There was a concern that sports betting was slowing down during the summer months, but sports bettors have returned in a big way. Now that the month of November is complete, the total sports betting handle for the year is up over $100 billion.
The total sports betting handle in 2022 was less than $94 billion, and the handle has already jumped up by 7.2% in 2023. With many states still without a report in November, and one month to go, the total for 2023 could end up approaching $120 billion.
It should come as no surprise that New York is easily leading the way when looking at the states with the biggest sports betting handle. New York is now over $17 billion and counting in 2023, and it has already gone over $2 billion in one single month.
The battle for second place is really starting to heat up and it looks as if New Jersey has taken the lead over Illinois. New Jersey has posted a total sports betting handle of $10.69 billion through November, while Illinois is sitting at $8.93 billion through October.
Those three states are clearly ahead of the rest of the pack, but Pennsylvania and Nevada are holding strong in the next two spots. Those sports betting markets are only getting bigger as well, and that should lead to even bigger numbers in 2024.
New States in the Mix
2023 was a year of growth for the sports betting industry, and that growth actually started back on January 1. Ohio was able to launch sports betting on that day, and that state posted a total handle of $1.1 billion in the first month of action.
Massachusetts was able to get online sports betting up and running just in time for March Madness, and the Boston area bettors were ready to go. Through November 2023, total sports betting in that state is sitting at $4.31 billion.
Other states such as Kentucky were able to launch sports betting in 2023, as well, and all of those markets helped lead to a record-setting year. North Carolina is slated to launch mobile betting in early 2024, and that’s only going to push the total handle numbers higher.
NFL, March Madness Lead the Way
The summer months always seem to provide a lull in the sports betting action, and that was the case in 2023 as well. Many markets actually saw a decrease in numbers from May-August, but things picked right back up once the NFL returned.
The month of October is currently the leader when looking at the biggest monthly handle numbers as the figures went over $12 billion that month. November could actually set a new record, but it’s going to take some time before that is settled.
There was over $11.2 billion wagered during the month of March, and nearly all of that betting action was done on college basketball. January is the other month that tends to see some big numbers, and the total handle in 2023 was $11.4 billion to begin the year.