Sports Betting Industry Posts Record $7.5B in 2022 Revenue

As legal sports betting continues to become more prevalent across the United States, the industry surrounding it continues to break its revenue records.

Commercial sports betting revenue hit a new all-time high of $7.5 billion in 2022 — a whopping 72.7% increase from 2021’s record of $4.3 billion, according to data from the American Gaming Association.

Legal sportsbooks handled $93.2 billion in bets last year — another record and a 61.1% increase over 2021’s handle. When tribal sports betting handle is reported later this year, that number will likely surpass the $100 billion mark.

The industry was aided by the additions of a legal betting market in Kansas and the launch of mobile betting in Louisiana, Maryland, and New York — which led all individual states with $1.4 billion in revenue last year.

Three other states passed the half-billion mark:

• Illinois — $795M
• New Jersey — $763M
• Pennsylvania — $597M

All but two legal sports betting markets — Delaware (-32.3%) and Mississippi (-9.2%) — increased their handle last year.

The industry also finished the year strong, posting a quarterly record of $2.54 billion in Q4 — a 63.3% year-over-year increase and a 51.2% increase from the previous record of $1.68B set in Q3 2022.

Since PASPA was struck down in May 2018, American bettors have placed $190.3 billion in wagers, creating $14.6 billion in sports betting revenue and $3 billion in state and federal taxes.