The American Gaming Association has released its Q3 revenue report for 2022. The report shows major gaming growth year over year. A major reason for the increase in revenue is the booming sports betting market. The U.S. sports betting market has reached a record-setting revenue of $1.68 billion in 2022. This is an 80.6% increase compared to 2021.
Sports Betting More Popular Than Ever
Across the entire U.S. sports betting industry, growth has been reported in Q3 2022. Not only are there more markets than ever available, but several markets have seen an uptick in betting activity compared to previous years.
The NFL season kicks off during Q3 which explains why a lot of wagers are being placed during that window. Virginia recently released its September revenue report which showed a record-setting $53,822,282 in gross gaming revenue (GGR). This was an increase of 40% year over year.
The increases aren’t just exclusive to states either. Popular sportsbook DraftKings released its Q3 reports. The company showed a 136% increase in quarterly revenue for Q3 2022. This is the largest yearly increase in the company’s history.
Sports betting is more popular in total across the U.S. There are more active betting markets than ever with more to come in the next few months. This increase in markets also adds to the growing revenue numbers each quarter.
Growth Expected To Continue
The sports betting market will see additions in Massachusetts, Ohio, and Maryland online sportsbooks. All three of these states will be live between Q4 2022 and Q1 2023. The market is projected to balloon with these additions.
Taking another look at the DraftKings report, the projections for future growth as increased with these new markets. Original projections for 2023 adjusted revenue guidance were $2.8 billion. Now the company is expecting upwards of $3 billion in revenue.
This is based on the additional new markets and the overachieving revenue growth in 2022. Initially, projections for 2022 revenue were $2.08 billion and $2.18 billion. Now the company is expecting between $2.16 billion and $2.19 billion.
The Entire U.S. market will likely be even bigger come Q3 2023. The market is showing no sign of slowing down.