US Sports Betting Rebounding as Casinos Reopen and Professional Sports Leagues Resume
Sportsbooks in the US have seen a huge boost in revenues, partially due to casinos reopening and then of course, with professional sports back in action. For August, reports from the American Gaming Association showed that the month was a huge one for the overall industry. During that month, a total of $2.1 billion was wagered and this set a new single month record in the country. Sportsbooks were able to generate just over $119 million in revenues, which was another big milestone and just a little short of the highest ever total from January 2020. Amazingly, the August totals were 90.2% higher than that of the same month in 2019.
A Deeper Look
The sports betting industry continues to grow in the US as more operators open sportsbooks and sites go online. States are also becoming more open to the activity, so new areas are starting to consider legalizing the option. The totals from August are quite high and show just how much players are spending at sportsbooks. Amazingly, the total is actually higher for the month, as Illinois had not released their data yet. They had just over $136 million wagered and $7.2 million in revenue earnings for the month.
As far as heavy hitters go, it was New Jersey that saw the highest handle for a single month, earning $668 million in wagers placed. This was a new record overall in the US. Indiana, Pennsylvania and West Virginia also hit new milestones, each hitting a new single-month handle record.
Across the board, sports betting revenues are up just over 31%. This is a comparison of just the first eight months of last year and this year. Handle is seeing an increase of 24.1%. When it comes to betting, the most wagers are placed online. Over 80% of total wagers are done via the internet be it a desktop or mobile device.
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Sports Seasons Resume
The COVID-19 pandemic was a big issue with casino gaming, having shut down venues across the US and around the world back in March. At this time, professional sports leagues stopped playing to protect players and fans.
Over the past few months, sports leagues have begun their seasons once more, which has led to more betting options. The NBA and NHL hosted the playoff series beginning in late-summer and the MLB was back as well.
In September, you had the NFL and NCAA football teams kick off and this had led to an even larger influx in betting. Since football is back, we expect that casinos with sportsbooks will see much more betting action as well as online sites.
While the numbers were high for August, September and October totals may be even higher. As more operators offer services and sports continues to get back on track with seasons, we should see players posting even more bets. Online services have certainly helped totals as well and Tennessee will begin offering mobile sports betting in November, which will only add to the revenues and betting handle totals.