Retail sports betting Archives

April 12, 2024

Kansas sports wagers reach $252.9m in March

Players in Kansas wagered a total of $252.9m (£201.8m/€236.3m) on sports during March, just shy of the Sunflower State’s monthly record.

Handle was 28.4% higher than $197.0m in March last year and 24.6% ahead of February this year. It was also just 3.1% lower than the Kansas record of $260.9m in November 2022.

Of this total, $243.2m was bet online, while $9.7m was wagered at retail sportsbooks across the state.

In terms of revenue, this amounted to $7.1m in March. The figure was 22.0% lower than the $9.1m generated last year but 129.0% ahead of February’s $3.1m haul.

All revenue in March came from online betting, with retail failing to generate any revenue for operators. It was also noted that the state collected $714,697 in sports betting tax during the month.

DraftKings and Boot Hill retain the lead in Kansas

Having taken the lead in February, DraftKings and partner Boot Hill remained out in front in the Kansas online market. During March, the partnership generated $4.7m in re..

April 10, 2024

Detroit casino revenue edges up to $123.9m in March

The three commercial casinos in Detroit reported $123.9m (£97.7m/€114.2m) in revenue during March, a 3.9% increase on the previous year.

Revenue in March was clear of the $119.2m posted in the same month last year. March’s total was also 18.5% ahead of the $104.6m recorded in Detroit in February this year.

Some $122.3m of this amount came from slots and table games, up 3.8% year-on-year and 16.7% higher than February.

In comparison, retail sports betting qualified adjusted gross receipts (QAGR) reached just $1.6m. However, this total was 13.2% ahead of last year and a stark improvement on the $120,142 loss reported in February.

MGM continues to lead the Detroit market

MGM Grand Detroit remains some way out in front in terms of market share in Detroit. The casino reported a 46.0% market share in March.

MGM posted $56.7m in table games and slots revenue, up 4.1%, while sports betting QAGR reached $327,857.

MotorCity Detroit placed second with a 31.0% share of the market. Revenue ..

April 10, 2024

Colorado sports betting revenue down despite handle increase in February

Sports betting revenue in Colorado declined 27.1% to $25.8m (£20.3m/€23.8m) in February, despite the Centennial State reporting an increase in player spending.

Revenue was down year-on-year from $35.4m in February 2023. Colorado’s monthly total was also 51.8% less than the $53.5m posted in January of this year.

Online betting generated $25.9m in gross gaming revenue in February. However, a $144,982 loss from retail betting pushed the monthly total down slightly.

This decline came despite handle in Colorado climbing 8.6% from $494.4m in February last year to $537.0m. However, this figure was 10.0% behind the $596.7m bet during January.

Online wagers for the month amounted to $533.5m, while a further $3.5m was bet at retail sportsbooks across the state.

Basketball the sport of choice for Colorado bettors

Breaking down the market sport by sport, basketball proved the most popular with Colorado players in February. Some $229.8m was bet on basketball during the month, accounting for s..

April 10, 2024

Howe: California sports betting will be done “with and through” state tribes

FanDuel CEO Amy Howe extended an olive branch to California tribes in a panel discussion Tuesday (9 April ) morning at the Indian Gaming Tradeshow & Convention, acknowledging that any future of California sports betting will be done “with and through” tribal operators.

Howe was joined onstage by CNIGA chairman James Siva as well as Jacob Mejia, director of public affairs for Pechanga Development Corporation, both of whom lauded the CEO for being willing to engage in such discussion after the two sides’ previous vitriol.

FanDuel, DraftKings and other commercial operators burned hundreds of millions in 2022 by lobbying for and promoting Proposition 27, an initiative that would have legalised online sports betting in California but was soundly rejected by state voters.

Tribes did offer their own initiative – Proposition 26 – that was also rejected by voters, however tribal leaders have maintained that the overall goal was to oppose and defeat Proposition 27 rather than promote and p..

April 2, 2024

Ohio sports betting revenue down by 41.4% despite Super Bowl

Sports betting revenue in Ohio fell by over 40% in February, despite the Super Bowl early in the month.

Sports betting revenue dropped 41.4% to $66.3m (£52.8m/€61.5m) in February from January’s figure of $113.1m. February’s revenue was also 18.5% down year-on-year, with Ohio accumulating $81.3m in the same month last year, which was the second month of its sports betting market launching.

Ohio also saw a 17.2% decrease in handle, from $810.4m in January to $671.1m in February. However, February’s handle amount was 5% more than the $639m in bets received in the same month last year.

$599.7m was paid out in winnings during February, while $28.3m was written off as promotions. Taxable revenue amounted to $67.6m.

Ohio’s online sports betting sector continues to dominate the market. It was responsible for $66.4m in revenue and $657.7m in handle, the latter of which accounts for 98% of the monthly total. Retail actually finished in the red for the month, losing $122,288 during February.
..

March 25, 2024

Louisiana sports betting handle hits $274.8m in February

Players in Louisiana spent $274.8m (£217.8m/€254.0m) betting on sports in February, an increase on last year but 20.7% behind January’s total.

Combined online and retail handle for February was 39.0% ahead of $197.7m in the same month last year. However, it fell short of the $346.3m wagered in January 2024, meaning the Louisiana market shrank for the second consecutive month.

Online betting accounted for $253.1m of all activity in February, with retail wagers reaching $21.7m.

Turning to revenue, for the market as a whole, this amounted to $25.1m. This was 30.7% up from $19.2m in February 2023 but 35.5% short of $38.9m in January.

Revenue from online sports betting totalled $24.3m, with retail’s share at $780,013 for the month.

As for tax, Louisiana generated $3.6m from online wagering and $128,140 retail betting.

Year-to-date handle exceeds $2.20bn in Louisiana

Looking at the state’s year-to-date performance, total handle for the eight months through to the end of February was $..

March 21, 2024

Mississippi sports betting market shrinks in February

The Mississippi Gaming Commission posted a year-on-year fall in both handle and revenue during February, while the Magnolia State also reported month-on-month declines.

Players spending on sports betting reached $31.4m (£24.6m/€28.7m) in February. This was 21.1% down from $39.8m in Mississippi last year and some 45.1% behind January’s $57.2m spend.

Inevitably, the sharp drop in revenue – both year-on-year and month-on-month – also led to a decline in revenue.

For February, revenue in Mississippi amounted to $2.3m. The Commission said this was 25.8% lower than the $3.1m reported in February 2023 and 65.7% less than $6.7m in January this year.

Coastal casinos remain popular with Mississippi players

Breaking down these figures by casino location, coastal venues remain the most popular with players when it comes to sports betting.

During February, consumers bet a total of $19.5m at coastal casinos, with a large portion of this – $10.1m – being on basketball. Casinos turned a monthly ..

March 19, 2024

Michigan sports betting handle drags down February gaming totals

Michigan gambling operators saw an overall dip in receipts and revenue in February, according to the latest report from the Michigan Gaming Control Board.

The combined $218.5m in icasino gross receipts and sports betting handle was down 4.8% compared to January. The $188m taken in by online casino was the highest in state history. This broke the January record of $181.9m in gross receipts.

Combined adjusted gross revenue (AGR) for February was $182.1m. Online casino operators took in $169.2m in AGR, a 3.1% increase compared to January, and digital sports betting had AGR of $12.9m, a 31.3% decline compared to January.

A total of 15 operators were live for online casino in February, along with 13 sports betting platforms.

Tribal operators made $3.9m in payments to governing bodies for February.

Sports betting handle was $402.6m, compared to $577.4m in January. The slump is not unusual, as February may feature the Super Bowl, but it does not have a full slate of NFL games every week..

March 18, 2024

New Hampshire sports betting declines again in February

The New Hampshire Lottery’s report for February showed another decline in the state’s sports betting market, falling well behind January’s figures.

Total handle for New Hampshire in February was $62.3m (£48.9m/€57.2m), 15.0% down on January’s figure of $73.3m. This is the third month in a row that New Hampshire has seen a decline in sports betting handle.

Online continues to dominate the market, with mobile accounting for $55.9m in handle, 86.9% of the total figure. Retail was responsible for just $6.4m of the handle for New Hampshire in February.

February’s gross gaming revenue (GGR) also fell to $6.6m from January’s $9.8m, again a significant 33.0% month-on-month drop. February’s GGR figure was the lowest in five months since September’s $6.2m.

The decline in the state’s sports betting figures is also having a negative impact on its tax revenues. These fell to another five-month low of just $2.8m, having dropped 36% from January’s $4.5m.

New Hampshire’s concerning year-on-year c..

March 15, 2024

Kansas reveals year-on-year sports betting growth in February

Consumer spending on sports wagering in Kansas increased 4.6% year-on-year to $203.0m (£159.3m/€186.6m) in February, while revenue in the state rocketed 8,405.8%.

Total handle in February, across online and retail, was clear of the $194.0m wagered in the same month last year. However, it was 15.3% behind January’s $239.6m in Kansas.

Of this total, $193.9m was bet with online sportsbooks while the remaining $9.1m was spent at retail facilities.

Turning to revenue, this amounted to $3.1m in February, up significantly from just $35,916 in the previous year but 48.3% behind $6.0m in January.

Almost all revenue came from online betting ($3.0m), with just $5,025 being generated by retail sportsbooks. Kansas was also able to generate $305,494 in tax during the month.

DraftKings and Boot Hill take the lead in Kansas

Looking at individual operators, DraftKings and Boot Hill Casino became the new online market leaders in February. The partnership generated $2.0m in revenue from $87.7m in t..

March 14, 2024

Minnesota senate tax committee doubles wagering tax, moves bill forward

Minnesota’s senate tax committee has voted to double the proposed tax rate from 10% to 20% in a bill that would allow for legal statewide mobile sports betting.

The bill, SF1,949, has been through six senate committees, and is now on its way to senate finance. Should it pass out of the senate, the bill would follow a similar process in the house.

Minnesota’s legislature is set to adjourn on 20 May and there is no crossover deadline. Lawmakers have travelled this path before, passing similar legislation in the house in previous sessions, only to have it stall in the senate. A key issue is whether to give the state’s 11 tribes exclusivity for sports betting or include horse tracks. The current senate version of the bill does include the tracks, which the Minnesota Indian Gaming Association opposes. That issue was not raised in the tax committee, but is likely to come again in the future.

Governor Tim Walz has said previously that he will approve a legal sports betting bill.

Senator..

March 14, 2024

Arizona breaks sports betting revenue record again in January

Arizona set a new sports betting revenue record for the second consecutive month in January, with operators in the state generating a total of $69.3m (£54.2m/€63.5m).

The January figure was 51.6% ahead of $45.7m in the same month last year. It was also 4.8% clear of the previous Arizona monthly record of $66.1m in December.

Some $69.0m of this was attributed to online betting. A further $230,662 came from retail sportsbooks and $146,204 from limited event wagering (LEW) operators.

As for handle, players spent $706.4m betting on sports in January. This was 19.5% higher than last year and also 1.2% ahead of $706.4m in December 2023.

Online gross event wagering amounted to $698.0m, with retail betting at $6.3m. A further $2.01m was spent with LEW operators in January.

Some $23.2m in free bets and promotional credits were reported in January, almost all of which were online. When deducting these, adjusted gross revenue for the month reached $46.2m, up 59.3% year-on-year but 4.4% behin..

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Tag: Retail sports betting