As sports betting revenue reports for March 2024 come in from states throughout the country, we will round up the latest happenings and add context to the numbers.
DraftKings tops Illinois sports betting in March handle as Wrigley Field sportsbook opens
Illinois sports betting handle hit $1.26 billion in March, up 18% from the $1.07 billion bet during the same month last year.
DraftKings opened its retail sportsbook at Wrigley Field with $736,000 in March handle. The latest data from the Illinois Gaming Board shows DraftKings accepted $461.5 million in bets to lead all IL sports betting apps. DraftKings cleared $33.8 million in online revenue, good for 34% of the market.
FanDuel won the most in March, with $42.9 million in online revenue for a 43% share. FanDuel accepted $435.3 million in March bets.
Bettors sent $62.8 million through the ESPN Bet app in March, giving it a 5.1% share of monthly handle.
Colorado sportsbooks post annual handle gains in March
Colorado sports betting customers staked $36.3 million in March on college basketball.
The month featured March Madness betting in addition to other postseason college tournaments.
Colorado sportsbooks took in $593.1 million in total March bets, online and in-person. It was a 20% increase over the $494.4 million bet during the same month last year.
The latest report from the Colorado Department of Revenue shows operators cleared more than $45 million in revenue while posting a win rate north of 7.5%.
ESPN Bet sees Ohio sports betting share slip in March
ESPN Bet saw its share of online handle drop to its lowest point since entering the Ohio sports betting market in November 2023.
With $44.2 million in online bets, ESPN Bet claimed 5.7% of the market in March, according to the latest state report.
- February: 6.3%
- January: 7.6%
- December 2023: 9%
- November 2023: 8.5%
Market share for bet365 is trending up over the same timeframe. It earned 7% of the online market with $54.4 million in March volume.
- February: 6.5%
- January: 6.1%
- December 2023: 5.6%
- November 2023: 5.2%
Market share for bet365 hit 7.4% in March 2023, its highest point in the last year.
FanDuel and DraftKings were the two most popular OH sports betting apps in March, with $265 million and $259.9 million in handle, respectively.
Virginia sports betting handle tops $635M in March
Virginia sportsbooks saw the third most monthly volume ever in March.
According to the latest data from the Virginia Lottery, between online and in-person wagers, VA sports betting handle hit $635.6 million. It was a 24% increase over the same month last year when bettors staked $511.6 million.
It was also the fourth time in the last five months Virginia bettors played more than $600 million.
- March: $635.6 million
- February: $540.1 million
- January: $652.9 million
- December 2023: $633.2 million
- November 2023: $638.9 million
Sportsbooks posted $47.7 million in combined revenue before deductions.
Players beat Vermont sports betting apps during March Madness
Vermont sports betting handle topped $4.6 million on the Men’s NCAA Basketball Tournament.
The three VT sports betting apps, FanDuel, DraftKings, and Fanatics, lost a combined $5,550 on March Madness betting. State-level data shows VT sportsbooks accepted $141,140 across 10,815 bets on the Vermont Catamounts during their first-round loss to Duke.
Nearly 600,000 bets were made on the tournament, with 416,500, about 70%, coming from out-of-state bettors.
Players staked nearly $660,000 on the Women’s NCAA Basketball Tournament as well.
Nevada sports betting hits post-PASPA milestone
Nevada sports betting surpassed $40 billion in post-PASPA handle in March.
New York and New Jersey are the only other states to reach the milestone since 2018. According to the latest state report, total betting volume reached $784.6 million in March.
Basketball betting, which includes the NBA, March Madness betting, and others, hit $32.5 million for the month.
NV sportsbooks paid out $12.9 million in winning football bets during the month, leaving them with less than $30 million in monthly revenue for the first time since August 2023.
Women help boost Masters golf betting for BetMGM
BetMGM announced Wednesday it saw a nearly 50% increase in total golf betting for the Masters year-over-year.
Women betting on the Masters Tournament increased 161% from last year, too. BetMGM did not provide specific dollar amounts for its golf betting.
“The Masters was a great result for the sportsbook. (Scottie) Scheffler was a nice winner on our outright book, and Tiger playing the whole tournament translated into a really good weekend in Augusta for BetMGM,” said trading manager Seamus Magee.
PA sports betting promo spend drops to lowest level since start of NFL season
PA sportsbooks rolled back their bonus bet giveaways in March, offering a combined $18.1 million.
According to the latest state report released Wednesday, promotional spending made up 2.3% of the total $800.7 million bet during the month. Promotional play as a percentage of PA sports betting handle tends to drop in March from football season highs.
- March 2024: 2.3%
- March 2023: 2.2%
- March 2022: 2.5%
- March 2021: 2.1%
FanDuel offered the most promos in March, giving away $7.9 million, while ESPN Bet dropped its promo spending to $1.4 million for the month. ESPN Bet dished out $14.8 million in bonus bets when it launched in November last year.
Bonus bets peaked at 4.1% of total online handle in September last year, the start of the NFL betting season.
Parlay profits make up bulk of Louisiana sports betting revenue in March
Louisiana sportsbooks earned $22.8 million in online revenue from parlay betting in March.
According to the latest data from the Louisiana Gaming Control Board, the combo bet winnings made up 72% of all LA sports betting revenue for the month.
While Louisiana state reports do not break down individual operator financials, FanDuel and DraftKings are both widely viewed as industry leaders in their parlay offerings. Penn Entertainment CEO Jay Snowden told a recent Las Vegas forum app developers will be focusing on improving the ESPN Bet parlay options before NFL betting returns.
Online sportsbooks combined to produce $31.7 million in March from $319.4 million in bets. Handle jumped 43% from the same month last year when bettors staked $223.1 million.
Fanatics boosts Michigan sports betting market share in March
Fanatics increased its share of online Michigan sports betting handle in March behind $19.3 million in bets.
According to the latest state report released this week, Fanatics earned 4% of online handle, up from 2.3% in February.
Total online betting through MI sports betting apps reached $480.4 million for the month, an 18% boost over the same month last year.
FanDuel earned 39% of the mobile market, accepting $186.2 million in bets, while DraftKings‘ $126.7 million handle accounted for 26% of the market.
ESPN Bet saw its online handle share dip to 6.4% with $30.7 million in bets. The 13 online MI sportsbooks combined to hold 8.7% in March, producing $41.9 million in revenue.
Promos flow in early days of NC sports betting market
NC sports betting saw $659.3 million pass through online sportsbooks in the market’s first 20 days.
The eight NC sports betting apps offered $202.6 million in bonus bets between the March 11 launch and the end of the month. Promotional spending did outpace real money wagering on the first day of legal betting in the state.
According to recent data from the North Carolina State Lottery Commission, bettors staked $456.7 million of their own money between March 11 and March 31.
Online sportsbooks in North Carolina cleared $66.5 million in March revenue. With an 18% tax rate and not being able to deduct promotional play from total revenue, operators sent $12 million back to the state in taxes.
NJ sportsbooks continue handle run, regulators share individual financials
NJ sportsbooks accepted $1.33 billion in March bets, marking the seventh consecutive month operators have topped $1 billion in handle.
The New Jersey sports betting market boosted handle nearly 30% over March 2023 when bettors staked $1.03 billion, as the Garden State stabilizes after months of declines following the launch of online sports betting in New York.
March data included, for the first time, individual monthly revenue figures for NJ sports betting apps.
FanDuel produced $29.5 million in revenue, while PointsBet generated $20.1 million of its own. New Jersey is one of the last remaining states where PointsBet still has not migrated over to Fanatics Sportsbook.
Both apps share the Meadowlands license along with SuperBook, which produced $131,000 in March revenue.
DraftKings, the sole licensee under Resorts Digital Gaming, took in $17.6 million in online revenue. Penn Entertainment‘s ESPN Bet produced $4.3 million.
NY sports betting ends fiscal year with financial gains
NY sports betting apps took in $1.85 billion in March volume, a 3.5% increase over the $1.79 billion bet during the same month last year.
New York State Gaming Commission data shows online sportsbooks combined for $151.7 million in monthly revenue. FanDuel took in 42% of the online betting dollars with $781.2 million in March handle. Its $73.1 million in winnings topped the NY sports betting revenue list as well.
Fanatics Sportsbook took in 2.8% of online handle with $53.2 million in March wagers. In February, its final month operating as PointsBet in New York, Fanatics produced its highest volume month with $82.9 million in wagers, good for 4.6% of the market.
NY sportsbooks took in $19.34 billion in wagers between April 2023 and March 2024, the state’s fiscal year. It was a nearly 20% increase over the $16.4 billion bet during the prior fiscal year.
Fiscal year revenue was up more than 20% as well as online sportsbooks won $1.76 billion in fiscal 2024. The state collected $898.5 million in taxes over that time, up from $744 million the prior fiscal year.
DraftKings takes half of MA sports betting handle, revenue in March
Massachusetts sports betting handle hit $654.9 million in March.
It is the second-highest monthly total since the online market launched in time for March Madness betting last year. The latest data from the Massachusetts Gaming Commission showed MA sports betting apps handled $642.3 million, or 98%, of total March volume.
Handle approached $656 million in December 2023, the most in a single month to date in Massachusetts.
Boston-based DraftKings took in more than 50% of all online betting dollars, with $323 million during the month. It also earned $22.7 million in revenue, good for 50% of all online revenue ($45.5 million.)
Indiana sports betting handle tops $500M for fourth time
Indiana sports betting handle surpassed $500 million in March, marking the fourth time Hoosier State bettors staked more than half a billion dollars in a single month.
Data from the Indiana Gaming Commission showed that IN sports betting apps accepted $485.4 million of the $500.8 million in March total.
Basketball betting, which includes college and pro, hit $167.9 million during March as Purdue University made its way to the Final Four. Purdue was the only men’s team in Indiana to play during March Madness.
On the women’s side, Indiana University and Notre Dame advanced multiple rounds in the Women’s NCAA Basketball Tournament.
Indiana sportsbooks took in 16% more handle in March 2024 compared to the same month last year ($433 million) as the market posted annual gains after feeling an initial pinch from newly legalized neighboring states.
Maryland sports betting handle sees annual boost
Maryland sports betting handle jumped nearly 40% year-over-year in March as bettors staked $536.7 million during the month.
According to the latest state report, it is up more than $150 million from March 2023 when MD sportsbooks handled $385.9 million.
College basketball handle made up 15% of statewide handle at $83.7M last month. The total includes March Madness betting and other college tournaments.
Maryland sports betting revenue topped $45.1 million before deductions. Parlay betting accounted for $30.5 million of total March revenue for operators.
