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Daily Archives: February 14, 2024

February 14, 2024

Detroit casino revenue down 8.8% year-on-year

Detroit, Michigan's three casinos recorded $94.4m (£75.2m/ €88.0m) in revenue for January.

This marked a dip of 8.8% from January 2023. In total, $93.9m came from table games and slots, while $500,221 was generated by retail sports betting.

The overall revenue also fell month-on-month, trickling down by 18.8% from Detroit’s December report.

In terms of market share, MGM held 48% in January. MotorCity held 30%, while Hollywood Casino at Greektown took up 22%.

Table games and slots revenue

Looking at revenue from table games and slots specifically, it fell by 9.1% compared to January 2023 and 15.7% from December 2023.

Detroit’s casinos also recorded drops in gaming revenue year-on-year. Revenue at MGM decreased by 11.3% compared to January 2023, while revenue at MotorCity dipped 10.4% to $27.1m. Hollywood Casino at Greektown recorded a dip of 2.0% to $22.2m.

Things were similar when looking at the month-on-month comparisons. MGM gaming revenue fell 11.8% and MotorCity gaming ..

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February 14, 2024

Tennessee: January betting handle drops 5.6% month-on-month

Tennessee has reported a 5.6% month-on-month drop in handle for January, with players’ spending of $465.8m (£370.8m/€434.4m) also 9.6% down on the record month of November last year.

November 2023 was the first month in which handle in Tennessee surpassed $500m. The state’s legal wagering market opened in November 2020.

Gross wagers in Tennessee also dropped 5.6% month-on-month to $467.4m, again falling 9.6% short of November’s total of $517.1m.

Despite the month-on-month decrease, Tennessee’s gross wagers for January were 13.8% higher than the same month in 2023.

Privilege tax assessed for January stood at $8.6m, the first time it has dipped under the $9m figure since November 2023.

The Quarterly Survey of State and Local Tax Revenue (QTAX), carried out by the United States Census Bureau, found Tennessee ranked seventh in the country in terms of the tax generated by sports betting in Q3 2023 with $16.1m. That is 3.1% of the $506m generated nationwide.

Leading operators in Tennes..

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February 14, 2024

Study finds New York generates over 37% of all US sports betting tax

A study has revealed that New York contributes more than 37% of the total tax revenue generated from sports betting in the United States.

The Quarterly Survey of State and Local Tax Revenue (QTAX), carried out by the United States Census Bureau, recently added sports betting to its list of tax sources.

QTAX for Q3 of 2023 found that sports betting accumulated national tax and gross receipts of just under $506m (£403.5m/€473m). This was up 20.5% from Q3 2022 but significantly lower than the $571.5m generated in Q2 2023.

New York dominated the tax generated via sports betting in the third quarter of 2023, with its $188.5m nearly five times higher than Indiana’s $38.6m in second. No state has a higher tax on gross gambling revenues than New York’s 51%.

Ohio and Illinois ranked third and fourth with $32.9m and $32.4m respectively, while Pennsylvania rounded out the top five with $28.8m.

New York breaking record after record

new york has consistently been breaking sports betting recor..

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February 14, 2024

Maine sports betting receipts hit new high despite handle dip in January

Adjusted gross receipts from sports betting in Maine reached a new monthly high of $5.5m (£4.4m/€5.1m) in January despite a dip in player spending.

Total handle for January in Maine was $38.1m. This was 13.4% behind $44.0m in December but 1.3% ahead of $37.6m in November, the first month of legal betting.

As for adjusted gross receipts, the January total was 25.0% ahead of $4.4m in December. It also beat the $4.6m generated in the opening month by 19.6%.

Sports betting adjusted gross receipts account for voided and cancelled bets, player winnings and a 0.25% federal excise tax.

In terms of total other tax due to the state, this amounted to $546,099 in January. Maine has a tax on sports betting of 10.0% of adjusted gross receipts.

DraftKings ahead in Maine two-horse race

bill ld 585 was signed in may 2022 to legalise sports betting in maine

Maine currently only has two licensed operators that offer sports betting: DraftKings and Caesars. Both have tribal partnerships in place,..

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