sports betting revenue reports

November 13, 2024

Tennessee operators set record for handle

Bettors in Tennessee laid down a record $551.2 million (£432.5 million/€521.7 million) in bets in October, marking the third time since the market went live that more than $500 million was bet.

Tennessee bettors previously broke the $500 million barrier in September ($520.8 million) and in November 2023 ($520.8 million).

According to figures released by the Tennessee Sports Wagering Council (SWC) yesterday (12 November), adjusted handle was $547.8 million, after $3.4 million in adjustments. The SWC does not indicate on the report what the adjustments are for, nor does it break down bets by operator or sport. The SWC also does not report operator revenue.

Tax revenue hit an all-time high

The report also revealed that operators paid a record $10.1 million in taxes to the state. Since the state launched in November 2020, October marked the first month that tax revenue exceeded $10 million. The next highest tax payment was $9.6 million last month. Tennessee taxes digital sports bettin..

October 31, 2024

US September round-up: Sports betting in Colorado, New Hampshire and Rhode Island

Analysing some of the latest monthly sports betting reports in the US, iGB takes a look at how Colorado, New Hampshire and Rhode Island performed in September.

Colorado scores year-on-year growth in September

Starting in Colorado, the Colorado Department of Revenue this week reported total handle across online and retail in September hit $562.9 million (£433.0 million/€518.5 million). This beats last year by 9.8% and also surpasses August’s total by 51.2%, according to the Colorado Department of Revenue.

Of all wagers placed during September, $558.1 million was online and $4.8 million at retail sportsbooks.

Betting volume was helped by the start of the NFL season. Some $173.1 million was bet on American professional football in September, far more than any other sport. Baseball betting topped $69.0 million and college football $42.3 million.

Gross gaming revenue for September was $55.1 million, up 21.6% from last year and 66.0% more than August. Online contributed $54.6 million to..

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..

August 30, 2024

Arizona sportsbooks see 13.5% handle increase over last June; 20% decrease against May

Bettors in Arizona wagered $454m (£345.8m/€410.5m) in June, the latest month of revenue reporting available, according to a Friday (30 August) Arizona Department of Gaming (ADG) press release.
That number beat the same month in 2023 by $60.8m or 13.5%. But it was down 20% from $568.4m in May.

Gross gaming revenue for Arizona sportsbooks before promotional deductions was $46.2m. Operators wrote off $14.6m, meaning adjusted gross revenue was $31.6m, which is taxable. Operators paid the state $3.16m in tax revenue. Digital wagering operators are taxed at 10% and brick-and-mortar sportsbooks are taxed at 8%.

Digital platforms accounted for $449.7m in handle and $31.3 in AGR. The state has three retail sportsbooks that it can tax and they collectively took $4.4m in bets. The rest of Arizona’s brick-and-mortar locations are in Indian Country and bets are not taxed by the state.

There was a $5,210.70 “annual audit adjustment” noted on the report.

DK has highest handle; FD leads in AGR
..

July 1, 2024

Virginia wagering operators see 24.6% year over year revenue growth in May

Sports betting operators in Virginia had a stunning May, earning $60m in adjusted gross revenue as compared to $42.5m in May 2023. Those betting in the state laid down $505.6m, a 25.2% increase against the same month last year.

Handle and revenue were down for Virginia wagering operators against April, but that is consistent with the US sports calendar. The men’s and women’s NCAA basketball semi-finals and finals were played in April. This year’s women’s basketball tournament fetched more handle than ever before.

May featured the start of the post-season in the NBA and NHL as well as regular-season baseball.

Virginia wagering operators had an 11.9% win rate, continuing a trend of double-digit holds, according to the report. It marked the 21st time that operators had a double-digit hold since the first platforms went live in January 2021.

The state was able to tax $53.6m of the total AGR as operators wrote off just over $6m in promotions and “other deductions”. When sports bettin..

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Tag: sports betting revenue reports