Spikes in online betting revenue
As impressive as individual bets are across the sports betting universe, the increase in big-picture betting is even more jaw-dropping. The American Gaming Association reports that in 2023, Americans bet $121bn on sports, a 30% increase from 2022. The surge in sports gambling began in 2018 when the US Supreme Court overturned PASPA, which had made sports betting illegal.
consumers flocked to online alternatives and have continued to use those options
The ongoing spike in online gambling illustrates a continuing trend among states like New Jersey, Iowa, and Michigan. States saw a surge in online gambling during the pandemic. In 2020, at the height of the pandemic, live casinos closed their doors for over three months. Consumers flocked to online alternatives and have continued to use those options even as casinos have reopened their doors.
New Jersey, Iowa, Michigan set records
The New Jersey Division of Gaming Enforcement says the state posted just over $214m in internet gambling revenue in November, just barely beating the previous record of $213m in October.
James Plousis, chairman of the New Jersey Casino Control Commission said: “The continuing success of online gaming and sports wagering has helped total gaming revenue achieve its best November monthly result in over a decade.”
Over in Iowa, residents set a record with $2.6bn in sports bets for the fiscal year ending in June 2024. Those bets generated nearly $45m in tax revenue for the state.
Michigan set a new state high for sports betting handle in November 2024, posting a record number of $650m, a 16% increase from the previous month. Michigan’s commercial casinos and tribe operators utilized sports betting, online poker, online roulette, and other games to post a combined $284m in total internet gaming, an increase of 12.1% from October 2024. According to the Michigan Gaming Control Board, Michigan posted total adjusted gross receipts from sports betting of $240m in November.