US Sports Betting Hits a Record High

By Ben Hamill - October 09 2020
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US Sports Betting Hits a Record High

Despite a year bringing about more challenges than what the world has witnessed in a very long time, sports betting, at least, seems to be on the road to recovery. Figures recently published by the American Gaming Association show August to have been a record-smashing month, with sports betting handle in the U.S. having hit a record monthly high of a phenomenal $2.1 billion.

In fact, August was already the fourth consecutive month to have witnessed back-to-back growth in sports betting revenue. The sports betting sector seems well on its way to a hopefully full recovery – this after it initially appeared to be struggling to emerge from a crisis caused by the cancellation of most major sports events and tournaments.

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Garden State For The Win

Not surprisingly, according to the data published by the AGA, Garden State New Jersey led the August sports betting record revenue way. The state posted a total sports betting handle of $668 million – marking an incredible 127.5 per cent year-on-year improvement. All of which is of course made even more significant when considering the practically uneventful-by-comparison year that was 2019.

But New Jersey wasn’t the only top sports betting handle performer for August. In fact, four more states registered handles beating their own previous records. Nevada did especially good, coming in at $474.5 million for the month, with Pennsylvania coming in a close next at $365 million. Indiana faired superb too, bringing in $169 million generated by sports betting bets wagered for the month – with Colorado doing nearly as well by reaching all the way up to the $128.6 million mark.

An Overall Positive Recovery

Gross gaming revenue remained down by almost 20 per cent for the month when compared to August last year. This was however to be expected – and largely because of land-based casinos and gaming venues across the country having remained mostly shuttered. When casinos did finally receive the reopening greenlight from government, it was a situation of operating under a completely different set of rules and restrictions.

But despite limits imposed on occupancy and extensive health and safety regulations no doubt keeping many players at home, the good news is that gross gaming revenue still managed to grow by 5.6 per cent when compared to July’s GGR performance.

Despite a tough and unprecedented year so far, a definite recovery appears to be emerging slowly from the woodwork, said an AGA spokesperson of the most recent performance figures.

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