- August could set new records for U.S. sports betting handle as major league sporting events are coming back.
- In August 2019, the U.S. brought in a combined handle of $744,065,765 and some insiders think that a new record will be set because of the unique landscape of events this month will be bringing.
PITTSBURGH – The sports betting industry has seen some dark times with sports being placed on hold since March because of the Coronavirus pandemic.
But major sports leagues are now making a comeback to televisions everywhere which begs the question; could a historic August handle for sportsbooks be a part of that comeback? While gamblers have now taken to the unique events that have been offered after some early hesitation, they now have real sports betting options available after almost five months without them.
Will August Bring The Heat?
August has never been a huge month for sports betting revenue when compared to other months in the year as people are gearing up for the NFL season and college football.
But as with everything in 2020, this will not be the typical August for online sportsbooks. The NBA, NHL, and MLB have all resumed playing which has resulted in a number of bets and action for sports wagering operators.
There are also future bets for the upcoming NFL season that is slated to take place, although without a preseason.
All of these sports options plus the taste for obscure wagers that bettors have now acquired equates to the very big possibility that sportsbooks could be taking in revenue hand over fist in what would normally be a slow month.
Of course, there is always the COVID-19 factor to take into account. As much as gamblers want to get some skin in the game, they may not be financially stable enough to put in too much, making the profits by sportsbooks lower in that regard and not enough to break records.
In August of 2019, the United States brought in a total of $744,065,765 in handle and $61,762,233 in revenue. Their biggest month for handle in 2019 was November with $1,830,994,949 but that was not their biggest revenue month because of payouts.
The largest revenue month in 2019 was October with $146,071,555 generated. Insiders are hoping to break the August record of handle and some dreamers are wishing to even surpass the record-making November numbers of last year.
Is It Possible?
In one year’s time, six states have launched their legal sports betting markets. This opens up the possibility of handle and revenue being much more than that of last August based on the millions of new players that are now allowed to put money in on the games.
Colorado, Illinois, Indiana, Michigan, New Hampshire, and Oregon have all legalized gambling on sporting events industry either by mobile, retail, or both outlets.
The potential to make it a record-breaking August for sports betting is there. The NBA and NHL are handling their comebacks well, while the MLB has run into some problems with players testing positive for COVID-19.
Even if the MLB ends their season as quickly as it began, the NBA, NHL, and upcoming NFL season along with a variety of strange betting options could all help boost the market for the month of August to reach 2019’s numbers.
But should they not make any records or come close to last year’s handle despite the hungry sports fans and bettors out there, any influx for the industry at this point is a great thing. Sportsbooks can at least bet on there being an influx of wagers after months of slow business which is a win in itself.
Christina has been writing for as long as she can remember and does dedicated research on the newly regulated sports betting market. She comes from a family of sports lovers that engage in friendly bets from time to time. During the winter months, you can find Christina baking cookies and beating the entire staff at Mario Kart…the N64 version of course.