Sports betting is gaining more and more traction in the United States. The 2023 calendar year was no exception, as the industry continued to see tremendous growth. Read on to find out how much the sports betting industry made and where the industry is going.
US Sports Betting Industry Sees 44.5% Increase Year-Over-Year
According to the American Gaming Association, the sports betting gross gaming revenue was about $10.92 billion in 2023. It is not only a lot of money, but a significant increase compared to the 2022 calendar year. The sports betting revenue increased 44.5% year-over-year.
Overall Gaming Revenue Up 10% Year-Over-Year
Sports betting is just one segment of the total gross gaming revenue in the United States. The total gross gaming revenue in 2023 was $66.52 billion. That revenue was good enough for the industry to see a 10% increase year-over-year.
To put things in perspective, sports betting represents just 16.4% of the total gross gaming revenue in the country. So, what makes up the remaining $55 billion? This is divided up into three other segments.
First, there is iGaming. This is the smallest segment of the bunch, as there was just over $6 billion in gross gaming revenue last year. Then, there are table games. This nearly matched sports betting, as there was $10.31 billion in gross gaming revenue.
Finally, one segment made up more than half of the total gross gaming revenue. That segment is slots, which saw over $35 billion in revenue by itself. It is safe to say that Americans love their slot machines.
Gaining More Access
Something that is helping these numbers go up is sports betting gaining more and more access around the country. While not every state has legalized it yet, more and more states are doing so every year. So, what progress was made in 2023?
There were at least six states that either passed legislation or started sports betting operations in 2023. Plus, 2023 saw the return of one very prominent sports betting state. That would be Florida after taking a two-year hiatus due to a lengthy legal battle.
Sports Betting Industry Moving Forward
So, what can we expect from the sports betting industry moving forward? Truthfully, do not expect these numbers to slow down. All 50 states are likely going to legalize this one day. Plus, these are the numbers without California and Texas having any type of sports betting operations.
We have to remember that sports betting only became widespread outside of Las Vegas in the last 5-6 years. You can argue it is still in its infancy when it comes to legalization at least. With that said it could mean that we are still learning the true impact of this legalization.
The risk for sports gambling addiction has grown by at least 30% since 2018. While there are accessible resources for this on sports betting platforms, it could be an issue that has to be dealt with moving forward. For now, people seem to be choosing to embrace legalization.
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