With wagering at legal online sportsbooks surpassing all previous records, it was inevitable that a big sports betting revenue barrier would fall in terms of nationwide financial figures.
That was just what happened in December.
Adjusted gaming revenue (AGR) for the 30-plus states that offer legal, regulated wagering on sports exceeded $1 billion in December, closing out the year by breaking a record and breaking into 10 figures for the first time.
Sports Betting Revenue Boosted By Football
More than $1.175 billion in revenue was reported nationwide from sports wagering, mobile and retail combined, has been recorded. The previous mark was $980.55 million in October 2023.
Customers using NFL betting promos to play were a key component, as December is a huge month for the league. It helped immensely that there were five NFL Sundays in the final month of 2023, with most teams already having had their bye weeks. In all, there were 75 games in December, more than any other month. Plus, college football had its conference championship games and the bulk of the bowl games in the final month of 2023. When you add in full slates for NBA, NHL, college basketball and more, it’s easy to see why December is such a popular sports betting month.
The national record for handle, or amount wagered, at U.S. mobile sports betting apps and retail outlets is $14.47 billion in November. December did not quite pass that but the total handle was just barely short of $14 billion for the month.
Kentucky also launched its sports betting operation toward the end of the year, with handle exceeding $260 million in each of its first three full months of operation and revenue hitting $32 million for December.
Record Revenue In Several States
Some major states broke their records for sports betting revenue in December, led by Illinois ($128.43 million), Ohio ($87.23 million), Pennsylvania ($72.5 million), Virginia ($57.2 million), Louisiana ($55.83 million), Maryland ($43.2 million), Michigan ($39.94 million) and Iowa ($26.25 million).
But as always, the biggest market is the one for New York betting apps, which broke a state mark in December with a whopping $189.29 million in revenue.
Other big states had strong figures despite falling short of their records, including New Jersey ($109.4 million), Massachusetts ($60.55M), Nevada ($59.1M) and Indiana ($50.64M).
As for January? Don’t be surprised if we revisit this topic again in about a month. Of the states reporting so far, New York again reset its state record and beat the national mark in the process, with $211.7 million in sports betting revenue. New Jersey hit $170.76 million, shattering its state revenue record by about $59 million. Those two alone could account for a new benchmark being set in January.
As for online casino, 2023 was a record year there as well; see our AGA state of the industry story for details.
