August to Remember? Sports Betting Set to Reach New Heights

The sports betting industry and the whole world for that matter could use some good news. The return of sports and the players that we idolize may just be the story that carries us through the next few months. For the legal sports betting industry, the fact that for the first time in history baseball, basketball, hockey, golf, and NASCAR are all running throughout the summer may just result in an August to remember.

There are some serious signs that August could set new records for U.S. sports betting handle. March and April were definitely the low points of the industry but since then, the return of some sports has created a sense of optimism that the industry can rediscover its pre-COVID heights. May and June saw the PGA and UFC come back with a bang and July had baseball, basketball and hockey resume their seasons.

An Unusual Month

Thankfully, bettors no longer have to rely on international table tennis and Belarussian Basketball to get their wagering fix. It had been the reality before the last couple of months saw real marketable action return to the mainstream. At this point, the North American betting menu is officially full. Now it is up to sportsbooks and the new markets that have emerged since the COVID lockdown to take advantage.

August is typically a down month for the sports betting industry. It's usually just baseball on the docket with bettors saving their betting dollars and energy for impending NFL and NCAA football seasons. The NBA, NHL, and MLB, plus seemingly weekly UFC cards and riveting PGA action however make August 2020 an unusual month.

Shooting for a Record

August 2019 was just the second August on record with widespread legal sports betting in the US and that month produced $744,065,765 in combined national betting handle with $61,762,233 in revenue. Those numbers are certainly attainable during the summer of 2020, especially considering the flood of sports available to bettors and the host of new markets that have been added to the mix since sports last saw as many betting opportunities.

It will take a minor miracle to best some of the overall record handles that the US betting industry has seen since inception, however. For contrast sake, November, 2019 produced a record $1,830,994,949 in bets and October, 2019 generated a record-for-the-time $146,071,555 in revenue. Those figures likely won't be touched until the NFL returns to its full slate.

Having three major sports to bet on throughout the summer, with intense and meaningful action each and every day inside the NBA and NHL bubbles, with a condensed MLB season giving every game extra significance and with futures betting on the impending NFL season ramping up, it is definitely an exciting time to be a sports betting aficionado.

The Chances We See a Record

First off, there are obstacles in the way of a potential handle record for the month of August. There is the COVID factor that is already putting the MLB season in serious doubt and there is also the realization that potential bettors don't have the pre-COVID expendable income to throw down on their favorite team.

But that said, there are six states (Colorado, Illinois, Indiana, Michigan, New Hampshire, and Oregon) that have legalized sports betting since August of 2019. Those states could add millions of bettors to the masses that have already helped the industry to exceed expectations. With pent-up demand and bettors reacting extremely favorably so far to the sporting events they sorely missed, sports betting is on track to set a new record in terms of August handle.