Tag: Finance

Player spending on sports betting in Colorado amounted to $281.1m (£224.7m/€261.8m) in July, the first time the state’s handle fell below $300.0m since August 2022.

Colorado’s betting handle was 8.9% higher than $258.4m in July 2022 but 9.5% behind $310.7m in June this year. July was also the fourth consecutive month of month-on-month betting handle decline for Colorado.

Online betting accounted for $279.4m of all wagers placed during the month. In contrast, just $1.7m was spent betting at retail sportsbooks in Colorado.

Baseball again drew the most bets, with players wagering a total of $104.9m during the month. Basketball was a distant second on $34.5m, then tennis at $33.9m. Players also spent $44.8m placing parlay bets in July.

Revenue rockets 171% month-on-month in Colorado

Gross gaming revenue from betting amounted to $25.0m in July. This was 20.2% ahead of $20.8m in July 2022 and 171.7% more than $9.2n in June this year.

Online revenue for the month in Colorado reached $2..

Sports wagering revenue in Iowa fell 6.2% year-on-year to $13.5m (£10.8m/€12.6m) during August despite an increase in player spending.

Revenue in Iowa for August was down from $14.4m in August 2022 but 27.4% ahead of $10.6m in July this year.

Breaking this down, the state attributes $11.6m of monthly revenue to online wagering. The remaining $1.9m came from retail betting in August.

In terms of spending, Iowa consumers wagered a total of $141.2m on sports during August. This was 15.2% more than $12.6m in August last year and 28.7% higher than $109.7m in July 2023.

Online betting wagers amounted to $131.9m, while retail spend reached $9.4m.

Diamond Jo Dubuque continues to lead the way in Iowa

As for individual operators, Diamond Jo in Dubuque and its FanDuel sportsbook remain the market leaders in Iowa. Revenue from the partnership in August hit $3.6m and handle $27.6m.

Wild Rose in Jefferson and DraftKings were second with $1.8m in revenue and a $20.1m handle. Diamond Jo in Wort..

Online sports betting revenue in New York reached $98.5m (£78.6m/€91.7m) in August, the lowest monthly total since July 2022, although handle improved month-on-month and year-on-year.

Gross gaming revenue (GGR) edged down 1.1% from $99.6m in August 2022, The monthly total was also 6.3% lower than $105.1m in New York in July this year.

In terms of handle, this made for better reading. New York consumers wagered a total of $1.11bn online during August, a 27.6% increase from $872.2m in the same month last year.

The figure was also 15.7% higher than $962.1m in July of this year.

FanDuel pulls clear of DraftKings in New York

Looking at individual operators, Flutter Entertainment-owned FanDuel moved further clear of DraftKings in GGR terms. This came after DraftKings last month significantly narrowed the gap on its long-time rival.

FanDuel posted $41.1m in revenue for August off a handle of $384.6m. GGR at DraftKings hit $35.5m but the operator reported a higher handle than FanDuel at ..

Players in Rhode Island spent $20.2m (£16.0m/€18.7m) wagering on sports in July, the lowest monthly total for three years.

The figure was 19.8% down from $25.2m in July 2022 and 14.8% lower than $23.7m in June of this year. It was also the shortest monthly spend since July 2020 when $6.7m was bet by players.

Some $15.4m of the monthly spend was attributed to online betting. A further $4.9m was wagered at retail sportsbooks within Twin River and Tiverton Casino, split $3.0m and $1.9m, respectively.

In terms of revenue, $1.9m was generated in Rhode Island in July. This was 34.5% behind $2.9m in 2022 but marginally ahead of $1.8m in June.

Of this total, $1.5m came from online betting, while retail’s share totalled $293,397. Twin River generated $298,879 in betting revenue but Tiverton Casino posted a $5,482 loss, bringing the total slightly down.

Rhode Island legalises igaming

Confirmation of the July figures comes in the wake of Rhode Island moving to legalise igaming.

Governor Da..