US Sets Record With Over $10 Billion in Revenue for 2023

Sports betting in the US set a new record in 2023 as the industry generated $10.92 billion in revenue. The massive number comes after $119 billion in wagers were placed in the US, a 27.8% increase from last year. Last year’s revenue was up from the $7.5 billion generated in 2022.

The main reason for the record-setting year was the expansion of the sports betting landscape in the US. Ohio, Nebraska, Massachusetts, Kentucky, and Maine all launched sports betting markets during the year, all of which were live during the NFL season. 

While the sports betting industry is expected to continue to expand in 2024, experts are warning a slowdown could be coming.

"I think we're in some ways victims of our own success over the past five years in that we now have 38 states plus DC that have already taken the step of legalizing and regulating sports betting, so there's a lot fewer states left on the board," American Gaming Association senior vice president Chris Cylke said of the record-breaking number. "Some of them have pretty significant political challenges in terms of getting sports betting itself enacted.

There are significant hurdles to getting most of the final 12 states to legalize sports betting, but 2024’s revenue will undoubtedly get a boost with Florida now live. The Sunshine State legalized the industry in 2021, but legal challenges over its gaming compact kept it on hold for two years. Retail and mobile sports betting finally went live towards the end of 2023, meaning 2024 will be the first full year of legal sports betting.

North Carolina Set for March 11 Launch

North Carolina is the only state with plans to launch a legal sports betting industry in 2024. The Tar Heel state is set to launch on March 11, with eight online sportsbooks expected to be active and a ninth launching later in the year. The following operators are expected to be ready for the state’s pre-registration period starting on March 1:

• Bet365

• BetMGM

• DraftKings

• ESPN Bet

• Fanatics

• FanDuel

• Underdog Sports

• Caesars (Eastern Band of Cherokee Indians)

The Tar Heel state is projected to see around $64 million in its first year, giving the US another boost to its overall revenue.