The U.S. Bet More Money On Sports in October 2020 Than Ever Before, Says AGA
Updated December 9, 2020
The latest Commercial Gaming Revenue Tracker report from the American Gaming Association (AGA) indicates that U.S. gamblers bet more money on sports that any previous month on record.
The AGA noted that Americans are thought to have wagered a total of more than US$3 billion on sports. That would make October 2020 the strongest month for legal sports betting in U.S. history. The number, recorded as "at least US$2.82 billion" across 17 states and the District of Columbia, is expected to surpass the US$3 billion mark once Illinois' October revenue report is published.
The report also shows that commercial gaming revenue is ahead by 6.3% from September to October, and that a key factor in that continued recovery is the proliferation of sports betting activity.
Highlights among the core findings is the fact that gaming revenue reached US$3.38 billion in October 2020, matching 93% of revenue levels from October 2019. Six states – Colorado, Iowa, New Jersey, Ohio, Pennsylvania and South Dakota – saw gains over October 2019, mostly powered by strong sports betting and iGaming performance.
The AGA also noted that Americans are thought to have wagered a total of more than US$3 billion on sports. That would make October 2020 the strongest month for legal sports betting in U.S. history. The number, recorded as "at least US$2.82 billion" across 17 states and the District of Columbia, is expected to surpass the US$3 billion mark once Illinois' October revenue report is published.
The report adds that, "along with a likely record handle, the quickly growing U.S. legal landscape also reached record revenue, with an all-time high combined hold of at least $237.5m, including free bets and promotions. That equals a gain of 53.5% over the previous record month, October 2019."
Another finding was that sportsbooks in all but two states accepted more money in sport wagers in October than in any previous month. In particular, New Jersey broke the national handle record for a third consecutive month.
In the first 10 months of 2020, national sports betting handle is up 48% while revenue grew 33% over the same period in 2019.
October marked the sixth consecutive month of recovery for the commercial gaming industry following April’s historic low-point. Nearly all commercial gaming jurisdictions showed positive signs of continuing recovery, despite operatingwith limited capacities, game availability, and non-gaming amenities.
That trend should be expected to continue, too, given the tangible progress made in sports betting during the 2020 U.S. election.
While sports betting and iGaming are the most prominent catalysts behind gaming’s recovery, legacy gaming is also improving month-over-month. Combined GGR from slot and table games rose 3.4% from September to $2.98bn in October, equal to 86.6% of the industry’s levels from October 2019.