American Gaming Association Report: $79.76B In Sports Betting Through Q3 2023

The American Gaming Association has released a new report. The Q3 2023 AGA sports betting report showed tremendous growth. Nationwide sports betting handle totaled $79.76 billion through September. This is a 24.5% annual increase, showing a massive boom in sports betting. The market could reach more than $100 billion in wagers by the end of the year at the current pace.

Let’s take a close look at the AGA report.

AGA Sports Betting Report Breakdown

The AGA report reveals a boom in not only sportsbook handle but also sportsbook revenue. Quarterly sports betting revenue reached $2.23 billion for Q3, a 22.8% increase year over year. New markets helped contribute to the overall revenue growth in sports betting. Specifically, Maryland, Massachusetts, Nebraska, and Ohio added $358.7 million in revenue to the market in Q3.

Through nine months, revenue from the regulated betting market reached $7.20 billion in 2023. This has already surpassed the entire full-year revenue for 2022, which stood at $7.18 billion. The revenue numbers represent a 52.9% increase compared to this time last year. Sports betting has continued to be a major revenue influx for markets across the country.

Overall Growth In The Gaming Industry

The growth from sportsbooks aided in an overall boom in gaming growth nationwide. AGA’s Commercial Gaming Revenue Tracker shows that U.S. commercial gaming revenue is up 6.7% in Q3. This marks the eleventh consecutive quarter of annual growth in the industry. The combination of casinos, sportsbooks, and gaming operators has led to $16.26 billion in revenue for Q3 2023.

Total revenue through September sits at $48.78 billion, a 10.1% increase year over year. AGA expects 2023 to be the “third consecutive record-breaking year for the commercial gaming industry.” Gaming revenue has contributed $3.43 billion in taxes for local markets in Q3, a 5.2% increase year over year. Through September, local markets have seen $10.69 billion in taxes from gaming.

With the ever-expanding sports betting industry poised to see new markets go live in the coming months, the overall gaming revenue nationwide is expected to continue growing. Not included in the current report are the newly relaunched Florida betting market, the incoming North Carolina market, and the Vermont market that is on the horizon. It is to be expected that these gaming records will be broken again in 2024.