US Sports Handle Surpasses $250 Million Since its 2018 Launch

The US passed a significant milestone last week when the country’s betting handle surpassed $250 million. That has translated into over $20 billion in revenue and an operator hold of 8.1%. Those numbers come about five years after the industry’s launch in 2018 when the Supreme Court overturned the Professional and Amateur Sports Protection Act (PASPA). The number is impressive, given that several states still have no legal sports betting, including California, Texas, and Florida (temporarily). 

The biggest reason the US could surpass $250 million so quickly was the addition of the New York market. The first year of sports betting in the Empire State helped raise the national handle by $85 billion. Their impressive success shows what to expect once Florida, California, and Texas open up their respective sports betting markets.

The mass offerings of special promos and welcome bonuses have inflated these numbers, meaning they may not represent the actual growth of the industry. However, those will likely continue as more states legalize sports betting. We also have two major brands, Fanatics and ESPN, hoping to break into the industry, likely through promotions and bonuses.

New Jersey Remains Sports Betting Leader

While New York significantly boosted the national handle, New Jersey continues to outpace other states in sports betting revenue. The Garden State’s massive population and experience with the gambling industry have given them a significant advantage over the rest of the country, including Nevada. Their success has made them one of the most coveted states for operators to be in, and they continue to see residents from other states flock to Atlantic City every year.

Time will tell if New Jersey remains as the powerhouse over the next few years. Aside from the other major markets likely going live during that stretch, other states will also become better at managing the industry to maximize their handle. Regardless, New Jersey will be one of the major players in the industry for the foreseeable future.