Record Highs Nationwide For 2023 Q4 Sports Betting Revenues

Q4 2023 calendar surrounded by falling cash

Q4 2023 calendar surrounded by falling cash

The only reason for a state to consider the regulation of domestic sports betting is the potential for additional tax dollars to be collected annually. If there’s no dough, there’s no show, and sportsbooks have been showing plenty over the final three months of 2023.

Although we’re well into January of 2024, sports betting revenues for each state are still being tallied and reported for 2023. We keep track of each state’s progress here at SBL, but each region differs as to when they issue their data.

Despite the timing irregularities associated with sportsbook revenue reports and their release, enough data has already been gathered to determine that states across the country are taking in more bets than they ever have.

The following list includes states that set an all-time record for sports bets between October and December of last year.

States With All-Time High Sportsbook Intake: 4th Quarter 2023

Arkansas – November – $54,770,646
Colorado – November – $608,488,266
Connecticut – November – $205,628,829
Illinois – October – $1,161,060,677
Indiana – November – $515,672,475
Iowa – November – $289,698,466
Kansas – November – $260,937,284
Kentucky – October – $294,950,219
Louisiana – November – $356,480,222
Maryland – December – $559,865,463
Maine – December – $44,486,835
Massachusetts – November – $654,857,014
Michigan – November – $584,142,443
New Jersey – November – $1,623,072,184
Oregon – October – $71,903,468
Pennsylvania – November – $934,130,152
Tennessee – November – $517,141,377
Virginia – November –  $638,831,057
Wyoming – October – $21,324,828

Until now, most states reported their highest totals during the month of January. This makes sense because the month includes the CFP National Championship Game, the entirety of the NFL Playoffs, and both the NBA and NHL are in season.

The difference between what a sportsbook holds and total revenue is the number of bets that were won and lost over that period. For instance, sports betting in Colorado recorded a record-high intake in November but didn’t achieve a new high in revenue. The same can be said for New Jersey and Michigan.

States That Collected The Most Sports Betting Revenue All Time In Q4 2023

Arkansas – October – $5,825,160
Connecticut – October – $19,507,502
Illinois – October – $112,740,764
Indiana – December – $50,639,143
Iowa – December – $26,251,213
Kentucky – October – $52,786,9449
Louisiana – October – $43,338,752
Maine – December – $4,641,513
New York – December – $189,287,146
Oregon – October – $8,545,270
Virginia – October – $63,996,952
Wyoming – October – $2,271,665

The data sets for ATH revenue and sports betting tax collections will often feature similar states. This is because the taxes collected are based on a set percentage of the total revenue. Oregon is an outlier, as they collect different tax totals depending on whether the bet was placed online or in person.

States With Record High Sportsbook Tax Collections In Q4 2023

Arkansas – October – $757,271
Connecticut – October – $2,243,142
Illinois – October – $16,911,115
Indiana – December – $4,810,719
Kansas – October – $1,636,030
Kentucky – October – $7,618,787
Louisiana – October – $5,319,894
Maryland – December – $6,482,403
Maine – November – $464,152
New York – December – $96,131,764
Wyoming – October – $1,140,868

Reports for sports betting in Kentucky and Maine have just begun, as their sportsbooks opened during the third quarter of last year. We say this because both states will likely continue to set new marks for collections over the next few months, slightly skewing the data.

It is clear that there is a developing comfort with sports betting across the nation, and that is reflected in the latest reports. We expect the January trend to continue in 2024 and forecast that many states will continue to set new records in the first quarter of this year.

Source: AP News

Author: Alan Morris