Retail sports betting – Page 2

October 21, 2024

Illinois sports betting handle up in August, but hold declines sharply against July

Sports betting revenue in Illinois increased year-on-year in August despite the impact of new tax laws in the state. Monthly handle was also higher than in 2023.
For August, total ‘completed events’ adjusted gross revenue hit $59.2m (£45.5m/€54.6m) in Illinois. This is 26.2% more than last year but 17.0% lower than July. State-wide hold was 6.74%, down from 9.22% in July.

Figures from the Illinois Gaming Board (IGB) show some $57.8m of all revenue came from online betting. The remaining $1.3m was attributed to wagering through retail sportsbooks across the state.

As for spending, total handle for the month amounted to $877.8m. This surpasses last year by 29.8% and also beats July this year by 13.5%.

August is widely regarded as one of the quieter of the summer months due to fewer major league events, although this year benefited from the Olympic Games in Paris, France. College football also starts in late August, as do NFL pre-season games. Players bet $852.9m online during August ..

October 21, 2024

Weekend Report: US sportsbooks switch up prop bet rules for NBA, row erupts over Betfred shop signage

Welcome to the Weekend Report, where iGB looks at the news that you may have missed across Friday, Saturday and Sunday. This week: US bettors face new rules on NBA player prop bets, new betting shop signage comes under fire and Conor McGregor loses big-money bet.
US sportsbooks to halt prop betting on lower-paid NBA players
First up, major sportsbooks in the US will no longer allow players to place a prop-style bet on the lowest-earning NBA players, sources have told The Athletic.

Quoting the article, the New York Times reported that the decision comes after months of talks between the NBA and its gambling partners. These include both FanDuel and DraftKings. From now on, no “under” bets will be offered on players on a two-way or 10-day contract.

While NBA players make several million dollars a year, players on shorter contracts earn far less. As such, they potentially face greater threats over match and betting manipulation.

The New York Times highlights one case last year when the ..

October 18, 2024

Pennsylvania: sports betting and igaming growth offset land-based decline in September

Growth across sports betting and igaming helped offset a decline in the land-based market in Pennsylvania during September, allowing the Keystone State to post a 6.2% year-on-year increase in overall monthly gambling revenue.
Revenue for September was $505.9m (£387.9m/€466.5m), according to the Pennsylvania Gaming Control Board (PGCB). This surpasses last year’s total but falls 3.7% short of August this year.

Sports betting was the segment of most growth for Pennsylvania, with adjusted gross revenue rising 46.1% year-on-year to $53.5m. Of this, $47.2m came from online betting and $6.3m wagering via retail sportsbooks across the state.

In terms of player spending, monthly handle reached $811.3m, some 11.7% more than in the same month last year. This resulted in a state-wide hold on taxable revenue of 6.59% for September.

Focusing on operators, FanDuel and partner Valley Forge Casino Resort remain the runaway leaders in Pennsylvania. Revenue for the month reached $27.4m off $320.5m i..

October 18, 2024

New Jersey smashes igaming revenue record again in September

Online gambling revenue in New Jersey reached a new record high for the second straight month in September, while the Garden State also saw year-on-year growth in the sports betting market.
Total gambling revenue across online and retail in New Jersey hit $558.3m (£428.2m/€515.2m) in September. This is 7.1% ahead of last year and 0.6% more than August this year, according to the New Jersey Division of Gaming Enforcement.

Once again, the highlight for New Jersey in September was igaming, with revenue here up 27.1% year-on-year to $208.1m. This surpassed the existing record of €198.4m, which was set in August.

Revenue from content classed as ‘other authorised games’, including online slots and table games, jumped 27.6% to $205.9m. However, online poker revenue slipped 6.9% to $2.2m.

DraftKings remains the leading igaming operator with $45.8m in revenue for September. It was closely followed by long-time rival FanDuel on $45.3m. BetMGM also had a successful month with $26m.

As for mas..

October 18, 2024

Digital growth pushes year-to-date revenue to €2.10bn at FDJ

La Française des Jeux (FDJ) has reported an 11.9% year-on-year increase in revenue for its financial year-to-date, driven by growth within its digital business, while the group has set out full-year expectations after completing its acquisition of Kindred.
Publishing figures for the nine months to September, FDJ said revenue amounted to €2.01bn (£1.67bn/$2.18bn). This includes lottery, sports betting and igaming operations, as well as international and payment services.

The French monopoly operator reported growth across all areas of the business, although it saw the largest rise within its sports betting and igaming segments.

“FDJ continues to deliver a solid financial and non-financial performance,” FDJ chairwoman and CEO Stéphane Pallez said.

“This performance was driven both by the lottery and by sports betting and online gaming open to competition and by all our distribution channels, with a network of points of sale in progression and strong momentum from digital games.”

Grou..

October 16, 2024

Massachusetts sets betting handle and revenue records in September

The Massachusetts Gaming Commission (MGC) reported record sports betting handle and revenue during September, with the Bay State posting year-on-year growth across both its online and retail segments.
During September, handle in Massachusetts hit $678.7m (£519.1m/€623.1m). This is a new monthly high for the state, surpassing the existing record of $658.7m set in December last year.

The September number is up from $512.2m in September last year, according to the MGC, and ahead of the August handle of $447.3m. Online spend amounted to $667.7m, with retail sportsbooks processing $11.1m.

As for revenue, this amounted to $73.5m, surpassing January’s previous $71.1m record. It also beat last September by 47.6% and August by 120.7%.

Online betting contributed $72.2m to the revenue total, while $1.3m came from the retail sector.

In terms of hold, the state-wide figure for Massachusetts during September was 10.83%, based off taxable revenue. The state collected $14.6m in tax, with almost ..

October 16, 2024

Arizona sports betting market up YoY, but down against June

Arizona endured a somewhat mixed month in July as both handle and revenue were higher year-on-year in the Grand Canyon State, but the market shrank month-on-month.
Players wagered $410.1m (£313.7m/€376.6m). This is up against $323.2m July last year but down against $454.1m June this year. Of the July handle, $404.8m was spent betting online and $5.4m at retail sportsbooks.

The Arizona Department of Gaming (ADoG) also reported $41.5m in adjusted gross revenue prior to free bets. After deducting $12.5m in promotional wagers, this left $29.0m in adjusted gross revenue.

Monthly revenue beat July last year by 8.2% but, coincidentally, also fell 8.2% short of June’s total. This amount includes $28.7m in online betting revenue and $283,928 from the retail sector. Sportsbooks paid the state a total of $2.9m in taxes. Digital revenue is taxed at 10% and retail revenue is taxed at 8%.

This meant Arizona had a state-wide hold of 7.07% for the month.

DraftKings retains the lead in Arizona
Brea..

October 15, 2024

Presidential politics could alter gambling expansion landscape in multiple states including Texas

Three weeks from today, US voters will elect a new president. Whoever the winner is, there's likely to be a change in the gambling political landscape in multiple states.
Should Donald Trump become president, there are at least two states – Arkansas and Texas – that could be most affected when it comes to gambling expansions. And if Kamala Harris wins the election, there are another two states in which change could moderately affect the current gambling climate.

Trump could tap Texas governor Greg Abbott or lieutenant-governor Dan Patrick for his cabinet. Either one of those appointments is a potential game changer in the second-biggest state in the US. And in Arkansas, Governor Sarah Huckabee Sanders is a former Trump White House press secretary, so it seems possible that she would be on a short list for another appointment.

Harris’ running mate, Tim Walz, is the current governor of Minnesota. Walz has been supportive of an expansion of gambling and that likely wouldn’t chan..

October 15, 2024

US sports betting round-up: Indiana, Iowa and Delaware in September

Rounding up some of the latest monthly sports betting results in the US, iGB takes a look at how Indiana, Iowa and Delaware performed in September. Delaware also reported igaming numbers.
Revenue and handle growth in Indiana
Starting in Indiana, consumers spent $483.8m (£369.5m/€443.5m) betting on sports during September. This is 19.7% more than the same month last year and 57.1% ahead of August this year.

American football drew the most sports bets at $175.4m, driven by the start of the NFL and college football seasons. Baseball ranked second with $54.5m, while parlay bets totalled $164.4m.

The Indiana Gaming Commission also reported taxable adjusted gross revenue (AGR) in September reached $53.0m. This beats last year’s total by 29.0% and August by 65.1%.

As such, Indiana was left with a state-wide hold of 10.95% for the month.

DraftKings remains the market leader. It posted $19.3m in revenue off a $190.3m handle for a hold of 10.14%. FanDuel remains second with $18.2m from $148..

October 11, 2024

US sports betting round-up: Maryland and Kansas September

Rounding up some of the latest monthly sports betting results in the US, iGB takes a look at how Maryland and Kansas fared during September.
Maryland handle hits $532.9m
Focusing first on Maryland, taxable revenue during September hit $62.5m (£47.9m/€57.2m). This is 190.7% more than the same month last year and 68.0% more than August this year, but not quite a new record.

Data from Maryland Lottery and Gaming shows mobile betting accounted for $60.7m of all revenue in September. Retail sportsbooks generated the remaining $1.9m.

Handle-wise, players spent $532.9m, the fifth-highest total since wagering went live in December 2021. The total beat last year’s figure by 20.4% and is also 41.2% ahead of August. Overall spend on mobile during September was $518.9m, with retail’s handle at $14.0m.

In terms of hold, for the state as a whole, this reached 11.73%. For online, hold was 11.70% and retail 13.57%. As for tax, the state collected a record $9.4m from betting operators. Wagering oper..

October 10, 2024

US September round-up: Tennessee, West Virginia and Detroit

Rounding up some of the latest monthly sports betting results in the US, iGB analyses figures from Tennessee, West Virginia and Detroit for September.
Tennessee sets new gross wagers record in September
Starting in Tennessee, the Volunteer State saw gross wagers hit an all-time high of $524.8m (£401.8m/€480.3m). This figure is narrowly higher than the existing record of $517.4m in November last year.

The September total also surpasses last year’s amount by 25.5% and is 52.5% higher than August this year. This is according to data published by the Tennessee Sports Wagering Council.

Tennessee does not publish data on monthly revenue. It does, however, detail gross handle, with this at $520.8m. This is after accounting for $3.9m in undisclosed adjustments.

As for tax, Tennessee was able to collect $9.6m in privilege tax from sports betting during the month. Tennessee operators are taxed at 20%.

West Virginia narrowly misses revenue record
Turning now to West Virginia, revenue fell ju..

October 9, 2024

US sports betting round-up: Banner September for DC, monthly records tumble in Maine

Rounding up some of the latest monthly sports betting results in the US, iGB takes a closer look at how Washington DC and Maine fared during September.
In the month that heralds the return of NFL betting, Washington DC’s newly liberalised market smashed records, while Maine kicked off football season strongly.

DC smashes sports betting records in September

Starting in DC, both sports betting revenue and handle reached all-time highs in September. Gross gaming revenue for the market reached $8.2m (£6.3m/€7.5m), up 82.2% from August and 331.6% ahead of last year.

In terms of player spending, this topped $58.8m, a new record for DC. The total is up 44.8% from August and 305.5% more than in September of 2023. This represents a total market hold of 13.95%

FanDuel still the one to beat in DC
Data from the DC Lottery and Office of Lottery and Gaming covers all operators licensed in the market. This includes several online brands that have launched in DC in recent months.

The DC Council i..

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Tag: Retail sports betting