The United States of Online Sports Betting – The Q3 Report Highlights

By Matt Speakman,
Betting Expert at online-gambling.com

Matt Speakman Betting Expert at online-gambling.com

A die-hard fan of the Patriots, Matt Speakman is an expert on everything related to sports betting and DFS sites. Over the years, he has proven a valuable asset for our team at online-gambling.com. You can find Speakman's professional tips and tricks in any of his many articles on the website.

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Last updated: November 20, 2023

We are excited to announce the publication of our “The United States of Online Sports Betting Q3 Highlights”. This infographic captures the dynamic landscape of sports betting in America, highlighting key trends and significant growth in the third quarter of 2023.

Accompanying this report is a visually engaging infographic, available for viewing within this blog post, providing an at-a-glance overview of the quarter’s key data points.

• Record-Breaking Revenue: The third quarter saw a remarkable increase in sports betting revenue, reaching $2.15 billion. This represents a 22.8% annual increase compared to the same period last year.
• Growth Driven by New Markets: A significant portion of this growth, approximately $358.7 million, is attributed to the newly operational markets in Maryland, Massachusetts, Nebraska, and Ohio.
• Steady Increase in Established Markets: Excluding the new markets, the revenue still saw a healthy increase of 2.7% year-over-year, indicating steady growth in established regions.
• Surge in Betting Volume: Americans wagered an impressive $23.02 billion on sports during the quarter, marking a 32.7% increase over the previous year.
• Projected Record Year: With a revenue of $7.11 billion through the first nine months, 2023 is pacing to surpass the full-year 2022 revenue and set a new annual record.

The Infographic

Analysis

The Q3 results are indicative of a rapidly expanding and evolving sports betting market in the United States. The significant increase in revenue, even during traditionally slower months, reflects the industry’s growing appeal and resilience.

The integration of new markets has provided a substantial boost, demonstrating the vast potential in emerging regions. Moreover, the steady growth in established markets suggests a deepening customer base and an increasing acceptance of sports betting as a mainstream entertainment activity.

The higher betting volume compared to the growth in revenue highlights a competitive market, potentially leading to better odds and more favorable conditions for bettors. This trend could reshape market dynamics, emphasizing customer retention and engagement. As we move towards the end of the year, the data suggests that 2023 will not only be a record-setting year in terms of revenue but also a pivotal year for the industry in terms of market expansion and customer base diversification.

The third quarter of 2023 has set new benchmarks in the U.S. sports betting industry, laying the groundwork for continued growth and innovation in this dynamic sector.