US Sportsbook Industry Rakes in Over $7 Billion in October
The US sportsbook industry breaks the $7 billion mark now that we have Illinois sports betting handle report for October. With Illinois’ $840.4 million handle, the total sports betting handle for the month October nationwide is at $7.06 billion. The number could still increase, as we are yet to see Arizona’s numbers. This is encouraging to many who are learning how to be a bookie, as we can see that the betting market still continues to grow.
Sportsbook pay per head operators do note that in October, there were 5 weekends- that means one whole added weekend of sports betting on the country’s hottest sports leagues. The improvement was such that 20 out of the 22 states with sports betting (not counting Connecticut yet) are reporting record breaking monthly handles in October.
US Sportsbook Industry and its Growth
If we take a look at the betting handles for October, we have 2 states that have breached the $1 billion mark in handle. New Jersey leads the states with a $1.303 billion handle, followed closely by Nevada at $1.101 billion. Illinois comes in with their $840.44 million, which bumps down Pennsylvania to 4th place at $776.3 million. Michigan takes the 5th spot at $497.6 million, with Colorado trailing not far behind at $491.5 million. Indiana reports a $461.1 million handle for October, and Virginia takes in $427.3 million in wagers. Tennessee, an online-only betting industry gets $475.3 million, while Iowa bags the 10th spot at $280.9 million.
Many in the industry believe that the numbers could be higher. It could be due to states’ limits on operators (Tennessee has 4, and they are online-only), Louisiana will not offer betting on all parishes, and states like Illinois and Nevada require in-person registration before residents can bet on online sportsbooks. And if you know how a sportsbook pay per head works, you will see how easy it is to get into the sports betting industry and how restrictions can limit profitability. But given that there will be more sports events and betting continue to increase, we may see higher handles this winter.