During 2023, five betting states – Ohio, Maine, Kentucky, Massachusetts, and Nebraska – have launched their markets. More people than ever before are allowed to bet on their favorite sports. As more states push to legalize sports betting, the United States’ most popular sports are growing ever more profitable. The football industry, in particular, is growing by leaps and bounds. Let’s look at how much the market was worth in 2023.
Football brings in $120 billion in 2023
Football fans wagered nearly $12 billion in 2023. While the number alone is impressive, it is far from the whole story. This figure represents a 27.5% increase in sports wagers from 2022. Those bets translate into an estimated $11 billion in revenue, representing a year-over-year increase of 44.5% and setting a record for industry growth (previously set in 2022). Football had a record-breaking year in the United States in 2023, in other words, with millions of Americans flocking to newly legal sportsbooks to bet on their favorites.
Of the roughly $11 billion in revenue, $1.49 billion came directly from the aforementioned five states launching their markets in 2023. This figure is poised to grow significantly during 2024. Keep in mind that not all five new betting states allowed residents to bet from the top of the year. Some of them staggered launch dates across the 12-month period. This is significant because even with those staggered launch dates, the five states combined contributed roughly 10% of the total sports betting market. Also notable is the fact that these numbers don’t include the most recent data from Arizona and Kentucky.
In terms of legal sportsbooks specifically, 2023 was a good year. The fourth quarter ended with around $40 billion in wagers, a number 34.4% higher than in 2022. Bets on college football, the NFL, the NHL, the NBA, and MLB contributed to that number. Total bookmaker revenue totaled roughly $3.4 billion, up nearly 31% from the prior year.
Betting in 2024 and beyond
Are you interested in joining the sports betting market? There are a few things to know before you dive in. Educate yourself about responsible gambling and look at tips for strategies and betting approaches to help maximize your bets. Doing your own research might be overwhelming, so you can always click here to get more educational content on sports betting. TrustnBet.com is a well-known website run by betting enthusiasts happy to spread their knowledge to other bettors.
It is incredible just how quickly the American football industry has grown over one year. It will be interesting to see how these figures grow in the near future as well as in the long term, especially as sports betting continues to be legalized in the coming years.