Retail sports betting – Page 5

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 28, 2024

If election were today, Missouri sports betting initiative would fail

Missouri Scout, a private news service covering state politics, earlier this month released a poll that shows legal sports betting doesn't have voter support. The poll, which showed voters also oppose legal abortion, reenforces Missouri's conservative stature.

If the November election were held today, the Missouri sports betting initiative proposal backed by the state’s professional sports teams would fail. The poll showed it has the least amount of support of four potential initiative questions.

Overall, 60% of those polled say they are against legalisation, 36% are in favour and 4% are undecided. Remington Research Group, on behalf of Missouri Scout, surveyed 684 likely voters over two days between 8-9 May.

At issue is an initiative proposal that would allow for statewide digital wagering requiring platforms to be tethered to professional sports venues or existing casinos. The proposal is a departure from bills that have failed in the state legislature. And it likely ..

May 27, 2024

Illinois senate passes “penal”, progressive sports betting tax

Late on Sunday (26 May), Illinois senators passed a FY2025 budget that includes a sports betting tax hike that will most affect the state's biggest operators.

The Sports Betting Alliance (SBA) called the budget an “extremely disappointing decision that will cause real harm”. The proposal nearly triples the tax rate for the most successful operators.

Sunday’s version of the budget, passed by the senate, is different from the house proposal. It would make Illinois the second-most expensive state for wagering operators to do business in.

At the highest end of the scale, the operators with the highest adjusted gross revenue would pay a 40% tax. Only New York’s 51% is higher for a state with a competitive market.

The vehicle for the tax is HB 4951, which did not include the progressive sports betting tax when the house approved it. The bill now goes back to the house for concurrence.

Even smallest operators will pay more

Late Saturday (25 May), the house adjourned until after th..

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 23, 2024

DC hails FanDuel success as revenue tops $5.0m in opening 30 days

The DC Office of Lottery and Gaming (OLG) has praised the impact FanDuel has had since taking over as the official sports wagering platform in Washington DC, with the brand generating $5.0m (£3.9m/€4.6m) in revenue during its first 30 days of operation.

FanDuel has officially been operating in partnership with the OLG since 15 April. This came after the OLG completed its transition from Intralot-run GambetDC, its long-term partner for sports betting in DC.

For the period from the launch day to 14 May, FanDuel’s online sportsbook reported $5.0m in gross gaming revenue. This is some 887% higher than in the corresponding period in the previous year.

There is also a significant improvement in handle. For the same period, players in DC spent approximately $30m betting on sports, up 673% year-on-year.

The OLG also noted that, as a result of higher revenue, it was able to generate more funds for the district. FanDuel gives 40% of revenue to DC, equating to $1.9m for the 30-day opening per..

May 21, 2024

US April round-up: growth in Louisiana but New Hampshire declines

Casting an eye over the latest monthly US state results, iGB analyses sports betting growth in Louisiana during April and a decline in revenue and handle in New Hampshire.

Players spent more on sports betting in Louisiana, which led to a rise in revenue. However, it was very much the opposite in New Hampshire in April, where the market shrank year-on-year.

Starting in Louisiana, handle amounted to $283.0m (£222.5m/€250.4m), up 34.8% from last year but down 19.1% from March’s $350.0m total. Players spent $263.2m betting on sports online during April, in addition to $19.8m at retail sportsbooks.

As for revenue, this amounted to $33.0m in April. The monthly total is 49.3% ahead of last year and only 2.4% behind $33.8m in March this year.

The state collected $5.4m in tax during the month, with almost all of this coming from the online market.

As for the financial year to date, total player spending in the 10 months to the end of April was $2.86bn. Of this, $2.61bn was bet online, wit..

May 20, 2024

Weekend report: NY casino hurry-up bill, NCAA harassment report, new places to bet

IGB takes a look at what happened in gambling news over the weekend.

NY casino process: Let’s get a move on!

New York State Senator Joe Addabbo and Assemblyman Gary Pretlow dropped a bill that would speed up the current NY casino timeline. Regulators earlier this year said they would award licences for three downstate casinos by 31 December 2025. The bill would require bids to be filed by 31 July and the New York State Gaming Commission to award licences by 31 March 2025. The bill outlines 17 areas applicants must address from capital expenditure to proposed partnerships to workforce training, demographic plan and “harmony”.

The New York Post reported that a shortened timeline could help out certain parties and hurt others. Addabbo’s district borders Aqueduct, which is the location for the Resorts World bid. Pretlow’s district is near the Yonkers race track.

On the flip side, Steve Cohen’s Citi Field NY casino proposal would benefit from a longer runway. That project needs legisl..

May 17, 2024

US April round-up: Kansas revenue rises, DC reports decline

Taking a look at some of the latest monthly US state sports betting results, iGB analyses a year-on-year revenue increase in Kansas in April and a decline in Washington DC despite handle holding steady.

Total market revenue in Kansas increased 13.0% to $10.4m (£8.2m/€9.6m). However, April was not so positive for DC, with revenue down 59.5% to $526,689 from last year.

Starting in Kansas, not only was revenue up year-on-year, it was also 46.5% ahead of $7.1m in March this year. Online betting accounted for $10.3m of all revenue, with retail’s share at just $79,989.

In terms of spending, total handle for Kansas in April hit $192.1m. This is 44.4% more than last year but behind March’s state-wide handle of $252.9m.

Players spent $185.9m betting online during the month, with a further $6.2m wagered at retail sportsbooks.

Total tax for the month reached $1.0m, with almost all of this coming from online betting.

DraftKings and Boot Hill out in front in Kansas

Taking a look at each op..

May 17, 2024

New Jersey gambling revenue up in April despite land-based decline

Gambling revenue in New Jersey hiked 10.4% year-on-year to $510.9m (£403.7m/€470.6m) in April with increases across the igaming and sports betting segments more than offsetting a decline in the land-based market.

Total revenue was comfortably higher than $462.7m in April last year. However, the figure fell 3.0% short of the $526.6m reported in New Jersey in March this year.

Beginning with land-based casino, this remains the primary source of gambling revenue in the Garden State. However, the $216.8m generated in April is 6.3% behind $231.5m last year.

Physical slot machine revenue declined by 6.4% to $158.8m while land-based table games revenue also fell 6.1% to $58.1m.

Further igaming success for New Jersey

Turning to the igaming sector, the situation is very different. Revenue from all igaming in April hit $187.9m, up 18.2% year-on-year. This means igaming was only $28.9m behind the long-established land-based segment in April.

Some $185.6m of all igaming revenue was attributed..

May 16, 2024

Massachusetts sports betting revenue down 16.6% in April

Sports wagering revenue in Massachusetts amounted to $49.1m (£38.7m/€45.1m) in April, down 16.6% year-on-year despite an increase in player spending.

Revenue was $9.8m lower than the $58.9m posted in the same month last year. Incidentally, April 2023 was the first full month of legal online sports betting in Massachusetts.

However, the April revenue total is 6.3% higher than $46.2m in March of this year.

As to where revenue came from, online betting generated $49.4m during April. Retail betting resulted in a $256,593 loss, pushing the overall revenue total down.

In terms of spending, players in Massachusetts wagered a total of $603.3m on sports. This is 4.1% higher than last year but 6.1% behind $642.3m in March.

Of this total, some $591.5m was spent wagering online, while the remaining $11.7m was bet at retail sportsbooks.

DraftKings’ handle tops $304.1m in April

Looking at individual operators, DraftKings continues to lead the way in Massachusetts by some distance. During Apr..

May 15, 2024

Detroit casino revenue dips to $109.4m in April

Commercial casinos in Detroit reported a year-on-year decline in revenue during April, while the three venues in the Michigan city also posted a month-on-month drop.

Total Detroit casino revenue for April amounted to $109.4m (£86.8m/€101.0m). This is only marginally lower than $109.7m in April 2023 but 11.7% less than $123.9m in March this year.

Of this total, $107.9m came from table games and slots, down 1.6% year-on-year. This was also 11.8% behind March’s total.

The other $1.6m of revenue was generated in qualified adjusted gross receipts (QAGR) from sports betting. This is in contrast to a $14,489 loss in April 2023 and in line with the $1.6m posted in March.

MGM retains the lead in Detroit

Looking at each commercial casino in Detroit, MGM remains some way out in front in terms of total revenue. During April, MGM held a market share of 46.0%, compared to MotorCity on 30.0% and Hollywood Casino at Greektown with 24.0%.

MGM reported $49.9m in table games and slots revenue in A..

May 13, 2024

Iowa posts year-on-year sports betting market growth in April

Sports betting handle in Iowa increased 21.4% year-on-year to $209.5m (£167.2m/€194.5m) in April, while the state also reported higher revenue for the month.

Player spending in April is comfortably clear of the $172.6m wagered in Iowa in the same month last year. However, the April total fell short of March’s total spend of $272.4m and also behind the $220.6m bet in February.

Of the total wagered in April, $196.6m was bet online and $12.9m via retail sportsbooks across Iowa.

An increase in player spending helped push revenue to $16.5m. This is 17.0% more than last year but a drop of 9.3% from $18.2m in March.

Online sports betting generated $15.7m in revenue during April, while retail drew $812,305.

Total player winnings for the month reached $192.3m, including $180.9m from online and $12.1m retail. As for tax, this amounted to $1.1m.

Who is winning in Iowa?

As has been the case for some time, FanDuel and partner Diamond Jo Dubuque remain out in front in Iowa. During April, the ..

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Tag: Retail sports betting