In April, the New York State Gaming Commission revealed a robust sports betting handle of nearly $1.97 billion, narrowly missing the $2 billion mark, marking the fourth time in history it came close to this milestone. The impressive figures were partly fueled by revenue collected in the final week of March, which was absorbed into April’s financial records due to the state’s fiscal year starting on April 1st. Consequently, there was a notable 6.2% month-over-month increase in handle from March, a rarity in the industry, accompanied by a 20.6% surge in sports betting revenue, reaching $184 million.

This handle places New York fourth all-time nationally in the post-PASPA era, reaffirming the state’s monopoly on top-10 all-time totals. Similarly, the revenue total ranks fourth overall, with the Empire State claiming eight of the top-10 monthly operator winnings, leaving states like New Jersey and Ohio trailing with just one apiece.

Steady Growth and Revenue Surge

Comparing April 2024 to the same period in 2023, there was a notable 27.1% increase in handle and a 32.1% surge in revenue, showcasing a steady growth trajectory in New York’s sports betting landscape. The total accepted bets through the first four months of 2024 reached $7.57 billion, marking a 14.4% increase from the previous year. Moreover, the near-9% win rate generated $679.6 million in revenue, a substantial 21.1% increase.

The state collected $93.8 million in taxes, with the bulk of it sourced from New York’s nine mobile operators, demonstrating the significant economic contribution of the sports betting industry. Year-to-date, the state’s tax receipts stand at $345.1 million, surpassing last year’s pace by $59.6 million and on track to exceed $1 billion, doubling the initial projections set by former Governor Andrew Cuomo.

FanDuel’s Remarkable Performance

FanDuel showcased an impressive recovery with an 11.7% hold, avoiding its third consecutive month with a sub-10% hold. This achievement is noteworthy, especially considering the challenges faced in the early months of mobile betting in New York. With a win rate of 11.7%, FanDuel amassed $91 million in revenue from $780.5 million worth of wagers, surpassing $1.8 billion in total revenue in the Empire State.

Distinct Performances of Leading Operators

DraftKings witnessed a remarkable 42.7% year-over-year increase in handle, reaching $737 million, while maintaining a solid 8.6% hold, resulting in a substantial revenue of $63.2 million for April. Caesars, however, experienced a decline in market share, with its 8.1% contribution to the total mobile handle marking an all-time low. Despite this, Caesars managed to surpass $400 million in total revenue.

Fanatics Sportsbook, in its first full month as an operator in New York, reported $5.6 million in revenue, setting an all-time high, with a 7.5% hold. Similarly, BetRivers and BetMGM showcased steady performances, contributing to the diverse landscape of sports betting operators in the state.

May’s Promising Start

The first week of May saw a promising surge in sports betting activity, with a combined handle of $484.1 million among the nine mobile operators. DraftKings led the pack with its second-highest week of action, totaling $217.2 million in handle. FanDuel, accounting for more than half of the operator winnings for the week, reported $12.6 million, contributing to the overall positive momentum in New York’s sports betting industry.

Source: “New York Narrowly Misses $2 Billion In Handle for April”. Sports Handle. May 10, 2024.

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In the 1950s, a federal excise tax on sports wagers was implemented as a method to fight against illegal gambling. The tax, which is 0.0025% of every sports wager has remained in place since, despite efforts of lawmakers against it. While at the time, only Nevada was affected by the tax, this is not the case at present.

Now, a newly introduced legislation, supported by Sen. Richard Blumenthal and Rep. Andrea Salinas, proposes to use the money raised from the federal excise tax on sports betting to develop a new fund that will help with research, treatment and prevention of gambling addiction.

Per the new proposal, labeled as the “Gambling Addiction, Recovery, Investment, and Treatment Act,” some 50% of the tax, which is often referred to as the handle tax, would be used for funding the initiative.

As announced by the Nevada Independent, Salinas and Blumenthal released a joint statement, highlighting the importance of dedicating more funds toward research, treatment and prevention of gambling harm across the country. “The growing legalization of sports and online betting, paired with the ability to place bets from your phone whenever you want have created a perfect storm for gambling addiction,” explained Blumenthal. Additionally, he said: “Dedicated federal resources to tackle problem gambling head-on will provide much-needed support, resources and treatment for those suffering from gambling addiction.”

According to Salinas and Blumenthal, the new proposal is supported by the National Council on Problem Gambling (NCPG). The duo confirmed that the proposed bill also enjoys approval from problem gambling councils in Connecticut and Oregon.

Not Everyone Agrees with the Proposed Handle Tax Bill

The proposed legislation about the handle tax surely surprised Rep. Dina Titus, one of the long-term opponents of the tax. For 10 years, she has been trying to repeal the federal excise tax on sports betting, deeming it “redundant.” On Friday, Titus supported her position that the federal excise tax isn’t needed considering that states that have legalized sports betting already dedicate resources toward fighting problem gambling.

“Nearly every tax dollar earmarked for problem gambling services comes from casino gaming taxes, including new legal sports betting and iGaming markets.“

Chris Cylke, SVP of the American Gaming Association

Chris Cylke, the American Gaming Association’s senior vice president, shared Rep. Titus’ position. He explained that both legal online gambling and sports betting activities across the country raise money for problem gambling. Additionally, Cylke warned that amid the expansion of legal gambling across the country, the “antiquated” federal excise tax represents a disadvantage for licensed operators and favors the illegal gambling sector, where no license fees or taxes are paid any way.

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Maryland has once again smashed its sports betting handle record, surpassing even November’s jaw-dropping results. As reported, the Free State’s sports betting industry recorded a stellar $559.9 million in handle.

The December results are 1.7% higher than the ones recorded in November when the local fans wagered a total of $550.7 million. They also represent an impressive 17.1% year-on-year increase.

For reference, Maryland launched betting in December 2022. While the inaugural month was also quite strong, the betting industry has once again demonstrated its potential to grow, adapt and attract new customers.

An overwhelming 96.7% of all bets were placed online, mirroring existing trends in other states where both online and retail betting are legal. For reference, fans in Maryland wagered a total of $541.7 million with digital sportsbooks – a figure that includes $19.7 million in free bets. The remaining $6.2 million was spent across Maryland’s land-based sportsbooks and includes $32,146 in free wagers.

Maryland’s Record-Breaking Handle Attests to the Market’s Maturity

The high handle resulted in fairly stable revenue as the state’s sportsbooks reported an overall taxable win of $62.3 million for December. This represents a month-on-month increase of 49.8% but also a 26.7% year-on-year decline. For reference, the state’s online sportsbooks earned $60.1 million, while retail operators reported $2.3 million in taxable win.

In total, Maryland’s sportsbooks paid $6.5 million in taxes, most of which came from the digital betting sector. This money goes to the Blueprint for Maryland’s Future Fund, an initiative dedicated to supporting public education in the state.

As reported by Southern Maryland Chronicle, John Martin, director of Maryland Lottery and Gaming, commented on this year’s results, praising what he called a “maturation of the market.” According to him, this maturity will allow Maryland’s twelve online and thirteen retail sportsbooks to contribute a lot more to taxes than initially estimated.

For reference, experts believed that the fiscal year would see operators generate between $25 million and $30 million in taxes. However, this number may even surpass $40 million, according to Martin.

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The Nevada Gaming Control Board said the betting handle in November 2023 had reached $921.9 million, a notch down from the $928 million reported during the same 30-day period in 2021, but it was still a rather moribund result all things considered.

Nevermind the Sports Betting Lull, Profits Are Coming

November’s handle had indeed been slightly off the mark, but it didn’t do too badly for the actual sportsbooks that managed to retain the bulk of profits despite the trailing interest. Mobile betting generated 67.8% of the total wagers posted during the month, accounting for some $625 million, and still down by $17.5 million from November 2022, building on October’s success.

Yet, for all these lukewarm results and lack of growth, sportsbooks posted a 4.45% held percentage, or some $40.1 million. This was a strong gain on the 4.05% held posted in November 2022 and saw the companies stand tall despite the slightly suppressed betting interest.

Then, there was gaming, which continued to grow at a good pace. The Silver State reported some $1.3 billion collected, marking a 12.5% increase from the same 30-day period in 2022. Results in gaming have been steadily improving throughout the year for the company with The Las Vegas Strip once again leading the way in terms of total gaming wins, posting $821 million, a significant chunk of the total.

This has been the second-highest win that gaming venues in Nevada posted in the state’s history, with many analysts attributing this success to the Formula One fanfare and interest. Although the race did cause a lot of headaches, and many tourists and locals grumbled, the numbers released by the Nevada Gaming Control Board seem to contradict and rebuke that negativism.

Baccarat High Rollers Boost Gaming Results

In fact, the four-day period from November 16 through November 20 seems to have been particularly profitable, according to Michael Lawton, a senior economic analyst. Despite the rather uncomfortable organization and the disruption to the usual day-to-day of locals and visitors, Nevada had made the right choice.

However, the most significant gain may have come from high rollers with baccarat’s gaming proceeds growing by 78.6% during the month, indicating that many well-heeled gamblers have arrived to watch and have fun around the Las Vegas Strip.

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Tennessee’s sports betting industry hit a historic milestone in November, as the state reported a staggering $517 million in gross wagers, marking the first time the monthly handle surpassed the $500 million mark since the launch of sports betting in November 2020.

Tennessee’s Sports Betting Hits All-Time Peak with 16.16% Surge in November

The Tennessee Sports Wagering Advisory Council (SWAC) released the figures, revealing a 16.16% increase from the previous month’s total bets of $445.19 million in October 2023. This notable surge comes as no surprise, with the peak of the 2023 college football and NFL season contributing to the heightened betting activity.

The state also witnessed a substantial 17.68% year-over-year increase in handle, showcasing the continued growth and popularity of sports betting in Tennessee. The monthly sports betting handle for November 2023 now stands as the highest in the state’s history.

Tennessee’s sportsbooks generated $1.63 million in adjustments, reflecting an impressive 178% increase from the preceding month. Despite this robust monthly growth, the figure represents a 22.37% decrease compared to November 2022, which saw adjustments totaling $2.10 million.

The Volunteer State’s sports betting journey has seen remarkable growth, rebounding impressively from a record-low revenue of $10.1 million in August 2021. The recent surge in sports betting activities aligns with the entry of prominent platforms such as Fanatics Sportsbook, ESPN Bet, and Hard Rock into the Tennessee market in the last two years. Major players like FanDuel, DraftKings, and BetMGM also went live in 2020 when sports betting was legalized.

Tennessee’s Bold Tax Strategy Nets $9.51 Million

In a unique approach to taxation, Tennessee has been the sole state taxing sportsbook operators based on their total betting handle since July 2023. The state imposes a 1.85% tax on the entire amount wagered. This shift aims to eliminate financial risks, ensuring Tennessee consistently receives privileged tax revenue from all sportsbook operators.

As a result of November’s unprecedented betting activity, Tennessee collected over $9.51 million in privilege fees, marking a 16.16% increase from October this year and a 5.36% rise from November the previous year.

At the beginning of June, Tennessee Governor Bill Lee signed Senate Bill 475 into law, making the state the first in the US to tax sports betting operators based on their betting handle rather than revenue. The legislation, effective from July, replaced the current 20% tax on gross gaming revenue with a 1.85% tax on the monthly betting handle, eliminating the requirement for operators to hold 10% of their handle. The renewal license fees also shifted to a multi-tier system based on operators’ betting handle, aiming to boost tax revenue for various state programs.

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The New York sports betting market continues to post record-breaking monthly results. As reported by the New York State Gaming Commission, sports betting operators in the state recorded betting handle of $2.1 billion in November. This exceeds October’s spectacular results when the industry also exceeded $2 billion in bets, becoming the first state to surpass this milestone.

November’s record-breaking results represent a 5.1% month-on-month increase and a whopping 35.7% year-on-year increase. The state’s ability to not only repeat but surpass the October results attests to the fast growth of the local industry and the increased interest in betting products.

Despite the favorable results, the actual revenue recorded by sportsbooks declined by 9.2%. For reference, sports betting operators in The Empire State reported total revenue of $150.9 million and a hold rate of only 7.1%. For reference, the industry had a hold rate of 8.2% last month.

The lower hold rate does not undermine sportsbooks, though, as their revenue still exceeded the revenue recorded in November 2022.

FanDuel Dominated the NY Market

New York’s Gambling Commission also provided information about the performance of the state’s legal sports betting operators. The market continued to be dominated by FanDuel, which singlehandedly handled $925.4 million of the total $2.1 billion in handle. It was followed by DraftKings, which recorded a betting handle of $732.1 million. Rounding up the top three is Caesars with a handle of $204.9 million

BetMGM, on the other hand, reported $120.6 million in handle. Rush Street Interactive, PointsBet, WynnBet and ResortsWorld Bet failed to surpass the $100 million mark, reporting handle of $76.6 million, $27.2 million, $11.3 million and $6.8 million, respectively. In November, Bally’s also returned to New York, generating $4.3 million in handle through its BallyBet brand.

In terms of revenue, FanDuel maintained its lead, reporting $69.2 million from its November operations. DraftKings remained in second place with a revenue of $54.3 million. Caesars, on the other hand, earned $11.6 million.

The top three were followed by BetMGM at $7.9 million. Rush Street Interactive and PointsBet, meanwhile, recorded handle of $4.9 million and $2.4 million respectively. ResortsWorld Bet, BallyBet and WynnBet failed to hit the one million mark, instead reporting revenues of $483,000, $234,000 and $312,000, respectively.

The sports betting operations in New York resulted in $83 million in taxes to the state.

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Maine, which is one of the latest states to launch sports betting, has published data about the industry’s performance in November. As it turns out, local players wagered almost $37.5 million during the first month of sports betting in the state.

According to the Maine Gambling Control Unit, part of the state’s Department of Public Safety, this figure signifies a smooth and frictionless launch of the vertical, highlighting the enthusiasm of local players.

According to Milt Champion, the Gambling Control Unit’s director, the authority received just a few complaints. In addition, the state’s hotline for problem players did not record a spike in calls, implying a strong yet healthy market.

Champion said that “everybody is behaving,” which he described as a good sign.

Maine’s Sports Betting Market Is Very Promising

Maine’s online sports betting market is controlled by the state’s indigenous tribes, notably the Penobscot, Passamaquoddy, Micmac, and Maliseet nations. The tribes are provided with exclusive rights to operate mobile betting apps, as long as they provide 10% of their revenue to federal taxes. The online betting market is open to customers aged 21 or older.

Tribes launched their own sportsbooks in partnership with existing commercial operators. The Passamaquoddy tribe selected DraftKings as its partner, while the other three tribes picked Caesars Sportsbook.

Despite partnering with only one of the tribes, DraftKings’ sportsbook dominated the mobile and online sports betting market. In November, the four tribes received roughly $2.3 million, providing $468,000 in taxes to the state. The rest of the gross receipts went to the vendors.

The favorable results became clear back during the opening weekend of Maine’s market when DraftKings netted over $3.4 million in profits. During the opening weekend, DraftKings paid out $2.57 million in winnings to its players, as well as $82,000 in taxes.

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The State of New York hit the nation-wide record as the total sports wagers placed through online operators totaled to more than $2 billion in October 2023. Such a handle also brought $166.3 million in revenues to mark the highest market level since the launch of online sports betting in the state in January 2022.

$2.01 Billion in Player Bets

New York players reportedly wagered a total of $2.01billion using online platforms and mobile betting apps to hit the handle 30.5% higher than in the same month of 2022. The figure also represents a 14.2% higher level than $1.76 billion wagered in the state in September 2023.

Consequently, the market hit the record monthly revenue of $166.3million to exceed the September 2022 record of 165.5 million and stand for a 14.1% higher level than October 2022.The remarkable online sports betting result was extensively driven by several leading operators.

77% Market Share of FanDuel and DraftKings

FanDuel kept the New York market leading position with a 50% share in total revenues generated during October and the handle of $891.9 million representing a 44.5% stakein overall bets processed in the market in the given period. DraftKings followed with a 35.6% revenue share and the $652.3 million handle to get hold of a 32.5% share in the total market handle.

Individual Operator Contributions

The remaining around 15% of revenues and 23% of online bets placed in the state in October 2023 have been split to six major operators with their individual revenue and handle contributions standing as follows:

• BetMGM: Revenue $7.2M; Handle $107.6M
• Rush Street Interactive: Revenue $3.3M; Handle $114.2M
• PointsBet: Revenue $1.3M; Handle $27.6M
• Resorts World Bet: Revenue $894,039; Handle $7.7M
• Wynn Interactive: Revenue $313,363; Handle $12.3M

Mets Owner and Hard Rock Partners for a Casino License

The $2 billion record handle testifies about the season of the increased gambling-related activities in New York. Another argument supporting the trend comes from the recently made announcement that Mets owner Steve Cohen would partner with casino giant Hard Rock International to bid for the last of the three casino licenses available for a casino development in downtown New York.

$8 Billion Metropolitan Park Casino Development

The billionaire and the top-tier casino operator revealed plans to build an $8 billion Metropolitan Park casino and entertainment complex next to the Citi Field Stadium in Queens, New York City.

The hotel and casino project includes separate sports betting facility, as well as a wide range of amenities, such as a music venue, food hall, an entertainment park, and the associated parking and retail facilities.

Obtaining Support to Bid For the License

Cohen has reportedly hosted multiple community workshops and conducted more than 20,000 door-to-door conversations with local community members. The project has thus secured the support of more than 89% of the pooled community members who signed the petition to support the project and help Mets owner take a lead in the metropolitan casino license race.

Source: “New York sets US-first with $2bn online sports betting handle in October”. iGB. November 13, 2023.

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The gambling regulator in Indiana, the Indiana Gaming Commission, released its latest report, revealing details regarding the performance of sports betting operators for the month of September. The recent report reveals that the betting handle posted by regulated betting operators last month hit $404.1 million, marking a year-over-year increase.

A comparison to the $382.5 million in betting handle posted a year earlier, in September 2022, shows that this year, the handle increased by nearly 6%. On the other hand, when compared to the $355.4 million betting handle result reported in September 2021, an increase of 13.7% is observed, reaffirming an ongoing growth trajectory.

Considering the $404.1 million in betting handle reported last month, taxable sports wagering adjusted gross revenue (AGR), halted at $41.1 million. A year-over-year comparison to the corresponding period last year shows that while the betting handle was lower, taxable AGR was higher. In September 2022, taxable AGR reported by regulated sports betting operators was higher by $10 million, a total of $51.2 million. Still, the taxable AGR reported last month surpassed the result from September 2021 which was $33.9 million.

According to the newly released report by the gambling regulator, sports betting tax last month was $3,972,181. This result, when compared to the $4.9 million in sports wagering tax reported for September 2022, also marked a decrease.

Considering the start of the new NFL season last month, it’s no surprise that football posted the highest betting handle, $155.4 million. Parlay bets were also strong in September with $124.8 million in betting handle, while other sports saw $62.9 million in betting handle.

Highest Betting Handle Posted by DraftKings While FanDuel Follows Closely

DraftKings, the leading online betting operator, along with its retail partner in Indiana, Ameristar Casino, posted the highest betting handle last month, a total of $171.2 million. This resulted in $15.6 million in taxable AGR for September, bringing in nearly $1.5 million in tax revenue.

Second in line was Blue Chip Casino and its online betting partner FanDuel. Overall, the duo reported a betting handle of $124.8 million last month, the second-highest result out of all operators in the state. The taxable AGR posted by Blue Chip Casino and FanDuel last month was $15.1 million, bringing in $1.5 million in taxes.

The Commission’s latest report reveals that Belterra Casino posted the third-highest betting handle result in September, hitting $33.7 million. This resulted in $3.8 million in taxable AGR and $357,194 in taxes.

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Kansas launched its legal online and retail betting market in September last year. While the market has seen ups and downs, closer to the summer there are fewer sports events which resulted in a decrease in the betting handle, judging by unaudited figures released by the agency in charge of monitoring the activity, the Kansas Lottery.

The overall betting handle reported by retail and online betting operators last month was $120,323,444. This result marked a decrease of nearly 10% or more than $12 million, when compared to the result reported just a month earlier, in April, when the betting handle was $132,981,289.

A breakdown of the $120.3 million in betting handle reveals that online betting activities were responsible for the lion’s share. This comes as no surprise and is usually what happens in states where retail and mobile betting activities are offered. Judging by the preliminary figures from the Kansas Lottery, online betting operators hit $115.6 million in betting handle, while the retail sector reported a total of $4.7 million.

Not unexpectedly, comparing the online and retail betting handle to the previous month, April, shows a decrease. Overall, the online betting handle in April was $126.3 million, while the retail betting handle hit $6.7 million, revealing that in May, a decrease of approximately $10 million and $2 million was observed respectively.

Despite Betting Handle Dip, Revenues and Taxes Remain Strong

While the total betting handle fell in May when compared to April, the operators’ revenue and tax revenue for the state did not see a significant decrease. Overall, the $120.3 million in betting handle translated to $8.9 million in proceeds for the betting operators, while the state’s share was $887,390. Comparison to the results in April shows a slight decrease, considering that back then, the operators’ revenues hit $9.2 million, while the state share was $919,720.

A further breakdown shows that the revenue share of online betting operators was $8.7 million last month, while retail operators saw only $130,047 in revenue. This resulted in a state share of $874,385 and $13,005 respectively.

Judging by the Kansas Lottery’s recent report, DraftKings was an unquestionable leader within the online betting market in May. Overall, the operator reported $48 million in betting handle, resulting in $4.3 million in revenue. Comparing the results to April, a slight decrease is observed considering that DraftKings’ betting handle at the time was $53 million.

Not far behind was FanDuel, which reported $35.3 million in betting handle last month. This resulted in some $3.5 million in revenue. Similarly to DraftKings, FanDuel’s betting handle in April was higher than in May, given that it hit $40 million.

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