Retail sports betting Archives

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.
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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..

March 13, 2024

Retail loss fails to halt February year-on-year sports betting growth in Iowa

In February sports betting revenue in Iowa increased 14.3% year-on-year to $13.6m (£10.6m/€12.4m) despite a decline in the retail market.

Revenue was comfortably higher than $11.9m in February 2023. However, the monthly total was 38.5% less than the $22.1m generated in Iowa in January of this year.

Online sports betting revenue reached $13.8m in February, although the final total was dented by a $215,241 retail loss.

As for handle, players in Iowa wagered some $220.6m on sports during the month. This was 13.8% ahead of $193.9m last year but 15.0% behind $259.5m in January.

Of this spend, $203.8m was bet online and $16.7m at retail sportsbooks across the state.

FanDuel and Diamond Jo Dubuque still the ones to beat in Iowa

As has been the case for some time, FanDuel and Diamond Jo Dubuque remain the market leaders in Iowa. For February, the partnership generated $4.6m in revenue from $56.5m in wagers.

DraftKings and partner Wild Rose Jefferson again placed second with revenue of ..

March 13, 2024

Indiana sports betting handle surpasses $400m in February

Indiana reported a year-on-year increase in sports betting handle and revenue for February, although the state also posted a month-on-month decline, despite the impact of the NFL’s end-of-season Super Bowl showpiece.

Total handle for February reached $408.7m (£319.6m/€374.0m). This was 14.7% ahead of $356.2m last year, but down 14.9% from $480.3m in Indiana in January this year.

While Super Bowl LVIII was the sporting highlight of the month, this did not carry over into betting activity. Of all the wagers placed, just $14.1m were specifically for American football.

Basketball was the single most popular sport, drawing $117.6m of bets, with baseball at just $2.1m. Parlay wagering amounted to $191.0m and betting on other sports totalled $83.6m.

As for revenue, this reached $38.0m in February. The monthly total was 37.2% higher than $27.7m in February 2023 but 29.0% behind January’s record $53.5m.

FanDuel retakes the lead in Indiana… just

Blue Chip Casino and FanDuel claimed the top..

March 12, 2024

Maryland second state with lower February sports betting handle

Player spending on sports wagering in Maryland reached $442.6m (£345.7m/€404.7m), an increase on the previous year but lower than January’s total.

Handle was up 30.4% from $339.4m in February 2023. However, it was 18.8% behind the $545.0m bet in Maryland during January this year.

The drop in handle follows the same trend as New York, with the Empire State announcing a reduction in February handle despite the Super Bowl. However, this could also be attributed to the shorter month of February and the NBA All-Star break that ran between 16-21 February.

Of the total in Maryland, $428.4m was wagered online, including $13.4m in free bets, and $14.1m at retail sportsbooks.

Sports betting handle was 18.8% behind the $545.0m bet in January

Taxable win – the amount remaining after deducting prizes, promotional wagers and other amounts – reached $28.1m. This was 51.2% ahead of $18.6m last year but 48.9% short of January’s $55.0m.

Mobile taxable win amounted to $27.1m, while retail wagering..

March 8, 2024

FanDuel takes DC as lottery gives up on Gambet

FanDuel will soon replace GambetDC in the District of Columbia as the only sportsbook platform available to bettors across the city, according to a letter from the Office of Lottery and Gaming (OLG) to the DC City Council obtained by iGB

The letter does not indicate when FanDuel might launch its platform citywide, however.

Dated 8 March, the letter confirms the OLG has “approved Intralot’s request to select FanDuel as a new subcontractor” for the lottery’s sports wagering platform.

Intralot, which contracts with the District of Columbia, has struggled to put out a competitive product in GambetDC. The platform lost $4 million in 2021.

“OLG and Intralot have evaluated the current platform and believe that FanDuel and its industry-leading platform will perform better within the highly competitive DMV region,” OLG executive director Frank Suarez wrote in the letter. “Having a national, market-leading platform will help to quickly improve the player experience and drive significant re..

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Tag: Retail sports betting