With more than 30 states and the District of Columbia online, the 2022 fiscal year was definitely one to remember for U.S. sports betting operators.
Thanks to continued growth across most of the country’s largest markets, 2022 saw a record amount wagered on sports, with $93.788 billion in handle nationally.
That figure represents a 62.4% increase, year-over-year, from the $57.75 billion reported during 2021.
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Fast-forward a few months, and the 2023 fiscal year appears set for even more online sports betting growth, with new markets coming online (Ohio and Massachusetts) and other states likely to pass wagering bills in the months ahead.
For longtime industry insiders, such as B Global Managing Partner Brendan Bussmann, the 2023 fiscal year has the potential to be another record-breaking one for operators, though growth on a state-by-state basis might not be as rosy.
“As the market continues to mature, operators will continue to drive revenue and solidify their customer base,” Bussmann told U.S. Betting Report. “The market for the future looks bright, but it will take time for some of the markets to expand as 2023 is about market share and not necessarily exponential growth.”
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2022 vs. 2021 Sports Betting Handle Comparisons By State
| State | 2022 Handle | 2021 Handle | Up/Down |
|---|---|---|---|
| Virginia | $4.915B | $3.222B | Up 52.6% |
| Tennessee | $3.851B | $2.730B | Up 41.0% |
| Illinois | $9.751B | $7.022B | Up 38.9% |
| Colorado | $5.182B | $3.848B | Up 34.7% |
| New Hampshire | $891.728M | $703,904M | Up 26.7% |
| Michigan | $4.816B | $3.966B | Up 21.4% |
| Rhode Island | $532.610M | $454.458M | Up 17.2% |
| Indiana | $4.468B | $3.829B | Up 16.7% |
| Iowa | $2.348B | $2.041B | Up 15.0% |
| Pennsylvania | $7.251B | $6.552B | Up 10.7% |
| Nevada | $8.704B | $8.148B | Up 6.8% |
| West Virginia | $568.901M | $544.530M | Up 4.5% |
| New Jersey | $10.955B | $10.936B | Up 0.08% |
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What We Learned From The Year That Was
Of the 12 states that had sports betting on the books for the entirety of the 2021 and 2022 fiscal years, each saw growth of some sort, year-over-year.
Between Virginia, which saw the largest growth in handle year-over-year (52.6%) and New Jersey, which saw the smallest share at 0.08%, the 2022 fiscal year was a historic one nationally.
In total, the more than 30 states and Washington D.C. with sports betting took in $93.788 billion in handle during 2022, up 62.4% year-over-year, while revenue during 2022 climbed 71.2% to $6.57 billion.
Count Brandt Iden, who serves as the vice president of government affairs for Fanatics Betting & Gaming as a believer in an even brighter 2023.
Iden told U.S. Betting Report the more than $90 billion wagered and five new betting markets during the 2022 fiscal year should be a prelude of what’s to come in 2023.
His confidence comes from the states that could join the wagering fray, such as Missouri, Kentucky, North Carolina and Minnesota — while Texas could make some sports betting noise as well.
“Because of statewide electoral politics, we experienced limited legislative success; 2023 is a new year and off to a tremendous start,” Iden said. “With legislation being introduced across the country and bills advancing in state capitols, I am optimistic that we’ll see a handful of states adopt legislation this year.”
Iden said his top bets when it comes to states that could add sports betting during the 2023 legislative cycle are North Carolina and Minnesota but said he’s hopeful Missouri, Kentucky and even longstanding holdout Texas could join them.
“There’s a lot of session time left still to go throughout the country, so I believe 2023 has the potential to be even bigger than 2022,” Iden said.
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2022 vs. 2021 Sports Betting Revenue Comparisons By State
| State | 2022 Handle | 2021 Handle | Up/Down |
|---|---|---|---|
| Virginia | $348.313M | $130.867M | Up 166.2% |
| Michigan | $253.156M | $144.529M | Up 75.2% |
| Tennessee | $340.072M | $198.5M | Up 71.3% |
| New Hampshire | $66.714M | $43.832M | Up 52.2% |
| Illinois | $794.992M | $525.073M | Up 51.4% |
| Iowa | $165.552M | $113.881M | Up 45.4% |
| Colorado | $351.950M | $250.075M | Up 40.7% |
| Rhode Island | $49.298M | $38.751M | Up 27.2% |
| Indiana | $387.028M | $306.013M | Up 26.5% |
| Pennsylvania | $401.208M | $340.107M | Up 18.0% |
| West Virginia | $50.657M | $44.788M | Up 13.1% |
| Nevada | $446.698M | $417.906M | Up 6.9% |
| New Jersey | $762.955M | $815.760M | Down 6.5% |
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