Sports betting in 2023 on track to hit $100b
Business
Even Disney is diving into online gambling: Last week it launched ESPN BET
(Web Desk) - Americans are racing forward at breakneck speed to lay down an unprecedented $100 billion in sports bets this year as more states move to accommodate online wagering.
The American Gaming Association (AGA) earlier this month found that Americans bet more than $24 billion on sports between July and September, up nearly 39% from the same time in 2022.
Since January, adults in the U.S. have dropped $79.76 billion on sports gambling, up 23% over the same period in 2022, in part due to some states expanding their regulations on gambling.
“The notable rise in betting volume, surpassing revenue growth, hints at an evolving, engaged betting community,” Matt Speakman, a U.S. sports betting analyst at Online-Gambling.com told Front Office Sports.
“With upcoming major sporting events, I expect continued market growth.”
Thirty-seven states have legalized some form of sports betting in an effort to build up their coffers, according to the AGA.
Massachusetts, Maryland, Nebraska and Ohio all expanded their sports betting markets in the third quarter, while Kentucky legalized sports gambling for the first time in September.
Florida residents could be allowed to wager online next month and in-person at some casinos.
Hard Rock, the only online sportsbook in the Sunshine State, has begun taking online bets from users who already have accounts after a two-year hiatus was lifted.
A late October ruling from the U.S. Supreme Court paved the way for the Seminole Tribe of Florida to begin offering sports betting at all Seminole casinos next month.
And online sports betting — an already crowded field dominated by Fanduel, DraftKings and Fanatics — now includes a new competitor.
The Walt Disney Co. last week launched ESPN BET, a sports gambling app, in 17 states; notably, the app is legal is Pennsylvania and New Jersey, two of the states that took in the most revenue last quarter, according to the AGA.
While Disney executives have publicly expressed enthusiasm about ESPN BET, at least one has voiced concerns that the deal may hurt The Mouse House's family-friendly image.
Gambling — especially online sports betting — is becoming more popular among young people, who are more at risk of developing an addiction.
