Monthly Archives: July 2024

While Michigan posted strong year-on-year growth in online gross gaming revenue (GGR) in June, hefty promotional deductions attributed to BetMGM meant adjusted sports betting revenue swung to a loss for the month.

Total online gambling gross receipts, across the states tribal and commercial licensees, hit $214.1m in June, figures from the Michigan Gaming Control Board (MGCB) show. This was generated almost entirely from online casino, which accounted for $183.2m of the total. A further $30.9m of revenue came from sports betting, from $276.8m in stakes, an 11.2% hold.

June, with only Major League Baseball (MLB) in action, is traditionally a quieter month for US sports betting. However, Michigan sports betting operators, as in many other states, reported strong year-on-year growth in player wagers. Handle was up 21.4% from June 2023 to $276.8m.

A hefty promotional deduction for BetMGM meant adjusted revenue for sports betting fell to negative $28.2m, compared to $9.2m in revenue for June 2023. This was down to a $48.2m deduction for BetMGM.

There is currently not much clarity as to what this relates to, although the size of the deduction suggests it is an accumulation of promo spend over a long period. The operator tends to adjust by $1m to $2m in a normal month. That $48.2m figure also tallies with monthly revenue in some of the biggest sports betting states.

As a result adjusted revenue was down 6.6% year-on-year at $136.4m, wiping out a 20.2% increase for igaming revenue to $164.6m.

BetMGMs handle of $40.5m and gross revenue of $3.6m puts it among the states best performers in June for sports betting, with an 8.9% hold.

FanDuel remains the leader by far, with customers wagering $96.2m, resulting in gross revenue of $14.8m. It reported $4.4m in adjustments for the month, incidentally.

DraftKings followed in second, reporting handle of $82.8m, with a 10% hold leaving gross revenue of $8.3m. Penn Entertainments ESPN Bet reported $16.2m in handle, resulting in GGR of $1.4m, ahead of Caesars on $15.2m and GGR of $817,747.6.

While customers staked less with Fanatics, which took over PointsBets Michigan operations in February, a better hold percentage of 10.2% meant it generated more revenue than Caesars. Fanatics players wagered $13.0m resulting in gross revenue of $1.3m.

While it posted a heavy loss for June in sports betting, and potentially cleared its tax liability for the year, BetMGM enjoyed a far stronger month in Michigans icasino vertical. GGR of $47.9m set it ahead of the competition which, coupled with minimal deductions resulting in AGR coming to $43.1m, meant it continued to lead the market.

FanDuel followed in second place, with GGR of $45.6m ($40.7m AGR) and DraftKings in third on $32.5m ($29.3m after adjustments).

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Michigan sports betting figures skewed by BetMGM deductions in June - iGaming Business

Rounding up some of the latest gambling figures in the US, Louisiana reported a year-on-year rise in sports betting revenue and handle despite a decline in the retail market during its 2023-24 financial year, while Mississippi saw player wagers fall in June.

Starting in Louisiana, players staked $3.33bn, an increase of 32.1% figures from the state Gaming Control Board show. Of this, $3.04bn was bet online, a rise of 37.2%, and $291.7m at retail sportsbooks, down 5.0%.

After promotional spend something that skewed Michigan sports betting figures in June of $44.4m, net revenue from sports betting came to $388.1m, up 58.3% on the prior year.

Mobile betting accounted for $358.2m of the total (a rise of 73.2%) although retails $29.9m contribution was down on the prior year. Mobile launched in January 2022, months after the first retail bets were placed in October 2021.

American football was the sport that generated most revenue across online ($30.1m) and retail ($3.5m). However, parlay bets saw the most revenue for both channels (online $251.2m, retail $19.4m).

Win percentage for online betting in FY2023-24 was 11.8% and retail 10.2%. In addition, total tax from sports betting in Louisiana hit $55.2m, with $55.2m coming from online and $3.0m retail.

Turning to June, total handle in June was $212.0m. This is 30.8% higher than $162.1m last year but 17.4% less than $256.7m in May this year. Online spend topped $195.8m, up 34.4%, while retail wagers climbed 12.5% to $16.2m.

Online betting win percentage reached 12.7% for the month, with retail at 8.7%.

Revenue for the month hit $26.2m, up 109.6% on last year but 21.8% lower thanMays $33.5m. This continues a trend in which June normally a quieter month outperforms the prior year, something thats clear from all state results published to date.

Online revenue hit $24.8m, up 118.8% but retail revenue slipped 21.9%. Only two months in the whole of FY2023-24 saw year-on-year retail revenue growth: July and September.

Parlay betting reigned supreme, as it does in many other states, generating $15.6m in online revenue and $594,920 retail revenue.

In terms of individual sports, basketball made up the most online revenue in June at $3.0m although, in the retail market, it was baseball that led the way with $249,449.

As for tax, this hit $24.9m, with $24.8m coming from online and retail $115,955.

Elsewhere in June,Mississippi Gaming Commission figuresreport a 5.6% year-on-year increase in sports betting revenue to $1.9m. This, however, was lower than the $2.1m reported onMay this year.

Spending-wise, handle for June topped $19.4m, down 4.9% from last year, with the market limited to in-person wagering. This suggests a hold of 9.8% across all operators.

Coastal casinos drew the most revenue at $1.0m off a $12.1m handle. Baseball was the most popular sport with $233,105 generated from $2.9m in bets. Parlay cards have been a leading product in other states, but accounted for just $361,551 worth of revenue off $2.2m in stakes in the region.

Total revenue from central casinos was $596,110 from handle of $5m. Here, basketball was the single sport moneymaker with $913,093 in bets generating $222,338 in revenue, a 24.3% hold. However, baseball still drew the most bets at $1.5m with the MLB season under way.

Finally, revenue at northern casinos was $313,547 off $2.2m in bets.

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US round-up: online growth drives Louisiana in FY, mixed June for Mississippi - iGaming Business

DraftKings has sold the Vegas Sports Information Network (VSiN) to Musburger Media for an undisclosed price after first acquiring the network for $70m in March 2021. The deal was announced on Monday (22 July).

As part of the deal, VSiNs original founders, Brian Musburger and Bill Adee, will take back control of the company. The two men founded the sports betting network in 2017 and guided it through the original 2021 sale to DraftKings. The network features 18 hours of daily original betting-focused content and streams 24/7.

In a statement on Monday, Musburger said the original vision for VSiN still holds despite the relatively quick sell-off.

We truly appreciate the work weve done with DraftKings and look forward to continuing to collaborate on future projects, he said. Bill and I couldnt be more excited about leading VSiN into the future and cementing our position as a trusted authority in sports betting.

DraftKings thanked VSiN for a great relationship and said it looks forward to continuing to advertise on the network. After the sale, its media portfolio still includes the DraftKings network, a partnership with Barstool Sports and a distribution deal with Meadowlark Media.

No transaction details were announced, but VSiN told Sports Handle that more announcements would be made in the coming weeks. The company responded to several user comments on X indicating that it will have more creative freedom moving forward.

Rumours about about the company being sold back to Musburger first began circulating earlier this month.

When it first bought VSiN, DraftKings goal was to help grow its audience alongside the expansion of legal sports betting in the US. CEO Jason Robins said he hoped the partnership would add value to consumers who are looking to become more knowledgeable about sports betting.

Now, it appears that another sports betting-media investment has come and gone.

Penn Entertainment went down a similar path with Barstool Sports. In August 2022 Penn exercised its option to buy out Barstool at a valuation of $450m after increasing its stake multiple times. It then tried its hand with the Barstool Sportsbook platform for about a year, before pivoting again to the ESPN Bet mega-deal in August 2023.

Penn also sold Barstool back to its original founder, Dave Portnoy, albeit for $1. Within months, Barstool then entered into its DraftKings partnership. That in turn may have influenced the VSiN sale.

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DraftKings sells VSiN to Musburger Media - iGaming Business

Prosecutors in Macau have indicted 59 people swept up in a sports betting sting earlier this month. All but two have been released on bail. The illicit operation purportedly reaped millions per week during the recent UEFA Euro 2024 tournament.

The Macau Public Prosecutions Office has indicted 59 people allegedly involved in an online sports betting ring. Two of the defendants remain under pre-trial detention. The rest have been released on bail, with orders not to leave the city.

A total of 93 people were arrested in the 2 July sting in Macau, Hong Kong and Guangdong. Policeseized MOP88.4m (8.5m/196.2m/US$11m) in cash and froze bank accounts containing MOP22.1m.

The websites, based outside Macau, took bets on football and basketball games. They reportedly generated aboutMOP72m per week during the recent UEFA Euro 2024 tournament.

Authorities estimate the illegal operation has pulled in more than MOP1.08bn since 2016.

Online gambling is illegal everywhere in China, including Macau, a special administrative region (SAR) and the worlds top casino market. The charges carry penalties of up tothree years in prison.

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In Macau, most suspects bail out in illegal sports betting case - iGaming Business

FanDuel, the only online platform that offers citywide sports gambling in D.C., said it stopped accepting bets as of Tuesday because Mayor Muriel E. Bowser (D) had not yet signed the citys budget for the 2025 fiscal year, which allows for the continuation of sports betting in the city.

In a statement to The Washington Post, FanDuel said it would resume sports betting operations in the city upon final approval of the FY2025 DC Budget.

Bowser spokeswoman Susana Castillo initially told The Post on Tuesday morning that the mayor received the budget legislation the contents of which go well beyond sports gambling on Thursday and that she has 10 business days to review it. Later Tuesday afternoon, in a move that appeared to remedy the issue, Castillo said the mayor returned the budget to the D.C. Council without her signature or a veto, allowing the sports gambling provision to take effect immediately.

A spokesman for FanDuel did not immediately respond Tuesday evening to a request for clarification on the companys plans in the wake of the mayors move.

FanDuel replaced Gambet DC, the citys failed attempt to get citywide sports betting off the ground, in April, and it was scheduled to be joined by BetMGM, which was supposed to go live on a citywide basis Monday (it previously was available online only to gamblers who were within a two-block radius of Nationals Park, where the company offers a brick-and-mortar sportsbook). However, the BetMGM app Tuesday continued to say that it would allow bets only within proximity of Nationals Park.

After an announced event promoting its expanded D.C. offerings was canceled Monday, BetMGM said Tuesday through a spokesperson that the initiative was in a pause.

Caesars Sportsbook reportedly also was supposed to go live on a citywide basis Monday, but as of Tuesday, it, too, said gamblers needed to be in proximity to Capital One Arena, where it operates a brick-and-mortar sportsbook.

FanDuel said its brick-and-mortar sportsbook at Audi Field continues to accept wagers despite the pause in its online operations.

It was not immediately clear late Tuesday afternoon how quickly FanDuel would resume operations after Bowser returned the budget to the council or when BetMGM or Caesars Sportsbook would begin citywide mobile operations.

GambetDC, Washingtons first attempt at a mobile sports betting app that was available citywide, was a dismal failure, bringing in only $4.3 million over a four-year period, well short of the $84 million that was projected. To remedy this, Intralot the Greek company that operates the D.C. Lottery and in 2019 was awarded a five-year, no-bid contract by the D.C. Council to develop GambetDC subcontracted with FanDuel to replace GambetDC, and it brought in $1.9 million to the city in its first 30 days alone.

Last month, the D.C. Council gave final approval to the citys $21 billion budget for fiscal 2025, which included a bill to expand the citys sports-betting offerings, with up to seven licenses up for grabs. But in a letter sent to Council Chair Phil Mendelson (D) on June 5, before the Council approved the new budget, FanDuel President Christian Genetski said that if the city opened up sports gambling to other companies, FanDuel would terminate its contract with Intralot, under the terms of which it paid the city 40 percent of its gaming revenue, and instead move forward as an independent operator, where it would be required to pay the city only 20 percent of its gaming revenue plus the costs of acquiring a gaming license.

In essence, FanDuel will be able to keep more revenue for itself under the terms of the citys expanded sports-betting landscape.

Intralot, meanwhile, appears to be out of the D.C. sports-betting business. On June 28, the Office of Lottery and Gaming sent a one-year, $39 million contract extension with Intralot to the D.C. Council that was deemed approved Thursday. The contract extension, which went into effect Tuesday, requires Intralot to continue providing lottery services for the city but states that the company shall not be required to operate or offer any retail, mobile and internet sports wagering in the District. The extension also contains provisions to ensure players who made bets through GambetDC and the FanDuel-branded platform can collect winnings.

Once again, the Office of Lottery and Gaming has created unnecessary confusion by prematurely releasing the contractor from their responsibilities. The Mayor is reviewing the budget and we expect this to be resolved soon, D.C. Council member Kenyan R. McDuffie (I-At Large) said in a statement to The Post.

The Office of Lottery and Gaming did not provide a comment to The Post.

BetMGM was the first to announce its expanded presence in the city, while DraftKings which is available in 25 states and is one of the most heavily used sports betting apps in the country said June 25 that it was looking forward to the potential opportunity to introduce D.C. sports fans to our mobile sportsbook product.

The budget language says new holders of Class A sports-betting licenses could begin offering online sports gambling to people within D.C.s borders as of Monday, but because Bowser hadnt yet taken action on the bill, expanded online sports betting was at least temporarily disallowed. This may explain why BetMGM and the other newcomers have yet to offer sports gambling to the entire city.

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D.C. online sports betting is suspended amid budget uncertainty - The Washington Post

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Sports betting roundup: Xander Schauffele goes from third favorite to first place at British Open - The Caledonian-Record

Sports betting in some states are growing faster than others, and Tennessee has shown almost a 50% increase since last June.

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Across the United States, the sports betting landscape continues to grow at an impressive rate. While the summer months are the slowest for operators and sports bettors, the industry finds itself in a good place.

When you look across the nation as a whole, you see some impressive year-over-year numbers. States such as Iowa and New York have reported their June betting handles, and on average, the June 2024 numbers are about 25% higher than the numbers in June 2023. Thats an extremely healthy rate of growth that operators are surely happy with.

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We mentioned earlier that sports betting handles are up nearly 25% across the states that have already reported their June numbers. Overall, the first quarter numbers in 2024 are 22% higher than the first quarter numbers were in 2023.

However, some states are having faster growth than others. In June of 2023, Tennessee took in $230 million worth of sports bets. Fast forward to this past month, and Tennessee operators accepted nearly $345 million in bets. Thats a 49.7% increase year-over-year.

While the summer months are usually bad news for operators, the impact has been far less in Tennessee. With states such as North Carolina, New York and Iowa all reporting betting handles dropped more than 20% from May to June, its quite impressive that the Tennessee handle dropped just 9.7%.

What makes this even more impressive is that Tennessee isnt home to an MLB franchise. Bettors love wagering on their hometown teams, and residents of Tennessee dont have a hometown team to boost their numbers. The University of Tennessee won the college baseball World Series, which could be partly responsible for the steady numbers.

With Tennessee showing massive growth, operators are optimistic about the upcoming football season. Football drives the sports betting calendar, with the highest revenues of the year usually coming in the fall and early winter months.

The University of Tennessee football team has a realistic chance of competing for a spot in the expanded College Football Playoff (+175 odds at FanDuel Sportsbook). A competitive season from the Volunteers will surely lead to an influx of betting opportunities in the state.

The Tennessee Titans are usually competitive, but the NFL generates betting handles no matter how good the local teams are. Bettors bet on player props, parlays and primetime games no matter who is involved.

If the year-over-year trend is a sign of things to come, expect more big numbers to be posted in Tennessee this fall.

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Tennessee sports betting shows impressive year-to-year growth - CBS Sports

On Friday evening, SuperBook announced it would no longer be accepting wagers in eight states. Yet another change in the mobile sports betting landscape across the US. SuperBook posted on their X social media account that they are not taking wagers in Colorado, New Jersey, Arizona, Tennessee, Ohio, Maryland, Iowa, and Virginia after 8:00 p.m. on Friday. In that same post, they did mention that SuperBook would continue to operate through the Westgate SuperBook mobile app. Additionally, retail wagering is set to continue at the SuperBook at the Westgate in Las Vegas.

SuperBook having to withdraw from the market comes not too long after smaller sportsbooks had to make similar cuts. Betways parent company Super Group announced earlier this month that they are leaving the US mobile betting market. Instead, they will be focusing on internet casino gaming in Pennsylvania and New Jersey. On top of that, Betfred is ceasing its operations in Maryland at the end of the month. They ended their operations in Ohio last Friday. These smaller sportsbooks have struggled to have any type of share in the market with FanDuel and DraftKings having so much control.

Of the eight states where SuperBook offered mobile sports betting, only five provide handle and revenue figures. New Jersey only offers revenue figures by operators. The Garden States $481,581 in revenue was less than 0.1% of the overall $573.1 million from all NJ sportsbooks in the first half of 2024. Lack of market share was the common denominator in the states where SuperBook was unsuccessful. From the five states where handle and revenue figures were provided, SuperBook did not exceed 0.2% of the year-to-date mobile handle in any of them. SuperBooks best-performing state in 2024 was Arizona with $42.350 in gross revenue from $3.5 million worth of bets. That gave them a 1.2% hold in the market in 2024.

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Outside of Nevada, SuperBook has ended its mobile sports betting presence in the United States - Sportscasting

The three most important factors in a mobile sports betting app are usability, value and variety.

Here's a rundown of each of those factors and what makes them so important when choosing from the best apps for betting on sports:

The best sports betting apps are very simple to use. You should be able to pick up your smartphone, log in instantly and place a bet in just a few seconds. The sports betting apps are laid out in a neat, intuitive manner, allowing you to find games you want to bet on. Mobile apps also have powerful search functionality.

Speed, reliability and usability are especially important for live betting on mobile betting apps. You need to be able to get your bet in before developments in the game cause the lines or odds to change, so speed matters. Unreliable mobile apps can cause you to miss the chance to place a bet, which is deeply frustrating, especially if that bet would have won, so be sure to stick to the powerful, dependable user-friendly apps like BetMGM, Caesars Sportsbook, FanDuel and DraftKings.

The best mobile sports betting apps offer users a great deal of value. This manifests itself in several ways.

First, the top sports betting apps provide competitive odds. They do not charge more than the standard juice (-110/-110) on their betting lines, and they offer attractive prices on moneylines, props, and futures. Secondly, they provide valuable bonuses, from the sign-up offer to ongoing odds boosts and promotions. Plus, most apps have a quality loyalty program. They also offer value-added features to improve the user experience, such as live streaming.

The best betting apps allow you to place wagers on thousands of sporting events each day. They should be equally strong when it comes to pre-game betting and live betting. These mobile sports betting apps cover more than 20 sports in a very comprehensive fashion. If permitted, they may also offer betting on entertainment markets and eSports, and they offer casino gaming and racebooks in certain states as well.

The top sportsbook apps also provide great variety when it comes to deposit and withdrawal options. You can choose from a wide array of banking methods, and they all pay out quickly.

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9 Best Mobile Sports Betting Apps in the United States - RotoWire