Finance – Page 4 – Bookielink

June 14, 2024

US May round-up: Kansas sports betting growth, Detroit casino revenue rises

Taking a look at some of the latest monthly US state results, iGB analyses a year-on-year rise in sports betting revenue in Kansas during May and growth in the land-based casino market in Detroit, Michigan.

Sports betting revenue in Kansas was 10.1% higher at $9.8m (£7.7m/€9.1m) in May. As for Detroit, revenue from land-based casinos increased 7.2% to $113.2m.

Beginning the analysis in Kansas, despite year-on-year growth, revenue was 5.8% lower than the $10.4m generated in April. Some $9.6m of all sports betting revenue came from online activity, with retail contributing $155,888.

In terms of handle, total player spending in May hit $172.2m, an increase of 43.1%. Of this, $164.1m was wagered online and $8.1m at retail sportsbooks across Kansas.

The state collected a total of $976,764 in sports betting tax, most of which also came from online wagering.

FanDuel and Kansas Star lead the pack

FanDuel, partnered with Kansas Star, took the lead in the Kansas online betting market in Ma..

June 7, 2024

North Carolina betting revenue drops 40.1% in second full month

North Carolina reported gross gaming revenue (GGR) of $63.1m (£49.6m/€58.4m) in May in what was the second full month of wagering in the Tarheel State.

The $63.1m figure fell 40.1% short of April’s total of $105.3m. April was the first full month of betting in North Carolina after operators went live on 11 March.

The May revenue was also 5.1% behind the $66.5m generated in March despite the market only launching 11 days into the month. However, that three-week period included March Madness, with all three North Carolina teams – UNC, NC State and Duke – playing in the tournament.

Handle, meanwhile, stood at $525.5m, again the lowest total yet. The figure was 19.0% short of April’s $648.9m and 20.3% behind March’s $659.3m.

A total of $458.7m was paid out in winnings in May, a hold percentage of 12.3%. In April, operators reported a hold of 17%.

The state didn’t disclose how much tax revenue had been received. Digital operators are taxed at 18% of GGR in North Carolina.

Promos again..

June 4, 2024

Spain online gambling revenue rises to €350.7m in Q1

Gross online gambling revenue in Spain amounted to €350.7m (£298.6m/$381.6m) during Q1, a 15.1% increase from the opening quarter of last year and 11.2% ahead of Q4.

The Q1 total was comfortably ahead of €313.3m in the same period last year. It is also more than the €315.3m generated in Spain in the final quarter of 2023.

Casino remains the primary source of revenue, generating €167.8m in Q1, or 47.8% of all market revenue. The quarterly total was 17.0% higher than last year but 2.1% behind Q4.

Year-on-year casino growth was helped by a 15.0% rise in slots revenue and 22.2% rise in roulette revenue. Growth was also reported across blackjack and roulette.

Elsewhere, sports betting revenue amounted to €150.3m, representing 42.9% of overall revenue for the quarter. This is 15.4% higher than Q1 last year and also 31.0% ahead of Q4.

Within this market, pre-match betting activity rocketed by 588.8% year-on-year but in-play bets were down 31.7%. Other bet types edged up 1.6% while horse ..

June 3, 2024

Ohio sports betting revenue hikes 15.8% to $73.9m in April

Sports betting revenue in Ohio reached $73.9m (£58m/€68.1m) in April, a 15.8% month-on-month increase.

The April revenue was a sizeable rise on the $63.8m reported in Ohio in March. The figure also takes Ohio to a year-to-date sports betting revenue of $317.1m.

Online accounted for $72.8m in revenue, 98.5% of the total. Retail, meanwhile, was responsible for $1.1m.

The rise in revenue was despite handle dropping 16.7% to $673.2m from March’s figure of $808.2m. Ohio operators paid out $593.1m in winnings, while $20.1m was attributed to promotions.

Year-on-year, handle was up 29.3% while revenue was 16.7% higher than the same month last year.

FanDuel still on top

FanDuel again led the way in April with online handle and revenue of $226.7m and $34m respectively.

DraftKings, meanwhile, reported April online handle of $216.8m and revenue of $20.8m.

Bet365 was third again for handle with a total of $48.9m, generating $5.1m in revenue. BetMGM and ESPN Bet reported handles of $45.2m an..

May 30, 2024

Nevada gambling revenue declines again in April

Total gambling revenue in Nevada amounted to $1.24bn (£977.0m/€1.15bn) during April, an increase on last year but the second consecutive month of decline in the Silver State.

The monthly total was 6.9% ahead of $1.16bn in April last year but 3.9% less than $1.29bn in Nevada in March this year. March was also lower than February’s total, with February having been boosted by Nevada’s hosting of the NFL’s Super Bowl.

Once again, slots proved to be the primary source of revenue for operators, generating a total of $886.8m. This is 5.9% higher than in April last year. Multi-denomination slots drew the most revenue at $586.8m during the month, a rise of 26.4%.

High-stakes slots also saw more revenue, with increases across both $25 (up 137.6%) and $100 machines (up 14.5%). In contrast, revenue from all lower-stakes machines was down year-on-year.

Blackjack and baccarat drive growth

Looking elsewhere in Nevada, revenue from table, counter and card games – including sports betting – climb..

May 29, 2024

US round-up: Arizona grows in March, Rhode Island April betting revenue dips

Casting an eye over the latest monthly US state results, iGB analyses growth in the Arizona sports betting market in March and a decline in revenue despite steady spending in Rhode Island during April.

Arizona reported year-on-year growth across revenue and handle in March. However, Rhode Island saw revenue slip to an eight-month low in April.

Starting with Arizona, which reports its monthly results at a delayed rate compared to other states. All other US states are currently publishing results for April, whereas Arizona has just released an update for March.

During March, player spending amounted to $759.8m (£595.7m/€700.3m). This is 17.8% up from $644.8m in the same month last year. It is also 19.2% ahead of $637.5m in February of this year.

Players wagered a total of $752.4m online and $5.3m at retail sportsbooks. A further $2.1m was bet through limited event wagering (LEW) operators in Arizona.

In terms of revenue, gross event wagering before the impact of free bets hit $57.5..

May 29, 2024

DraftKings and Flutter stock falls on proposed Illinois tax hike

DraftKings and Flutter Entertainment – owner of FanDuel Group – both saw their stock price decline yesterday (28 May) as the US market reacted negatively to a proposed gambling tax hike in Illinois.

Illinois lawmakers discussed the increase during a 2025 budget meeting over the weekend. While plans are yet to be approved, the potential rise has already hit leading operators including DraftKings and Flutter.

The current proposal on the table is for a graduated wagering tax structure to replace the existing 15% flat rate. This would set rates at between 20% and 40%, depending on each operator’s adjusted gaming revenue (AGR).

Licensed operators with generated AGR of $30m (£23.5m/€27.6m) a year would pay tax at 20%. However, if an operator reports more than $200m, they would face a 40% rate – some 167% more than at present. This would be the second-highest tax rate in the US behind New York at 51%.

Other boundaries include a 25% rate for AGR between $30m and $50m, 30% for AGR ranging ..

May 24, 2024

Delaware sports betting growth continues as expansion bill progresses

Delaware reported further year-on-year growth across sports betting handle and revenue in April, while a bill proposing plans to expand the state’s online market beyond its current monopoly has moved forward.

Introduced in April, House Bill 365 is seeking to open up the Delaware online market to more operators. This comes just months after the Delaware Lottery launched its first online sportsbook with Rush Street Interactive and BetRivers.

The Lottery’s sportsbook went live in January and has already had a marked improvement on the Delaware sports betting market. Monthly handle and revenue totals are higher, with this trend continuing into April.

Against this background of early success, lawmakers are already looking at ways to grow the market further.

At the centre of this is HB 365, which this week was assigned to the house appropriations committee. The bill had been assigned to the house administration committee upon its introduction in mid-April, but no further action was take..

May 24, 2024

Wagering tax hikes are all the rage. Will IL be next to approve? MA didn’t

Proposed sports betting tax hikes are quickly becoming the latest trend and Illinois lawmakers continue to wrangle over the issue.

So far, there’s no consensus, which means that the Illinois legislature will extend its session into the Memorial Day weekend.

Governor JB Pritzker earlier this year began pushing to increase the Illinois betting tax rate from 15% to 35%. Pritzker has argued that his state isn’t getting the kind of revenue that bigger states like New York (51% tax rate) and Pennsylvania (36% tax rate) are reaping.

A key difference, however, is that more-comparable Pennsylvania allows promotional deductions, making the effective tax rate 24%, according to Vixio. Illinois and New York do not allow for promo deductions. New York has the biggest competitive marketplace in the US and operators were willing to weather the high tax rate in exchange for the exposure. According to one industry group, at least some legal operators are in the red in Illinois.

Pritzker’s proposa..

May 22, 2024

Mississippi sports betting revenue drops 8.8% to $3.1m in April

Mississippi reported sports betting revenues of $3.1m (£2.7m/€3.1m) for April, down 8.8% from March’s total.

Sports betting revenue in Mississippi for April fell short of March’s figure of $3.4m, and was 27.9% down on the same month last year, when $4.3m in revenue was reported.

Total handle for the month was $34.3m. This was a 22.9% decrease on the $44.5m in bets taken in March. However, it was 7.9% ahead of April 2023’s figure of $31.8m.

In terms of where bets were placed, Mississippi’s coastal casinos again led the way, reporting $1.5m in revenue and $23.6m in handle.

Central casinos took $6.6m in bets and generated revenue of $1.2m. Northern casinos, meanwhile, reported handle and revenue of $4.1m and $402,880 respectively.

What sports are they betting on in Mississippi?

With the National Football League (NFL) season having ended in February, basketball and baseball were the most popular sports for betting at Mississippi’s coastal casinos over April.

Baseball narrowly led th..

May 22, 2024

Horseracing Betting Levy Board expects record £105m in contributions

The Horserace Betting Levy Board (HBLB) has announced it expects to receive a record £105m (€123m/$134m) in levy payments for 2023-24, with the Betting and Gaming Council (BGC) praising the commitment of its member to the scheme.

This contribution, both the BGC and HBLB say, will be £5m more than the previous financial year. It will also be the third consecutive year levy contributions have increased. This total is set to surpass the £100m paid in 2022-23 and £97m in 2021-22.

The additional funding means the HBLB has been able to increase prize money contributions by £3.2m to £70.5m.

“The trend that was seen towards the end of 2022-23 has continued,,” HBLB chairman Paul Darling said. “Betting turnover is lower and bookmakers’ profits higher than recent norms. In the light of reports and analysis from the HBLB executive during the year, the board had been anticipating income of around the total that is expected.

“The effect of this financial outturn gives the board additional comfor..

May 21, 2024

Michigan online gaming revenue drops 8.7% to $234.8m in April

Michigan sports betting and igaming operators reported $234.8m (£184.7m/€216.3m) in April revenue, down 8.7% on March’s total.

March’s revenue figure of $257.1m was the highest total in Michigan so far in 2024, although comparably April’s numbers fell short. Nonetheless, April’s revenue total still beat January and February, which produced $229.6m and $218.5m respectively.

Year-on-year, April revenue was 20% ahead of the same month last year, when Michigan’s sports betting and igaming operators reported revenues of $195.7m.

Igaming revenue down but sports betting stable in Michigan

Igaming revenue fell from $215.5m in March, Michigan’s strongest igaming month to date, to $192.9m in April.

Sports betting handle, meanwhile, also dropped significantly. Michigan’s online sports betting operators took $399.1m in bets in April, down from $480.4m in March. However, April sports betting revenue stayed stable at $41.9m.

In terms of monthly adjusted gross receipts (AGR), igaming and sports..

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Tag: Finance