January's US sports betting handle marks highest month since PASPA's repeal

US sports betting handle amounted to $4.375 billion in January, the single highest month since the Supreme Court struck down PASPA in 2018, according to Odds.com's Sports Betting Revenue Tracker.

As for February's sports betting handle, it was lower than January, and below forecasts. Eight of the nine states that have reported sports betting numbers for February have seen a month-over-month decline in overall betting handle.

The drop includes two states typically in the top 3 in overall wagering volume: New Jersey and Pennsylvania. Both states lacked a local team advancing in the NFL Playoffs, which according to the specialized website would have kept engagement, as well as sportsbook balances higher approaching the final game. 

Ten states have yet to report February sports betting numbers. States like Illinois, New Hampshire, Tennessee and Colorado are expected to submit figures showing that February's handle will be closer to January's performance, according to the website, as they are relatively new markets that are seeing growth based on new player acquisition alone. Michigan, which just legalized online sports betting in January, reported an increase in its February betting handle. 

Furthermore, Odds.com projects Virginia will triple its betting handle from January, thanks to its first full month of sports betting. Revenue should also slowly climb after bookmakers in the state gave out over $6 million in betting account bonuses to convert new signups to depositing players. Other states like Rhode Island and Nevada are projected to see substantial decreases month-over-month as these markets are more mature, and more reflective of the sports schedule.

As for March, with the NCAA's March Madness returning for the first time in two years, the American Gaming Association expects to see the sports betting handle and monthly active bettors more than double, or even triple from the 2019 tournament. Odds.com expects the U.S. to see $5.1 billion wagered in March, which would become the highest wagering volume month so far in 2021.