The Arizona Department of Gaming, the organization in charge of regulating the sports betting and gambling industry in the American state, has announced that December 2023 has brought record-breaking sports betting revenue.

The gross revenue for the sports betting industry in Arizona amounted to 66.1 million dollars in December 2023, a figure which represents an increase of 22.1 percent over the 54.4 million that were generated in the same month of 2022. Moreover, the revenue recorded in December 2023 was up 62.4 percent compared to the amount generated in November 2023.

The vast majority of that sum came from online sports betting, 65.2 million dollars, while retail sportsbooks attracted just 625,986 dollars in revenue during the month of December 2023. Limited event wagering operators managed to generate revenue of 240,604 dollars during the month.

Slight Decrease in Total Wagers

Despite the increased revenue, the total betting handle recorded a decrease compared to November 2023, when a new record was set by the Arizona sports betting industry. The total wagers in December 2023 amounted to 693.3 million dollars, over 20 million dollars behind the record set in November 2023, but still 21.1 percent higher compared to December 2022.

The online part of the business was again responsible for most of the action, attracting bets worth 685.1 million dollars in total, while retail sportsbooks got 6.4 million and limited event wagering operators just 1.8 million dollars. The month of December also recorded a total of 17.8 million dollars in free bets and promotional credits awarded to players in Arizona, with almost the entire amount coming from online sports betting operators.

This led to an adjusted gross sports betting revenue for December 2023 of 48.3 million dollars, another record for the Arizona sports betting industry. That figure is 30.3 higher than what was recorded in December 2022 and a whopping 139.4 percent higher than November 2023.

When it comes to tax, the Arizona sports betting industry contributed 4.8 million dollars in December 2023: 4.7 million dollars from online operators, 49,703 dollars from retail sportsbooks and 19,248 dollars from limited event wagering operators.

FanDuel Leading the Race

The most successful online sports betting operator in the state remains FanDuel, which posted adjusted revenue of 23.7 million dollars in December 2023 and total wagers amounting to 236.3 million dollars.

That is quite far ahead DraftKings and Crown Gaming in second place, which generated 13.8 million dollars in adjusted revenue and 228.5 million in total wagers. BetMGM ranked third in December 2023 with adjusted revenue of 6.1 million dollars and a total handle of 82.7 million dollars.

The retail side of the business features just two operators in Arizona, DraftKings and Crown Gaming took top spot with 361,037 dollars in adjusted revenue while FanDuel recorded adjusted revenue of 260,248 dollars.

Source: “Arizona Department of Gaming Releases December Sports Betting Figures“. Arizona Department of Gaming. February 26, 2024.

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In a historic first for Las Vegas, the city played host to Super Bowl LVIII, breaking records in betting handle and marking an unprecedented chapter in sports gambling history.

Nevada Sportsbooks Break Records with $185.6 Million in Bets

Nevada sportsbooks witnessed a staggering $185.6 million in wagers, a feat that shattered previous records and underscored the immense popularity of sports betting in the region. The figures, released by the Nevada Gaming Control Board, revealed a significant increase from last year’s handle, marking a 21.2% surge.

The Kansas City Chiefs emerged victorious in a thrilling showdown against the San Francisco 49ers, clinching their second consecutive Super Bowl title and third in five years with a 25-22 overtime victory. Despite being 2-point underdogs, the Chiefs defied the odds, sending shockwaves through the sports betting world.

Michael Lawton, senior economic analyst at the Nevada Gaming Control Board, explained that several factors drove the record-breaking handle, including the matchup with a West Coast team from the No. 2 feeder market for Las Vegas, coupled with the defending champions, and the game being played in Las Vegas itself.

Nevada Faces Low Hold Percentage Amid Super Bowl Craze

However, the triumph for bettors spelled trouble for sportsbooks, with Nevada’s 182 sportsbooks collectively winning $6.8 million, marking a relatively low hold percentage of 3.7%. The public’s overwhelming support for the Chiefs, coupled with successful bets on the overtime prop, dealt a blow to the sportsbooks.

Chuck Esposito, sportsbook director at Red Rock Resort, noted the palpable excitement surrounding the event and expressed his belief that the record would be broken, citing the influx of early wagers and the occurrence of six-figure bets two weeks prior.

Las Vegas emerged as the epicenter of Super Bowl betting fervor, with five of the eight $1 million bets nationwide placed in the city. Stakeholders, including BetMGM and Circa Sports, played a pivotal role in orchestrating the monumental event, earning accolades from Kirk Hendrick, chairman of the Nevada Gaming Control Board, for their contributions.

One of the most notable bets on the Super Bowl showdown came from Canadian rapper Drake. Despite concerns fueled by the infamous “Drake curse,” the rapper’s $1.15 million bet on the Kansas City Chiefs paid off as they defeated the San Francisco 49ers in the Super Bowl, breaking the curse. This victory marks the second year in a row that Drake has successfully backed the Chiefs, earning him approximately $2.34 million according to his bet slip.

As the dust settles on Super Bowl LVIII, Las Vegas basks in the glow of a historic milestone, solidifying its status as the ultimate destination for sports betting enthusiasts worldwide.

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New York continues to break its online sports betting revenue records month after month, once again publishing unprecedented results in January. According to official data, licensed sportsbooks recorded a total sports betting GGR of $211.5 million.

This figure smashes December’s previous record, attesting to the fact that the New York betting sector is yet to unfold its full potential. For reference, sportsbooks posted revenue of $188.3 million in December 2023.

Sports betting handle, on the other hand, failed to surpass the $2 billion mark just barely as the state’s sportsbooks reported handling a total of $1.96 billion in bets. Despite the slight decrease on December, this figure still represents a significant 11.5% year-on-year increase from January 2023.

While this figure interrupts New York’s $2 billion monthly handle streak, the overall results are still very positive.

FanDuel’s Market Share Exceeded 50%

Taking a look at how The Empire State’s licensed sportsbooks performed, data shows that FanDuel maintained its lead with a handle of $867.1 million. Thanks to that, the betting giant singlehandedly scooped up $109.2 million of the total GGR. This is notably the highest figure ever reported by a single operator in the state.

American betting powerhouse DraftKings came in second, recording a total of $664.8 million bets, which translated into GGR of $71 million. Caesars Sportsbook rounded up the top three with a handle of $198 million and revenue of $13.6 million.

Caesars was followed by BetMGM, which handled $118.8 million, resulting in $10 million in revenue. Rush Street Interactive, meanwhile, recorded a sports betting handle of $50.1 million and a GGR of $3.5 million. PointsBet players, on the other hand, wagered $31.7 million, resulting in revenue of $2.6 million.

Resorts World Bet trailed PointsBet with $6.9 million in bets and $752,478 in revenue. The last two spots were occupied by Bally Bet and Wynn Interactive, which posted $425,689 and $358,497 in revenue, respectively. Bally recorded a handle of $9.4 million while Wynn Interactive handled $8.8 million.

New York Sets Sights on Expanded Gambling Industry

In the meantime, New York continues to fight for the legalization of online casino gaming as Senator Joseph Addabbo introduced a new iGaming bill in the state. Unlike previous proposals, this one would allow the state to also launch online lotteries.

The bill in question just received an amendment and was recommitted to the New York Senate Racing, Gaming and Wagering Committee.

In other New York-related news, it seems that the Downstate casino licensing will be delayed further.

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As sports betting continues to grow across the United States, more and more players across many states become involved in the hobby. This is strongly reflected in the increasing financial results posted by regulators across multiple jurisdictions. Oregon, for example, smashed its sports betting handle once again, posting a new all-time high figure.

For reference, bettors in The Beaver State wagered a total of $73.2 million on sports in December, surpassing the previous record of $71.9 million set in October last year. The figure is also 38.1% higher than the $53.8 million wagered in December 2022.

American football was the most popular sport in December and was singlehandedly responsible for almost a third of the total handle. For reference, football fans in Oregon wagered $23.1 million on football in December.

The second most popular sport was basketball, which attracted $16.5 million in wagers. Next up were soccer in ice hockey with $3.3 million and $2 million in wagers respectively.

Single bets remained overwhelmingly more popular, attracting $48.1 million in wagers. Parlay wagers, on the other hand, were responsible for $25.1 million of the total handle.

December was a record-breaking month for a number of other states as well, including Maryland. New Jersey and Massachusetts also posted strong results.

Oregon’s Revenue Smashed October’s Record

Oregon’s revenue results were also at their all-time high as DraftKings, the only legal sports betting operator in the state, posted revenue of $9.7 million. This figure represents a stellar 70.2% year-on-year increase and a 14.1% increase from October’s previous record of $8.5 million.

Sport by sport, the revenue metrics reflect the most popular sports in the state. Football was responsible for $3.5 million of the total revenue, followed by basketball at $2.9 million and football at approximately $606,000.

While single wagers were generally more popular, the revenue from parlay bets exceeded the revenue from singles. For reference, parlay bets generated $5.7 million in revenue, while single wagers brought in $4 million.

Last year, Oregon and DraftKings agreed to expand the number of available offerings, allowing fans in the state to wager on several more unusual disciplines. This included the Tour de France, Major League Baseball’s Home Run Derby, the American Cornhole League World Championship and, most notably, Nathan’s Hot Dog Eating Contest.

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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 Michigan Gaming Control Board, the regulator in charge of the gambling and sports betting market in the American state, reported that the licensed operators it oversees managed to generate solid revenue in November 2023.

According to the state regulators, commercial and tribal operators in the Great Lakes state reported a total of 209.2 million dollars in revenue (gross receipts and gross sports betting receipts) in November. The result marks an increase of 1.9 percent compared to October 2023.

The iGaming sector was the one that caught the eye with gross receipts of 175.3 million dollars, the highest number to date. The previous record was 171.8 million dollars and it was recorded in March 2023. In October 2023 gross receipts from online casinos amounted to 160.3 million dollars.

Gross sports betting receipts for November 2023 amounted to 33.9 million dollars, a sharp decrease from the 45 million dollars that were generated by this sector in October 2023.

Combined total adjusted gross receipts for November were 158.1 million dollars, with almost the entire sum coming from iGaming: 157.8 million dollars, while sports betting only accounted for 294,810 dollars. The adjusted gross receipts figures show an increase of 9.4 percent for iGaming and a drastic decrease of 98.7 percent for online sports betting compared to October 2023.

Tens of Millions of Dollars in Taxes

The total sports betting handle for online operators amounted to 568.8 million dollars in November, an increase of 6.7 percent compared to October 2023 and also the highest online sports betting handle to date in the state of Michigan.

Licensed operators in the state submitted 33.6 million dollars in taxes and payments to the State of Michigan during November, with most of the sum (32.9 million dollars) coming from internet gaming taxes and fees. Internet sports betting taxes and fees amounted to 740,056 dollars in the month of November, while the three land-based casinos in Detroit paid the city 8.4 million dollars in wagering taxes and municipal services fees during November. Tribal operators also reported making payments worth 4.1 million dollars to governing bodies in November.

At the end of November 2023 there were a total of 15 commercial and tribal operators operating in Michigan in iGaming and/or online sports betting. Fourteen of these operators were active in internet sports betting while fifteen were offering iGaming services.

Source: “Michigan iGaming, sports betting operators report $209.2M in November revenue“. Michigan Gaming Control Board. December 19, 2023.

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The American Gaming Association (AGA)’s recent report reveals an impressive surge in the US gaming industry, with Americans contributing to a remarkable 33% increase from the previous year’s betting volumes, setting the stage for a record-breaking year in the gaming landscape. While some segments performed better than others, the sector’s success is indisputable.

The Sector Shows Little Signs of Slowing Down

October alone witnessed the US commercial gaming industry rake in a total revenue of $5.62 billion. This noteworthy achievement, encompassing traditional casino games, sports betting, and iGaming, marks a 5.9% increase from 2022. Remarkably, October became the industry’s 32nd consecutive month of year-over-year growth, securing its place as the third highest-grossing month in US gaming history.

The sustained growth momentum, however, exhibited a slight deceleration, predominantly attributed to the post-pandemic recovery normalization in the brick-and-mortar vertical. Despite this, the cumulative revenue through October stands at $54.40 billion, already surpassing the total revenue for 2021, which stood at $52.80 billion, marking 2023 on track to become the highest-grossing year on record.

October showcased an ongoing trend in revenue generation, with land-based gaming experiencing a marginal dip of 2.2% year-over-year, settling at $3.95 billion. In contrast, online gaming revenue surged impressively by 34.4% to $533.6 billion, predominantly propelled by the introduction of online sports betting in various states, including Kansas, Kentucky, Maryland, Massachusetts, and Ohio.

Sports Betting May Pass $100 Billion in Annual Handle

Sports betting also performed exceptionally well in October, setting a record for sports betting handle. Americans wagered a substantial $12.16 billion, a 25.5% increase compared to the same month in 2022. The sustained growth in sports betting is most evident by the year-to-date revenue standing at $8.33 billion, already surpassing the full-year revenue for 2022, which amounted to $7.18 billion.

With the impressive year-to-date handle reaching $91.98 billion, the sports wagering industry should confidently cross the $100 billion milestone in annual sports betting handle by year-end, barring a significant slowdown in November and December. However, this psychological barrier is just the beginning, as promising US jurisdictions like Florida, Texas, and California legalizing wagering may propel this figure to new heights.

The AGA’s report underscores a booming US gaming landscape, reflecting unprecedented growth and setting the stage for a landmark year in the industry’s history. The country’s regulatory complexities still present significant challenges for operators, especially those operating in multiple states. However, as more and more jurisdictions adopt regulated gambling, the figures in this report may soon pale in comparison.

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Betsson Group has published its interim report for the period between July and September, highlighting new record numbers. The company’s metrics increased across the board as it channeled more active customers toward its products.

As reported, Betsson’s group revenue for the period was EUR 237.6 million ($251 million), representing an increase of 19% and an organic increase of 39%. Casino revenue in particular increased by 27%, while sportsbook revenue increased by only 2. The sportsbook margin, meanwhile, was 7.3%.

The company’s EBITDA for the period sat at EUR 68.9 million ($72.8 million), which translates to an increase of 42%. EBITDA margin was 29%. EBIT, on the other hand, was EUR 56 million ($59 million), representing a year-on-year increase of 46%. The EBIT margin was 23.6%.

Betsson Group also reported a net income of EUR 46.2 million ($48.8 million), corresponding to EUR 0.35 ($0.37) per share. Operating cash flow for the period, meanwhile, was EUR 44.9 million ($47.44 million).

The company’s net debt at the end of Q3 was EUR -65.5 million ($69.2 million).

Last but not least, the company reported a 17% increase in the number of active customers to 1,237,238.

Lindwall Summarized Betsson’s Q3 Achievements

Pontus Lindwall, Betsson’s president and chief executive officer, commented on the results, highlighting the high customer activity, strong financial development and investments in product and new markets.

Linwall praised the increased metrics, noting that the Q3 revenue and EBIT are the highest Betsson has ever recorded. He noted that the figures include the acquisition of betFIRST.

Lindwall added that the Nordics was the only major region that failed to reflect Betsson’s high growth. In the meantime, the company continued to expand its presence, acquiring betFIRST in Belgium, launching in Serbia and obtaining a sports betting license in France.

The executive highlighted the importance of B2B to his company’s growth strategy and said that his team will continue to strengthen the B2B offering. He noted that in September Betsson supplied Bethard with its sportsbook solution.

Q3 was also an important period for the company as it saw it launch its first-ever global advertising campaign.

The theme “A bet makes the difference” focuses on the excitement and entertainment that comes from placing a bet, on sports or casino, rather than the chances of winning. The campaign is part of the marketing strategy to establish Betsson as the Group’s global main brand, aiming to achieve economies of scale and competitive advantages for the business in the long run.

Pontus Lindwall, president & CEO, Betsson Group

Lindwall concluded that he is very optimistic about the rest of 2024. He hinted at possible future investments, saying that Betsson’s geographical diversification, solid balance sheet and strong cash flows provide favorable conditions for growing the company.

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Atlantic City’s casino industry contributed a staggering $504 million in taxes and fees during the last fiscal year, marking a record amount that is pivotal in supporting various programs for vulnerable residents across the state. 

Casino Revenue Fund Empowers New Jersey’s Vulnerable Residents

The Casino Revenue Fund, established in 1976, was designed to channel state revenues from casino gambling into essential services for eligible senior citizens and disabled residents, covering reductions in property taxes, utility charges, and additional health and transportation services. 

In the latest 2023-24 state budget, more than $436.6 million from the fund was allocated to the Community Care Program Individual Support, reported The Press of Atlantic City. This initiative provides crucial services like household chores assistance and self-care training to residents in state-licensed facilities.

Additionally, NJ Transit received over $38.9 million from the fund, specifically for its Senior Citizens and Disabled Residents Transportation Assistance Program. This program is vital for seniors and people with disabilities, offering county-coordinated transportation for non-emergency medical trips, shopping, and nutrition, acting as a lifeline for their daily needs.

The fund’s history has seen fluctuations, reaching a low point of $205.9 million in 2015 due to the economic downturn and the closure of several casinos. However, the reopening of casinos, coupled with legalized sports betting and the growth of online gaming, has revitalized the fund. Internet gaming, in particular, has significantly boosted tax revenue, with a 15% tax rate on internet gaming compared to 8% on slots and tables revenue. 

Atlantic City Pursues New Revenue Avenues Despite Concerns Over Tax Outflow

Jane Bokunewicz, director of the Lloyd D. Levenson Institute of Gaming, Hospitality, and Tourism at Stockton University, emphasized the importance of supporting the casino industry’s internet gaming efforts to sustain this vital revenue stream.

While concerns have been raised by local officials about the outflow of tax revenue from the city and South Jersey, Mayor Marty Small Sr.’s administration continues to explore avenues to bring more revenue to Atlantic City. Although the city does not receive direct funding from casino taxes, it benefits from a $2 fee per occupied casino hotel room, generating millions in revenue.

This surcharge, which came into effect in March 2022, has already contributed more than $3.8 million this year, primarily allocated to enhancing public safety. At the same time, New Jersey’s gambling industry experienced robust growth in August, surpassing the previous year’s results. Casino revenues remained stable with a modest increase, while internet gaming and sports betting showed significant growth, marking a positive trend for the state’s gambling sector.

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A few days ago, the 149th Kentucky Derby ended, crowning Mage as the winner. The horse covered the mile and a quarter in 2:01.57, to the surprise of bettors who believed that either Angel of Empire or Forte will be the winner.

Mage’s upset of the Kentucky Derby favorites was a major development that ended with Angel of Empire finishing third and Forte falling farther behind. In addition, Mage’s spectacular win marked the first victory for its rider, Javier Castellano, and made its trainer, Gustavo Delgado, proud.

In the wake of this amazing race, Churchill Downs, the company hosting the Kentucky Derby, updates its EBITDA expectations for the event. As reported by Gambling Insider, Bill Carstanjen, chief executive officer of the company, said that his team expects Kentucky Derby Week’s adjusted EBITDA to dramatically increase.

We expect the Kentucky Derby Week adjusted EBITDA to reflect a new record with $14 to $16m of growth over the prior record set last year.

Bill Carstanjen, CEO, Churchill Downs

The CEO added that Churchill Downs will now focus on a year-long celebration and preparation for the jubilee 150th edition of the Kentucky Derby scheduled for May 2024.

This Year’s Race Was the Most Successful Yet

This year’s edition of the Kentucky Derby saw metrics skyrocket across the board. The Kentucky Derby Day program, for example, reached $288.7 million, which is the highest recorded number yet. Meanwhile, Mage’s race, in particular, beat its 2022 counterpart, with the Kentucky Derby Day Program recording $188.7 million.

In total, the program earned $412 million during the entire Kentucky Derby Week, far surpassing last year’s results of $391.8 million.

TwinSpires, meanwhile, reported a record-breaking handle of $73.6 million, surpassing last year’s result of $67.4 million. The Kentucky Derby race was singlehandedly responsible for $47 million of the total handle. For comparison, the gambling brand reported a sports betting handle of $44 million during the 2022 race.

Saturday’s race surpassed the 2022 results in terms of attendance as well. According to official data, a total of 150,335 people visited the iconic racetrack to attend the race. This is a slight increase from the 147,294 guests the signature twin spires attracted in 2022.

Luckily, the Kentucky Derby Day race went without significant problems, despite the recent concerns about the safety of the sport and the horses involved. However, there were protesters voicing their concerns with the greyhound races Churchill Downs is involved in.

In other news, Churchill Downs recently posted a record-breaking Q1 2023 revenue, defying market expectations.

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