Tag: Finance

Player spending on sports betting in Colorado declined for the second consecutive month in May, although the state was able to report year-on-year growth.

Wagering handle for the month amounted to $385.2m. This was 6.9% more than $360.3m in May 2022 but 7.8% lower than the $417.8m bet in April this year.

Of this total, $382.1m was spent betting online, while in contrast, just $3.2m was wagered at retail sportsbooks.

Basketball accounted for 32.2% of all wagers placed during the month. Baseball’s share was 23.8%, while parlay and combination bets made up 16.9% of May’s handle.

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Monthly spending on sports betting in Indiana fell again in June, while the state also posted a decline in revenue.

Players wagered a total of $224.1m during the month. This was 12.6% lower than $256.3m in June 2022 and 20.9% down from $283.4m in May this year.

Baseball was the most popular sport among consumers, drawing $65.0m in bets. Players also spent $24.1m in basketball wagers and $1.6m on football bets. A further $82.0m was wagered on parlay bets and $51.0m across other sports.

Taxable adjusted gross revenue for June amounted to $19.5m. This represented a 23.4% rise from $15.8m last year but was 42.3% less than $33.8m in May.

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Sports betting spend in Iowa fell for the third consecutive month in June, while the state also reported year-on-year declines across handle and revenue.

Total handle for the month amounted to $115.6m. This was 5.6% lower than $122.4m in June 2022 and also 21.7% behind the $147.7m posted in May this year.

Players wagered $105.7m online and $9.9m betting at retail sportsbooks across the state.

In terms of revenue, this reached $7.1m in June. This was 15.5% lower than $8.4m in the same month last year and 57.2% less than $16.6m in May.

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Sports betting handle in Arizona fell month-on-month during April, although the $535.7m wagered by players was up year-on-year.

The monthly handle was 4.5% ahead of $512.9m in April 2022 but 16.9% less than $644.8m in March of this year.

Of this total, $531.2m was spent betting on sports online, while just $3.7m was wagered at retail sportsbooks across the state.

Consumers won $486.5m from betting, leaving $48.0m in adjusted gross event wagering revenue before free bets. This was 64.4% ahead of $29.2m last year but 10.1% behind $53.4m in March this year.

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Consumer spending on sports wagering in Rhode Island fell to its lowest total in 10 months during May.

Players bet $30.8m on sports, down 25.1% from $41.1m in May 2022 and 17.9% less than $37.5m in April this year. This was also the lowest amount since $27.7m was bet during August last year.

Some $22.4m was wagered online, while $8.4m was spent betting at retail sportsbooks. The latter was split $4.8m at Twin River and $3.5m at the Tiverton Casino.

Revenue for the month amounted to $3.9m, up 69.6% from $2.3m last year and 30.0% more than $3.0m in April 2023.

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Online gambling gross receipts in Michigan reached $185.8m in May, an improvement on last year but the second consecutive month of decline.

The combined total from igaming and sports betting across commercial and tribal operators was 15.5% ahead of $160.9m in May 2022. However, this was 5.1% less than the $195.7m generated in April of this year.

Online casino gaming gross receipts amounted to $150.6m, up by 18.2% year-on-year, while gross sports betting receipts climbed 5.1% to $35.2m.

It was also reported that total sports betting handle for the month amounted to $288.3m, a 15.0% drop on last year and a 10.7% decline from April.

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Sports wagering revenue in New Hampshire increased both month-on-month and year-on-year in May despite another drop in handle.

Player spending for the month amounted to $52.1m, a 31.6% decline from $76.2m in the same month last year and also 20.0% lower than $65.1m in April this year.

Of this total, $46.4m was spent betting on sports online, while the remaining $5.7m was wagered at retail sportsbooks in the state.

However, despite a decline in handle, gross gaming revenue from sports betting during the month increased.

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