Retail sports betting – Page 4

December 18, 2024

Michigan sets new sports betting and igaming records in November

Michigan operators reported several new records during November, including gross receipts from igaming hitting an all-time high of $226.0 million (£177.9 million/€215.3 million).

Gross internet gaming and sports betting receipts from commercial and tribal operators in Michigan topped $284.3 million in November. This is 35.9% above November last year and 12.1% ahead of October this year, the Michigan Gaming Control Board (MGCB) reported yesterday (17 December).

After accounting for promotional spending, total market adjusted gross receipts for the month was $240.4 million. The figure is 51.9% ahead of last year and 15.3% higher on a month-on-month basis.

Another new igaming record in Michigan

As was the case in the previous month, igaming was a highlight for Michigan operators in November. Gross igaming receipts were 28.9% higher year-on-year and surpassed the existing record of $220.7 million in October by 2.4%.

Adjusted gross receipts from igaming hit $203.3 million, up 28.8% fro..

December 17, 2024

Another new igaming revenue record for New Jersey in November

New Jersey set a new igaming revenue record for the fourth straight month in November, as all licensed verticals grew year-on-year.

Overall gambling revenue for the month hit $556.9 million (£438.6 million/€530.1 million), the New Jersey Division of Gaming Enforcement (DHE) reports. This is comfortably clear of $482.4 million last year and 11.4% above $499.8 million this October.

Sports betting and igaming were the standout performers in the New Jersey gambling market in November, with both verticals reporting double-digit growth. Land-based casino revenue in New Jersey was also up year-on-year.

After slipping behind online casino’s contribution in recent months, land-based was once again the main contributor to revenue in the month.

Land-based casinos make a comeback

Despite another record month of igaming revenue, the segment slipped back behind land-based casinos in terms of the area that generated the most gambling revenue in New Jersey.

Revenue from land-based casinos in No..

December 11, 2024

FanDuel adds legislative and regulatory specialists to government relations team

FanDuel today (11 December) added two new executives to its government relations team while BetMGM announced a new chief marketing officer on 9 December.

FanDuel continued to expand its government relations team today (11 December) with the additions of James Hartmann and Louis Trombetta. The pair bring diverse backgrounds to the ever-burgeoning department, which now not only monitors and works with state legislatures, but also in Indian Country.

Hartmann brings a legal background. He was a prosecutor in Chicago and New York City before shifting into politics. In Illinois, he was the lead house gaming attorney. Hartmann was heavily involved in crafting the legislation that led to the legalisation of sports betting in Illinois in 2019.

Trombetta was the first executive director of the Florida Gaming Commission. He oversaw the build-out of the commission and the regulatory process and set state legislative priorities.

Since tribes in California in 2022 killed a commercial sports be..

December 9, 2024

North Carolina has second-best wagering handle month since launch

North Carolina bettors wagered a near record $657.7 million (£515.8 million/€623.3 million) in November, the second-highest handle since betting went live in March.

The largest total bet in a month in North Carolina was $693.3 million in March, when wagering went live. That amount includes real-money and promotional bets. In November, bettors laid down $638.7 million and operators wrote off $19 million in promotional play. In March, bettors wagered $456.7 million in real-money bets and also used $202.6 million in promotional play.

Operators in the Tar Heel state took in record revenue of $78.1 million for November, according to today’s (9 December) report from the North Carolina State Lottery Commission. The next highest gross gaming revenue (GGR) month was September, when operators reported $70.1 million.

Through nine months, bettors have wagered $4.4 billion with an additional $434.3 million in promotional play. The level of promotional play was at its peak in March, but has be..

December 4, 2024

Las Vegas Strip revenue slides 3% in October for fourth straight YoY decline

October gambling revenue figures released today (4 December) by the Nevada Gaming Control Board (NGCB) showed that the state brought in $1.28 billion (£1 billion/€1.2 billion) in gross gaming revenue (GGR) for the month, a year-over-year decline of just over 2%.

Figures for the Las Vegas Strip were the highlight of the report, but not for good reasons. The Strip’s October GGR total of $692 million was a 3% drop year-over-year. That’s the fourth consecutive month of year-over-year declines for America’s gaming capital, which had its best year ever in 2023. For the fiscal year-to-date, the Strip is down more than 6%.

Strip slot revenue ($428.3 million) was up 5.5%, but table games (-14.5%) were tricky again in October. Baccarat revenue, which has become a boom-or-bust category that spurred records last year, plummeted 23.4% to $68.7 million. The Strip is down 33% on the game in the last three months.

Downtown Las Vegas had the worst month of all the southern Nevada markets. Its GGR..

December 2, 2024

Miriam Adelson more than quadruples 2022 Texas gambling contributions

The Adelson family, now majority owners of the Dallas Mavericks, have heavily backed gambling legislation in Texas over the last several sessions. But despite all the dollars put in, Texas politicians have not meaningfully considered the issue.

The Texas legislature meets only in odd-numbered years. During the 2023 session, the house approved a bill that would have allowed for statewide mobile betting controlled by the state’s professional sports teams and other sports entities, with the tax rate set at 10%. A destination resorts bill that included casinos was withdrawn from the house floor without a vote. Besides that, Texas’ lieutenant governor, Dan Patrick, said at that time he wouldn’t call for a vote on legal wagering.

He tweeted, “I’ve said repeatedly there is little to no support for expanding gaming from senate GOP. I polled members this week. Nothing changed. The senate must focus on issues voters expect us to pass. We don’t waste time on bills without overwhelming GOP sup..

December 2, 2024

Ohio sports betting handle exceeds $900 million in October

Consumers in Ohio spent $901.4 million (£711.5 million/€854.8 million) betting on sports in October, the second highest monthly amount since the state launched its legal market in January 2023.

The October total surpasses last year’s $747.7 million by 20.6% and 4.5% higher than $863 million in September. It is second only to $1.11 billion in the opening month of legal betting in Ohio.

Data supplied by the Ohio Casino Control Commission shows online betting handle topped $881.7 million and retail $19.7 million.

Player winnings hit $814.7 million across online and retail while $5.6 million worth of wagers was voided. After also taking off $37.7 million in promotional gaming credits, taxable revenue for October reached $81.5 million.

The monthly revenue figure is 1% above last year’s $80.7 million haul and 67% ahead of $48.8 million in September. Ohio’s record is $209 million, again in the launch month of January 2023.

Online betting generated $80.3 million in taxable revenue and re..

November 28, 2024

Virginia sports betting handle hits new record in October, weak hold hits revenue

Sports betting handle in Virginia hit a record $696.1 million (£549.3 million/€659.6 million) in October.

However a year-on-year decline in adjusted gross revenue suggests evidence of player-friendly results in the NFL hitting operators’ performance is emerging.

Handle for October was 21.8% higher than the $571.4 million wagered in Victoria during the same month last year. It also surpasses September’s $622.1 million handle by 11.9%, the Virginia Lottery reports.

The existing monthly record in Virginia was $652.9 million, which was set in January this year. October’s new record surpassed this by 6.6%.

Online betting accounted for $692.2 million of all sports wagering activity in October, with retail’s contribution at $3.9 million.

Hold reaches 7.04% in October

Adjusted gross revenue after player winnings came to $49.0 million. The total falls 13.1% short of October 2023 and 25.6% behind September’s $65.9 million.

Of that total $48.8 million in AGR came from online betting, wh..

November 25, 2024

Arizona gross sports betting hits record $77.4 million in September

Sports betting revenue in Arizona hit a record $77.4 million (£61.5 million/€73.9 million) in September, with the return of the NFL also contributing to the second-highest handle since the Grand Canyon state launched sports betting.

Arizona sports bettors wagered $732.1 million across online and retail channels in September. This This is 19.9% ahead of September 2023’s handle. However, it falls short of Arizona’s all-time monthly record handle of $759.8 million, set in March 2024.

It breaks down to $719.6 million wagered online, with a further $12.5 million coming through retail outlets run by Caesars, Desert Diamond, DraftKings and FanDuel.

After Arizona sports betting licensees paid out $655.7 million in winnings, adjusted gross receipts totalled $77.4 million. This marks a 28.8% improvement on September 2023 and surpasses the record $70.9 million in revenue reported for January 2024, when the NFL play-offs were underway.

It also suggests a statewide hold of 10.5% for the mont..

November 22, 2024

State of the Union: DraftKings under fire, AGA reports record Q3 for gaming revenue

Welcome to iGB's State of the Union, a look at the biggest North American sports betting stories we've covered over the week and briefs on others we found interesting.

DraftKings under fire in MA, OH

On Wednesday (20 November) the Ohio Casino Control Commission (OCCC) levied a $425,000 (£335,028/€408,042) fine on DraftKings for two separate violations. The OCCC said DraftKings took college-player prop bets, which are banned in the state. It also said the company allowed accounts to be funded at “unauthorised” locations.

With regard to the college-player prop bets, DraftKings took bets 14-19 March, after the ban went into effect 1 March. In terms of account funding, the OCCC revealed that DraftKings took $2.5 million – on 40,985 deposits – at “non-gaming retail locations”.

Following the violations, the OCCC said DraftKings removed player-prop bets from its Ohio bet menu and stopped taking deposits at unapproved locations. The commission is requiring DraftKings to train i..

November 21, 2024

Massachusetts sets $748.1 million sports betting handle record in October

Consumers in Massachusetts spent $748.1 million (£591.9 million/€710.8 million) betting on sports during October, a new monthly handle record for the Bay state.

The October figure surpasses the exiting record of $678.7 million, which was just set in September, by 10.2%. It is also 30.8% ahead of $571.8 million last year, according to the Massachusetts Gaming Commission.

Players wagered $735.0 million betting online and $13.1 million at retail sportsbooks across the state.

In terms of taxable revenue, operators generated $48.3 million in total for October. This falls 20.3% short of $60.6 million last year and lags 35.9% behind September’s record $75.4 million haul.

Online betting was responsible for almost all revenue, with retail contributing just $5,286 in October. As for hold, the state-wide figure for the month stood at 6.46%. Tax-wise, Massachusetts collected $9.7 million from sports betting, almost all of which related to online wagering.

Can anyone stop DraftKings in Massach..

November 20, 2024

Michigan sets $220.7 million gross igaming revenue record in October

Igaming revenue in Michigan reached a record $220.7 million (£174.1 million/€209.0 million) in October, although the Great Lakes state reported a decline within its online sports betting market.

Gross internet gaming and sports betting receipts from commercial and tribal operators in Michigan hit $253.7 million in October. This comfortably surpasses $205.3 million from last year by 23.6% but falls 2.8% short of $261.0 million in September this year.

Total market adjusted gross receipts, which account for promotional spending, hit $208.5 million, according to Michigan Gaming Control Board (MGCB) figures. This beat last year by 24.3% but missed September’s total by 0.7%.

Michigan igaming market hits new heights

The stand-out highlight for October was record igaming revenue, surpassing the existing all-time high of $215.5m in March this year by 2.4%. Gross igaming receipts were also 37.7% higher than last year and 8.9% above September.

Adjusted gross receipts from igaming were 37.7% ..

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Tag: Retail sports betting