US Sports Betting Statistics for the Year 2023
In the bustling world of sports betting, the United States has seen a significant surge in 2023, with more than $120 billion in bets placed across the country. This thriving market generated over $10.8 billion in sports betting revenue for operators, according to recent reports.
Leading the pack in tax revenue was New York, which raked in around $1.16 billion over a 12-month period, reflecting its high 51% tax rate on gross gaming revenue (GGR). Illinois followed closely, with approximately $342.57 million in tax collections and over $1 billion in gross revenue, thanks to a popular and vibrant betting market.
Ohio, which raised its tax rate mid-2023, had gross revenue around the level of Maryland but with a roughly 20% tax rate on operator GGR, placing it among the top states by revenue. Pennsylvania generated about $162.35 million in tax revenue, benefiting from a 36% tax rate on operator GGR and a large established market. Florida, which launched sports betting in December 2023, posted about $90 million in gross revenue in its first partial year, showing strong initial performance likely to rise in subsequent years.
New York, Illinois, Ohio, Pennsylvania, and Florida led the charge in sports betting revenue in 2023, reflecting both the size of the betting markets and the differing tax rates imposed by each state on sports betting operators.
Meanwhile, FanDuel posted a 10% hold or higher via mobile wagering in 14 states and jurisdictions in 2023, barely missing in Kentucky (9.97%) and Arizona (9.84%). On the other hand, bet365 had a negative adjusted gross revenue of $4,963,302 at the end of March in Virginia, its largest deficit while counting promotional credits and bonuses against gross revenue throughout 2023.
In other developments, Hollywood Indiana in Lawrenceburg experienced a 95.24% year-over-year percentage decline in revenue due to both Ohio and Kentucky launching sports betting, with winnings plummeting from $13.7 million in 2022 to $654,000 in 2023.
As the sports betting landscape continues to evolve, it's clear that the US market is poised for continued growth and excitement in the coming years.
- The surge in sports betting in the United States in 2023 resulted in over $120 billion in bets placed, generating over $10.8 billion in sports-betting revenue for operators.
- New York led the pack in tax revenue, raking in around $1.16 billion over a 12-month period, thanks to a high 51% tax rate on gross gaming revenue (GGR).
- Illinois followed closely, with approximately $342.57 million in tax collections and over $1 billion in gross revenue, due to a popular betting market.
- Ohio, despite a lower 20% tax rate on operator GGR, had gross revenue similar to Maryland's, placing it among the top states by revenue.
- FanDuel posted a 10% hold or higher via mobile wagering in 14 states and jurisdictions in 2023, barely missing in Kentucky and Arizona.
- Hollywood Indiana in Lawrenceburg experienced a significant decline in revenue due to both Ohio and Kentucky launching sports betting, with winnings plummeting from $13.7 million in 2022 to $654,000 in 2023.
- With the ongoing evolution of the sports-betting landscape, the US market is projected to continue its growth and excitement in the coming years, potentially expanding to include sports like football, baseball, hockey, golf, basketball, racing, tennis, mixed-martial-arts, and sports-analysis.
