The post Get A Grip — The Week In Sports Betting: $100 Billion And Counting appeared first on SportsHandle.
It’s information overload everywhere, and there’s not time enough to sleep and eat and stay fully apprised of what’s happening on this crazy blue dot of ours (two out of three ain’t bad). Here’s the weekend Sports Handle item, “Get a Grip,” recapping the week’s top U.S. sports betting headlines, highlighting some fresh news, and rounding up key stories.
Top stories around our network this week
No one knows for sure how much money Americans were wagering on sports prior to the U.S. Supreme Court’s 2018 PASPA repeal, as bookies like Uncle Vince at the corner bar weren’t publishing monthly reports for everyone to pore over.
One thing we can say with certainty, however, is that the public is risking more money on legal sports wagers than ever before — in excess of $100 billion in 2023 now, and still counting.
No one involved in media coverage of the gambling industry does a better job than Sports Handle’s Chris Altruda in tracking sports betting revenue, and he reported this week that the latest November reports from regulators in Pennsylvania and Michigan had brought the year’s known betting handle to $100.6 billion. With some states yet to report November figures, and all still to know December’s numbers, that’s already well above the $93.8 billion wagered in the U.S. legally in 2022 on everything from table tennis to the Super Bowl.
The growth has been bolstered by launches this year of a few large states such as Ohio and Massachusetts, on top of the increasing acceptance of sports betting as a normalized sector of American entertainment, endorsed by everyone from pro sports leagues to governors to giant media outlets like ESPN.
In November, bettors in Pennsylvania wagered more than they ever had in any month before. The same was true in Michigan. Louisiana set its own record. Arizona sports betting lags a month behind those states in reporting, but its October was its second-highest month ever. It stands to reason that it will go still higher with November’s handle, and that the new national record of $12.8 billion wagered in October will be shattered by whatever’s reported when all of last month’s figures are tallied.
And then there’s the ginormous and timely example of New York, where sports betting financial data is reported on a weekly basis instead of only by the month. It just enjoyed its fifth week all-time of handle above $500 million on sports betting apps.
Don’t expect any plateau in all of this soon, as in 2024 Vermont and North Carolina betting will start adding to the national total. There’s also a great deal of newly legal sports betting taking place in Florida, but as it’s under the ownership of the Seminole Tribe instead of regulated by state government, it’s possible that handle figures may never be publicly reported.
You can rely on Altruda and the rest of Sports Handle’s staff to provide all of the key financial data we have access to in order to take stock of the industry’s progress in the most timely fashion possible. Our coverage is also much broader, as stories linked below from the past week demonstrate. And be sure to check out US Bets’ own weekly Double Down recap column in addition to its Gamble On podcast.
Two top dogs facing new challenges
A look back, a look ahead for FanDuel and DraftKings as the sportsbook wars heat up
Don’t hold your breath
Will betting be legal in California in time for 2027 Super Bowl?
Entain’s shakeup gets attention
Entain gaining favor after resignation of former CEO as BetMGM rumors swirl
Not a bad idea … we’ll see
Could ESPN BET offer a “watch and bet” function in the future?
Give them all the info they want
Schuetz: Not all content for sports bettors is created equal
What a year for betting, social media
Media Notebook: 4 times in 2023 when a tweet impacted the sports betting world
Vermont choices will be limited because …
Why Vermonters will have three sportsbooks to choose from instead of five
Options will be plentiful in North Carolina
Which sports betting operators are coming to North Carolina?
Uncertainty at Capital One Arena
Capitals, Wizards leaving D.C. could have significant impact on sports betting market
Thin line between sports betting, DFS
DraftKings can no longer offer Pick6 fantasy game in Maryland
Virginia AG takes sides against pick’em
Virginia attorney general: Pick’em games should be regulated, taxed
One way to curb the insults
U.S. Integrity’s Athlete Alert could lead to protection from harassment by bettors
If any state adds iCasino, it will be …
New York, Maryland seen as likeliest online casino adopters in 2024
No matter what, Trump has backing
Election odds barely blink at Colorado ruling that Trump is ineligible for office
Two states mull digital wagering
They’re taking very different routes, but new signs are pointing toward the possibility that both Delaware and Mississippi — two of the first states to go live with sports betting after PASPA fell in 2018 — may finally be on the cusp of adding digital platforms to the mix. Both states confined themselves to retail sportsbooks when launching sports betting several years ago.
Mississippi’s Online Sports Betting Task Force has filed a 99-page report examining sports betting and offering recommendations for legislators to consider. One of its findings is that the state could quintuple its take of tax revenue if digital betting were legalized. The report details what digital wagering looks like in other states, ways Mississippi could benefit, and how to handle problem and responsible gambling issues. Mississippi lawmakers have rejected proposals to legalize digital wagering in recent years.
In Delaware, a legislative committee wrote that it is “clearly detrimental” to the state that it lacks online sports betting, and the committee recommended an expansion, according to Steve Ruddock’s Straight to the Point newsletter. Among the recommendations is to have an open, competitive market, but that could potentially require legislative action or time, as the lottery currently has an exclusive deal with Rush Street Interactive.
— Jill R. Dorson
Tweet of the week
“You watch sports all day, but you’re not good at betting?”
Me: pic.twitter.com/qHWjjpctBm
— Action Network (@ActionNetworkHQ) December 21, 2023
More of the most important, interesting stories
CALIFORNIA, TEXAS WHERE ART THOU? Legalized sports betting continued to grow in 2023, though some significant states remain resistant [Associated Press]
THE BETTING GENDER GAP NARROWS: ESPN BET growing sports betting market by attracting women customers: analyst [CDC Gaming Reports]
ONE MAN’S FAILURE IS ANOTHER’S PROFIT: Short seller Jim Chanos says Americans are so bad at gambling that he’s now bullish on the industry [Business Insider]
POOR BETTORS AND POOR HUMANS: NFL players face pressure as never before, in the digital-age surge of betting and fantasy [Associated Press]
Alexander Mattison and the Minnesota Vikings had boarded the flight home after a tough loss earlier this season, when the fifth-year running back found dozens of hateful and racist messages directed toward him on social media. https://t.co/2UweeuEZvW
— 9OYS Sports (@9OYSSports) December 19, 2023
THE MIND CAN PLAY TRICKS: Opinion: A gambler who follows emotional optimism is hanging on to the wheel of fortune [Psychology Today]
BRANCHING OUT IN NEVADA: Circa reveals plans for its first sportsbook in southwest valley [Las Vegas Review-Journal]
RACETRACKS ENJOYING THE SYNERGY: Kentucky sees on-track boost as sports betting launches [BloodHorse]
MIGHT AS WELL STAY TOGETHER: BetMGM extends partnership with National Hockey League as sports betting partner [CDC Gaming Reports]
The post Get A Grip — The Week In Sports Betting: $100 Billion And Counting appeared first on SportsHandle.
