Retail sports betting Archives

August 17, 2023

Arizona betting handle reaches $393m in June

Consumers in Arizona wagered $393.2m on sports in June, an increase on last year’s handle but another month-on-month decline in the state.

The June handle was 23.3% ahead of $318.8m in the same month last year but 12.0% behind $446.9m in Arizona in May 2023.

Some $390.3m was spent betting online, with just $2.3m wagered at retail sportsbooks in Arizona.

Players won $364.9m from sports betting, leaving $27.7m in adjusted gross event wagering revenue before free bets. This represented a 79.9% increase from $15.4m in 2023 but an 18.9% fall from $33.9m in May.

Online betting adjusted gross event wagering revenue before free bets amounted to $27.6m. In contrast, retail’s share reached just $31,060.

Free bets in Arizona hit $11.4m

When taking off $11.4m in free bets and promotional credits, adjusted gross revenue hit $16.4m. This was 113.0% up from $7.7m last year but less than half May’s $33.9m total.

Online betting drew $16.3m in adjusted revenue total, compared to $31,060 from reta..

August 17, 2023

New Jersey gambling revenue surpasses $500m in July

Gambling revenue in New Jersey exceeded $500.0m in July following year-on-year growth in almost all areas of the market.

Revenue for the month amounted to $506.2m. This was 5.3% up on last year and also 10.7% higher than New Jersey’s total in June of this year.

Land-based casino gambling drew $290.0m in revenue during the month, down 3.0% on July 2023. This was due to a 13.2% drop in table games revenue to $72.2m. In contrast, revenue from physical slot machines, the largest source of revenue in the state, edged up 0.9% to $217.8m.

Turning to online gambling and overall revenue in this segment was 13.5% higher year-on-year at $155.2m. Online slots revenue jumped 13.4% to $152.5m while peer-to-peer poker revenue was 18.5% higher at $2.7m.

Breaking down this market, Borgata moved into top spot with $43.0m. This was higher than Resorts Digital on $40.6m and Golden Nugget, which led the market in June, with $39.8m.

New Jersey sports betting revenue up over 35%

Looking at sports wager..

August 17, 2023

New Hampshire sports betting spend dips to $36.9m in July

Player spending on sports wagering in New Hampshire fell 13.6% year-on-year to $36.9m in July, while revenue also declined.

July’s handle in New Hampshire was down from $42.7m in July 2022 and also 6.1% lower than $39.3m in June this year.

Of this total, $33.4m was wagered online with DraftKings and $3.5m at retail sportsbooks. DraftKings has held the exclusive rights to offer sports betting online via the New Hampshire Lottery since November 2019.

Turning gross gaming revenue from wagering, this amounted to $3.5m. The July total was down 22.2% from $4.5m last year and 20.5% behind $4.m in June 2023.

Breaking down the monthly revenue performance, some $1.4m came from online betting with DraftKings. Retail sportsbooks generated just $179,994 in revenue.

In terms of tax, New Hampshire was able to generate $1.6m during the month.

New Hampshire betting revenue and handle up in FY23

July was the first month of the state’s new financial year. During fiscal year 2023, players spent a t..

August 16, 2023

Massachusetts sports betting handle dips below $300m in July

Player spending on sports betting in Massachusetts fell for the fourth consecutive month in July, while revenue was also down month-on-month.

Total handle for retail and online sports betting reached $294.9m. This was 11.3% less than $332.0m in June and the lowest monthly total since the launch of legal online betting in April.

It was also the first time that combined land-based and internet betting spend fell below $300.0m.

Online wagering accounted for $288.1m, down 10.9% month-on-month. Retail betting also fell 20.0% to $6.8m.

Handle dip leads to revenue decline

Taxable revenue from sports betting also declined in July. The combined total from retail and online wagering reached $29.4m, a drop of 8.7% from June’s $32.2m.

Of this total, $28.8m came from online betting, down 10.3%. The remaining $576,139 was generated by retail wagering, which was 274.3% higher than June.

Looking at individual operators, DraftKings remained the runaway online leader, posting $14.4m in revenue of..

August 15, 2023

Detroit casino revenue remains level at $107.2m in July

Detroit’s three commercial casinos posted $107.2m in revenue for the month of July, level with last year and slightly up month on month.

July’s total was on par with the $107.2m in the same month last year. The figure was 6.5% higher than $101.5m in June this year.

Of this amount, $106.7m came from slots and table games, up by 0.7% year on year. Sports betting generated $485,763 in qualified adjusted gross receipts, (QAGR), a drop of 62.0%, while handle reached $8.0m.

MGM remained the leader in the Michigan city with 47% market share. Casino revenue at MGM reached $50.0m and betting QAGR $121,017.

Read the full story on iGB North America

August 15, 2023

Iowa betting revenue up despite another handle drop in July

Player spending on sports betting in Iowa fell again in July, although the state was able to post a month-on-month increase in revenue.

Handle for the month amounted to $109.7m. This was 0.7% up from $108.6m in July 2022 but 5.4% lower than $115.6m in June this year. It also represented the fourth consecutive month of spending decline.

Online spend stood at $101.3m for the month, with retail betting at $8.4m.

In terms of revenue, July’s total hit $10.6m. This was 5.4% lower than $11.2m last year but a 49.3% increase from $7.1m in June 2023.

Read the full story on iGB North America

August 14, 2023

Indiana sports betting revenue up despite handle dip in July

Sports wagering revenue increased in Indiana in July despite the state reporting a decline in handle.

Consumers in Indiana spent $203.8m betting on sports in July, a 1.4% drop from $206.6m in July 2022. This was also 9.1% behind $224.1m in June this year.

Baseball remained the sport of choice among Indiana bettors, drawing $69.4m in total bets. A further $12.6m was wagered on basketball, while $56.2m was spent in parlay bets and $62.9m betting on other sports.

Taxable adjusted gross revenue reached $23.3m, a 11.5% increase from last year. This was also 19.5% ahead of the $19.5m generated in June 2023.

Read the full story on iGB North America

August 11, 2023

Bet365 and FanDuel among applicants for KY mobile betting licence

The Kentucky Horse Racing Commission (KHRC) has received applications for new mobile sports betting licences from seven operators including Bet365 and FanDuel.

Kentucky will open its legal online wagering market next month, as per a schedule agreed last month. This came after the governor, Andy Beshear, approved legal betting by signing off on House Bill 551 in April.

Retail wagering will go live on 7 September, with mobile following on 28 September.

Applications for licences in the state have been open for some time, with the KHRC receiving proposals from a number of major operators.

Joining Bet365 and FanDuel in applying for mobile licences are BetMGM, Caesars, Circa, DraftKings and Penn Sports Interactive.

Kentucky racetracks eye retail licences

In terms of retail permits, the KHRC said seven of the state’s licensed sportsbooks have put forward applications.

These include Churchill Downs in Louisville, Oak Grove Gaming and Racing in Oak Grove, Ellis Park in Henderson, The Re..

August 10, 2023

Entain hails record online players after revenue hits £2.40bn in H1

Entain reported a 14% year-on-year increase in net gaming revenue (NGR) to £2.40bn (€2.78bn/$3.06bn) during the first half, helped by a record number of active online players in Q2.

The group revealed growth in all business areas for the six months to 30 June. Both online and retail revenue, excluding US operations, was up year-on-year at Entain.

When including $944.0m in revenue contributions from its BetMGM joint venture with MGM Resorts, NGR was up 19%. That business, Entain added, BetMGM posted its first positive EBITDA figures in the second quarter.

Higher revenue also meant an increase in pre-tax profit for Entain. However, its bottom-line was hit by the £585m provision set aside as part of deferred prosecution agreement (DPA) negotiations with the UK’s Crown Prosecution Service (CPS) over historic activities in Turkey.

Entain makes ‘clear strides’ towards strategic goals

CEO Jette Nygaard-Andersen was pleased with H1. She said the operator made “clear strides” towards deli..

August 9, 2023

Online growth drives Lithuania H1 gambling revenue up 21.5%

Gambling revenue in Lithuania increased 21.5% during the first six months of 2023, driven by growth within the country’s online gaming sector.

Gross gaming revenue for the first half in Lithuania was €108.5m (£93.5m/$119.2m), up from €89.3m in the same period last year.

Of this total, €72.2m was attributed to online gambling, a year-on-year rise of 31.5%. The remaining €36.3m came from land-based activities, up 4.6% on the previous year.

Online slots lead the way in Lithuania H1

Breaking down this performance, €45.5m of all online gambling revenue came from category A slot machines. This was 37.5% higher year-on-year.

A further €1.8m in Lithuania was generated from online category B slot machines, up 28.6% on 2022.

Internet sports betting revenue climbed 12.4% to reach €19.0m in the first half. In addition, remote table games revenue was 71.4% higher at €6.0m.

Slower growth in land-based sector

Turning to Lithuania H1 land-based gambling, category B slot machines were the main ..

August 9, 2023

Flutter’s US business reaches “profitability inflection point” in H1

Flutter Entertainment has revealed its US business reached a “profitability inflection point” during the first half, with CEO Peter Jackson describing the period as “pivotal”.

Group revenue was up 41.9% in the six months to 30 June, while net loss also flipped to a profit. Much of this, Flutter said, was down to the performance of its US segment, namely the FanDuel Group brand.

Since taking ownership of FanDuel in May 2018, the brand has gone from strength to strength. FanDuel has moved far from an initial daily fantasy sports offering to now deliver sports betting and online casino in states across the US.

FanDuel investment coming in H2

US is Flutter’s star performer in H1

A strong six months for European operations

Australia disappoints

Working down the balance sheet

FanDuel US listing nears

Flutter CEO: Profits will fuel H2 investment for FanDuel

With CEO Jackson revealing that the US business took on more than two million new players in the first half, there is little ch..

August 7, 2023

BetMGM clinches Kentucky market access agreement

BetMGM and Revolutionary Racing Kentucky (RRKY) have partnered for a new market access agreement.

The agreement will see BetMGM offer its online and retail sports betting platform to Kentucky’s market, once sports betting becomes legalised in the state.

Retail sports betting will go live on 7 September, followed by online betting on 28 September.

Read the full story on iGB North America

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Tag: Retail sports betting