According to the latest report from the American Gaming Association, sports betting is boosting the revenue of the gaming market across the country. This is great news for anyone who wants to start using an online bookie software, as it proves that the industry continues to thrive. Not only that, but the report also points year-on-year growth for US sports betting as well.
Gambling in the US for the month of May generated $5.49 billion in gross gaming revenue. This is 6.5% higher than the same month last year. This is a 27-month streak of annual growth in the monthly GGR for the country. This encompasses sports betting and casino gaming. So if you want to know the secrets of successful sportsbook owners, this is one of them: offering both sports betting and casino gaming can bring your revenue higher than just having either option.
US Sports Betting Numbers Continue to Soar
For sports betting, the GGR is at $864.1 million, which is a whopping 41% higher than May 2022’s GGR. This is truly amazing growth for the industry, especially with such a light sports calendar. The total GGR covers 28 markets, four of which have just launched this year. Kansas, Maryland, Massachusetts, and Ohio all just launched their online betting markets in 2023. The addition of these new markets is helping drive the annual growth of the industry.
In fact, the year-to-date sports wagering revenue is $4.58 billion. This is 64.9% higher than the same period last year. As states introduce sports wgering, or expand their policies, the numbers will only continue to grow. In addition, the increased visibility of the market also helps promote the industry, thus also driving an increase in new player registration across the country.
According to the report, New York is the largest contributor at $153 million in GGR for May. Illinois has the second-highest handle at $89 million, with New Jersey a close third with $82 million in revenue. Massachusetts and Ohio, despite being emerging markets, show much promise, recording $62 million and $58 million respectively in revenue.