The sports betting industry is experiencing a surge in growth, with Americans placing $23 billion in bets during the third quarter of 2022. This represents a 32.7% increase from the previous year and sets the stage for a record-breaking $100 billion total handle for the year.

The growth has been driven largely by states that have expanded or introduced legal sports betting, such as Massachusetts and Ohio. These states have contributed to the sport’s growing popularity and increased betting volume.

In addition to increased betting volume, sports betting revenue for operators has also seen a notable uptick. Third-quarter revenue reached $2.15 billion, marking a 22.8% increase from the previous year. The nine-month revenue of $7.11 billion is 51% higher than the same time period in 2022, nearly matching the full-year figure of $7.18 billion.

Matt Speakman, U.S sports betting analyst at Online-Gambling, believes that the rise in betting volume suggests a growing and engaged betting community, with continued market growth expected due to upcoming major sporting events such as Super Bowl LXXXIII and FIFA World Cup Qatar 2022. New major players like Fanatics and ESPN Bet are also entering the market, adding more competition and innovation to the industry.

New York remains the industry’s top performer, having been the first state to post $2 billion in sports betting handle in a single month following the introduction of legal online sports betting in January 2022.