecutive year of record-breaking revenue.

The growth witnessed in the US sports betting sector can be attributed to a variety of factors, according to the AGA. Continued maturation across existing markets played a significant role, as did the emergence of several new markets, particularly in states like Massachusetts and Ohio. This sustained growth underscores the industry’s resilience and adaptability in response to evolving regulatory environments.

“From the traditional casino experience to online options, American adults’ demand for gaming is at an all-time high,” AGA President and CEO Bill Miller said.

“Sustaining our momentum will take unified industry efforts around combating pernicious illegal operators and growing responsible gambling efforts in tandem with the growth of the legal market – both of which the AGA is committed to lead on throughout 2024.”

Industry experts are optimistic about the future of US sports betting. Flutter, the parent company of renowned US gambling brand FanDuel, anticipates significant growth in the market, estimating its total addressable value to exceed $40 billion by 2030.

The AGA echoes these sentiments, forecasting continued expansion and evolution within the industry as it navigates new opportunities and challenges on the horizon.