Nevada has hit the jackpot, breaking records with its best-ever October gaming win, marking the sixth-best month in the state’s history. The Nevada Gaming Control Board released figures showing a staggering $1.3 billion collected, reflecting a robust 2.7% increase over the previous year.

Anticipation Mounts for November Figures Following Downtown Las Vegas Triumph

Downtown Las Vegas emerged as a star performer, raking in a record-breaking $97.5 million for the month. Industry experts are now eagerly awaiting November figures, anticipating the impact of the inaugural Formula 1 Las Vegas Grand Prix that roared down the iconic Las Vegas Strip. With the addition of two new properties, Durango and Fontainebleau, December is also poised to be a strong month for gaming.

Michael Lawton, senior economic analyst at the Nevada Gaming Control Board, hinted at the anticipation surrounding the November gaming win totals. Lawton remarked that there would be significant anticipation to observe the results and the impact of F1 Las Vegas Grand Prix, advising everyone to stay tuned.

Despite October having one less weekend day compared to the previous year, nearly every Southern Nevada market experienced an increase in gaming wins. The Boulder Strip saw a significant uptick of 10.3% to $88.6 million, while Laughlin climbed 5.3% to $47.6 million. However, North Las Vegas reported a marginal decline of 0.8% to $23.4 million.

October marked a reversal in trends, with various markets, including downtown Las Vegas, Laughlin, the Boulder Strip, outlying Clark County, and Washoe County, contributing to increased slot-machine win totals, primarily driven by higher hold percentages.

Challenges Emerge as Slot-Machine Wins and Table-Game Wagers Decline in October

The state’s gaming numbers continue to outpace pre-pandemic levels, with October 2023 boasting a 28.7% increase, amounting to $293.3 million more than the same month in 2019. This milestone also marks the 32nd consecutive month that the state has recorded at least $1 billion in monthly gaming wins.

Las Vegas Strip properties continue to thrive, benefitting from residencies, concerts, and sports events. Notable performances by Adele, U2, Pink, Ed Sheeran, and sporting events like the NASCAR Xfinity Series and the Las Vegas Raiders’ home games contributed to the city’s vibrant gaming scene.

However, the report revealed a gradual slowdown in gambling on the Strip, with slot machine wins decreasing by 1.1% and the total amount wagered down by 1.3% to $4.9 billion. 

October marked the third consecutive month of slot-machine revenue declines, breaking a streak of 30 consecutive monthly increases dating back to March 2021. Table-game play also saw a decline, with a drop in money wagered, despite a 4.4% increase in table-game wins.

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Wyoming, the American state that is widely known as the “Equality State”, has registered new records in the month of October 2023 when it comes to its regulated online sports betting market.

Bettors in the state wagered 21.2 million dollars in October using licensed online bookmakers, an amount which is an all-time high since the state opened its legal online betting market.

The previous record set in the American state was 19.2 million dollars, and it was set in September 2023. Moreover, the figure registered in October 2023 represents an increase of 23.4 percent compared to the same month of 2022.

Gross gaming revenue also registered an all-time high of 2.3 million dollars, an increase of 15 percent year-on-year and 53.3 percent compared to the 1.5 million that were generated in September 2023.

Taxable gaming revenue also set a new record in October, amounting to 1.4 million dollars. That figure represents an increase of 21.7 percent from October 2022 and no less than 172.6 percent when compared to September 2023, when the total taxable gaming revenue in Wyoming amounted to just over half a million dollars.

DraftKings On Top of The Market

The most successful online bookmaker in Wyoming in October was DraftKings, with revenue of 1.4 million dollars and a handle of 12.5 million dollars. FanDuel ended the month in second place with revenue of 402,961 dollars and a handle of 4.9 million dollars.

BetMGM grabbed the final podium place with revenue of 387,344 dollars from a handle of 3.5 million dollars, while Caesars was in fourth place with revenue of just 73,028 dollars from a handle of 378,622 dollars.

The Wyoming onlines sports betting market is set to become more competitive as Fanatics Betting and Gaming will join the fray after having taken control of PointsBet Wyoming LLC.

Fanatics Betting and Gaming is a division of Fanatics, the global sports retail giant, and it has struck a deal to acquire the United States operations of PointsBet earlier this year. The purchase price was 225 million dollars and it was approved by the PointsBet shareholders.

However, the effective transfer of the operations to Fanatics Betting and Gaming will only happen when the operator will receive all necessary approvals in each state. Fanatics Betting and Gaming has so far rolled out its online sportsbook in Virginia following the acquisition of PointsBet U.S.

Source: “Wyoming smashes online sports betting records in October“. iGaming Business. November 23, 2023.

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It seems that residents of Connecticut are enjoying the opportunity to gamble in their own state! The state smashed the records and achieved the highest revenue ever in October this year.

Smashed records

The Connecticut State Department for Consumer Protection released its monthly revenue report, and the results are stunning. The state’s online gambling operators earned $46.2 million in total revenue. Compared to September 2023, the increase is 5.2%, while compared to the same month last year, the increase is even bigger, 34.7%.

When it comes to online casino gaming, the total win was $31.1 million in October, which is 2.6% higher than the $30.3 million in wins recorded in September.

The total amount of placed bets is also higher than in September. In October, the total was $1.14 billion, and in September, the amount was $1.12 billion.

A huge percentage of revenue is achieved thanks to DraftKings, which remains the leader when it comes to online gambling in Connecticut. Its partnership with the Mashantucket Pequot tribe has proven greatly successful, and it brought $18.7 million in revenue. The total amount of money from the wagers placed thanks to this partnership was $688.3 million.

The second most successful is FanDuel, which partnered with Mohegan Sun. They earned $12.3 million in revenue together, and the value of placed bets was $458.8 million.

When it comes to sports betting, there was a huge increase as well. The total reported revenue achieved from wagers was $189.6 million in October, which was 15.5% more than in the same period last year. About 93.7%, or $177.1 million, was generated from online sportsbooks, and the remainder was gained from retail sportsbooks, which means that the players of Connecticut enjoy online betting way more than the retail casinos.

Online sportsbooks

When it comes to online sportsbooks, FanDuel and its partner, Mohegan, earned the most and became the market leader in sports betting with a revenue of $7.6 million.

The second was DraftKings and Mashantucket, with a revenue of $6.3 million.

Overall, the sportsbooks from Connecticut earned revenue of $16.3 million in October, which records a huge increase of 29.3% compared to the previous year. Online sports betting revenue brought in more than 15 million, which also hit a record in the state.

When it comes to state taxes, the revenue from sports betting generated $2.2 million, which is the biggest amount of money the state has earned since the legalization of sports betting in October 2021.

Source: Mulligan, Richard, “Connecticut posts record gambling figures in October 2023”, iGamingBusiness. November 21, 2023.

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October’s sports wagering revenue results revealed impressive performances across several high-profile jurisdictions. Louisiana and Pennsylvania stand out, setting new benchmarks amidst significant growth in their respective markets. Such detailed results remain integral to understanding emerging industry trends, allowing stakeholders to adjust their strategies and keep players engaged.

Pennsylvania Remains a Thriving Market

Pennsylvania reported an astounding $829.0 million sports betting handle in October, surpassing last month’s high by 4.0%. This milestone propelled sports betting revenue to $48.2 million, an 18.8% year-on-year increase. Online wagering performed spectacularly, contributing $43.1 million to the overall revenue, while retail betting accounted for $5.1 million.

Hollywood Casino at the Meadows and Barstool emerged as market frontrunners, generating $18.9 million in revenue from $258.3 million in bets. Valley Forge and FanDuel, which led in September, lagged slightly behind with $18.2 million in revenue despite a higher handle of $328.4 million. Rivers Casino Pittsburgh and BetRivers secured the third position, earning $2.3 million from $33.5 million in total wagers.

In addition to sports betting, Pennsylvania’s total gambling revenue reached $483.0 million, a 7.3% increase from the previous year. While retail slots accounted for nearly 40.0% of the gambling revenue at $192.5 million, land-based table games also experienced a 2.0% year-on-year increase, reaching $81.5 million.

Louisiana Retains Significant Growth Potential

Meanwhile, Louisiana witnessed an outstanding surge in sports betting activities, reporting a record-breaking $308.6 million in sports wagering during October. This figure marked a 20.8% increase from the previous year, exceeding the state’s prior January 2023 record. Revenues also soared to an all-time high of $43.3 million, a remarkable 63.5% year-on-year surge. 

Louisiana sports wagering online gross revenue amounted to $40.1 million, while retail sportsbooks contributed $3.3 million. Football betting traditionally led the way, generating $7.3 million from online betting and $249,242 from retail. Baseball also proved popular, contributing $3.3 million in retail revenue and $437,224 in online revenue.

These results demonstrate Louisiana’s robust and growing market, showcasing the increasing interest and participation in sports wagering. Although the Pelican State does not yet offer regulated online gambling, sports betting’s impressive performance proves that taking the next logical step could create a thriving new industry. Even without iGaming, Louisiana represents significant potential as it remains on a promising trajectory for future growth.

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