sports betting revenue – FairOdds Network

March 11, 2025

Happy anniversary! North Carolina’s first year of sports betting in line with other states its size

Tuesday (11 March) marked a year since North Carolina launched sports betting and its regulator shared a snapshot of what the first twelve months looked like.

According to the North Carolina State Lottery Commission, operators took $6.6 billion (€6.1 billion/£5.1 billion) in bets during the first 12 months. The commission released an anniversary report describing the numbers from the first year, problem and responsible gambling initiatives and how legalisation and launch happened.

According to the report, operators collected $713 million in gross gaming revenue (GGR) and paid the state $128 million in taxes. The state charges an 18% tax on GGR.

The numbers fall in line with other states of similar size and situations. North Carolina has a population of 11 million people, several big-time college football and basketball teams, three major professional sports teams and multiple NASCAR venues.

For comparison, in Ohio (population: 11.8 million), the Ohio Casino Control Commission launc..

February 19, 2025

AGA reports YoY growth, CEO addresses cannibalism, calls for Trump administration to tamp down black market

The American Gaming Association (AGA) reported another record year for gambling, as both traditional and online sectors posted growth, despite some declines in the last quarter attributed to sports betting and favourable game results.

In the AGA’s State of the Industry 2025 report published today (19 February), annual gaming revenue grew for the fourth consecutive year to $71.92 billion (£57.13 billion/€69 billion), up 7.5% year-on-year.

The AGA expects that when tribal gaming revenue is reported by the National Indian Gaming Commission (NIGC) later in the year, total US gaming revenue for 2024 will “approach” $115 billion.

Slot-machine revenue in 2024 was $36.06 billion, an increase of 1.6%. Table-game revenue fell by 1.7% over the course of the year to $10.14 billion. In total, traditional casino slots and table games took in $49.78 billion.

In-person gaming, consisting of casino slots, tables and retail sports betting, accounted for $50.32 billion of industry revenue last year.
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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..

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..

September 9, 2024

North Carolina operators in August record lowest hold since launch

In August North Carolina operators had single-digit hold for the first time since platforms launched in March. The Tar Heel State's eight operators took $370.5m in bets in August and had a win rate of 9.1%.
Operators paid a total of $6.1m (£4.7m/€5.5m) to the state in taxes, according to the report released on Monday (9 September) by the North Carolina Education Lottery.

North Carolina operators took less money in bets – $340.4m – in July, but had a 12.4% hold, the second-highest in six months since launch. In July, operators paid the state $7.6m in taxes. North Carolina charges online operators an 18% tax on digital sports betting.

In August, the gross wagering revenue was $33,751,015. NC law defines gross wagering revenue as handle minus winnings. Gross wagering revenue is derived before deductions for expenses, fees or taxes. According to the report, North Carolina operators had $13.6m in promotional play and cancelled or voided $3m in bets.

Nearly $3bn in bets in first ..

August 30, 2024

Colorado wagering numbers up YoY, but handle down against June

Colorado's sportsbooks had a strong July, reporting increases in handle, revenue and taxes paid to the state against July 2023. Handle was up 14% and taxes paid to the state were up 33.2% according to the state's department of revenue.
The latest Colorado revenue report shows an 8.6% decrease in handle compared to June, but a 30.4% increase in taxes paid to the state. Digital wagering operators paid $2.4m (£$1.8m/€2.2m) to the state and bettors laid down $320.3m in handle.

The department of revenue uses the term “net sports betting proceeds” (NSBP) to identify operator revenue. For July, it was $25m, compared to $19.2m in June. Of that, the state’s online platforms accounted for $24.8m in NSBP and retail sportsbooks accounted for $175,009. Revenue was up from $19.1m in July 2023.

Baseball the most popular sport
The Colorado regulator does not break down its sports betting report by operator, but it does break it down by sport. Betting on baseball led all categories, with..

August 12, 2024

Politics of DraftKings’ proposed winners’ tax – and how the US industry is responsible for high wagering taxes

There is an argument to be made that DraftKings put the gambling industry in a tough spot in 2019 when it agreed to a 51% tax rate in New Hampshire and that its latest idea to impose a surcharge in high-tax states is a consequence of that.
When DraftKings, in early August, rolled out its plan to essentially tax winners in states with a tax rate above 20%, reaction was overwhelming negative.

Since then, Rush Street Interactive CEO Richard Schwartz said his company won’t follow suit. And Penn Interactive’s Jay Snowden said during the company’s earnings call said that the idea was “interesting” and “unexpected”. He didn’t completely close the door on it, but the company has no plans to tax winners in the near future.

DraftKings says it will impose the surcharge beginning 1 January 2025.

DraftKings is the second-biggest US operator by market share. The only company ahead of it is FanDuel, which declined to comment on the topic. FanDuel’s parent company, Flutter, is set to release sec..

August 3, 2024

After rolling out proposed winners’ tax, DraftKings projects $1bn in 2025 profits, fails to meet estimates

DraftKings founder Jason Robins has so much confidence in his company's product, that he is willing to risk driving customers away by charging them for winning in some states. During the company's second-quarter earnings call on Friday (2 August) he doubled down on that belief.
On Thursday (1 August) DraftKings announced that, beginning 1 January 2025, it will charge a surcharge on winnings on customers in high-tax (more than 20%) legal gaming states. A day later, the company announced that it expects between $900m-$1bn (£781m/€917m) in EBITDA in fiscal year 2025, which began 1 July.

The new fee, Robins explained in the call, is a sort of insurance, which he calls a “nominal” fee to bettors.

“It makes a huge difference to our ability to make a reasonable margin,” he told investors on Friday. “And more importantly [it will help us] to compete with the illegal market that pays no taxes and can invest 100% of revenue into their products.”

Robins banking on consumers to “ulti..

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Tag: sports betting revenue