The hundred-billion-dollar handle was only possible because of a coming together of positive trends.
“[The $100 billion milestone] is due to expansion into new markets that we didn’t have last year,” said American Gaming Association vice president of research, David Forman. “But part of it is also just a continuing maturation of existing markets that have only been online for a year or two at this point.”
As the national handle increased, so too did legal sportsbooks’ revenues. Online and retail operators combined to generate $16.2 billion in gross gaming revenue (GGR) in Q3 2023, a 6.7% improvement on Q3 2022.
Q3 also marked the 11th straight quarter that the national market beat out its GGR totals from a year before.
Sportsbooks also produced $5.6 billion in GGR in October, the first month of Q4.
New York, New Jersey, Ohio, Massachusetts, and Pennsylvania helped power the massive results in 2023.
New York reported nearly $167 million in GGR in September alone. It also handled $1.77 billion in total wagers, the third-largest amount in a single month and just off the state’s record of $1.8 billion set in January, the month it launched its sports betting market.
Pennsylvania significantly outperformed its previous standards and was responsible for pushing the national handle over $100 billion after it reported its figures. The state’s robust gaming market produced a record-setting month in November and added $934.1 million to the national handle.