May 2024 US Sports Betting Handle And Revenue Roundup

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As sports betting revenue reports for May 2024 come in from states throughout the country, we will round up the latest happenings and add context to the numbers.

17 days ago
by James Gazzale

DraftKings tops Ohio sports betting handle in May

DraftKings accepted the most online Ohio sports betting dollars in May, with $203 million in monthly volume.

According to the latest data from the Ohio Casino Control Commission, it was the first time since September 2023 that DraftKings took in more handle than rival FanDuel in a single month.

FanDuel accepted $198.7 million online in May, making up 34% of the $589.3 million statewide total. Betfred, which plans to depart the Maryland sports betting market at the end of July, earned $2,300 in OH sports betting revenue from $465,000 in online bets.

FanDuel earned the most online revenue, clearing $30.6 million in May. DraftKings produced $20.1 million of its own. The pair combined for 77% of the $66.1 million marketwide online revenue.

No other online OH sportsbook generated more than $5 million in May revenue.

22 days ago
by James Gazzale

Colorado sportsbooks post double-digit hold for third time ever in May

Colorado sports betting operators kept more than 10% of handle in May, winning $45 million off $447.6 million in bets.

According to data from the Colorado Department of Revenue, it marked the third time in CO sports betting history that sportsbooks posted a double-digit win rate.

The market produced year-over-year gains in handle, revenue, and taxes paid back to the state in May. Handle was up 16% from May 2023, when bettors staked $385.2 million. The higher hold led to a 43% boost in revenue over the $31.4 million operators cleared during the same month last year.

More revenue also means a higher tax payment to state regulators, who received a $3.2 million payment in May this year, compared to $2.2 million last year.

Basketball was the most popular play for CO sports betting customers, as the Denver Nuggets played seven NBA playoff games during the month. Bettors staked $147.5 million on basketball during the month and also put $93.1 million down on parlays.

Colorado sportsbooks won $20.9 million from parlays and $7.9 million from basketball.

23 days ago
by James Gazzale

Nevada sports betting revenue up as lower volume trend continues in May

Nevada sportsbooks combined for $36 million in May revenue, up nearly 20% over the $30.1 million in winnings during the same month last year.

According to the latest data from the Nevada Gaming Control Board, sportsbooks produced increased revenue despite a year-over-year decline in Nevada sports betting handle. Bettors staked $515.3 million in May, down from the $527.2 million bet in May 2023.

May marked the seventh time in the last nine months NV sportsbooks posted year-over-year dips in handle. Declines in sports betting volume is a trend Nevada experienced for much of last year, too.

23 days ago
by James Gazzale

Stanley Cup Finals Game 7 tops NHL betting for BetMGM

Game 7 of the Stanley Cup Final between the Florida Panthers and Edmonton Oilers was the most bet NHL game ever for BetMGM.

According to data provided by the sports betting operator, the 2024 Stanley Cup Playoffs saw an increase in NHL betting handle from women bettors. BetMGM did not provide a specific dollar amount, but did share that betting volume from women was up 24% compared to last year.

A Canadian team in the finals also boosted handle from north of the border. Canadians bet 37% more during the playoffs this year compared to last.

“Game 7 of the Stanley Cup Final was not only BetMGM’s most bet NHL game ever, but it was also the ideal outcome for us,” Christian Cipollini, BetMGM trading manager, said. “Game 7 is usually something we want as a sportsbook, and Edmonton coming back down 3-0 drove a lot of Oilers bets. The Panthers were one of our best outcomes throughout the season, so we were hoping Florida could win it in seven.”

25 days ago
by James Gazzale

Louisiana sports betting tax payment hits high note in May

Louisiana sports betting apps sent $5.5 million back to the state in May, marking the highest tax payment so far this year.

A win rate north of 13% combined with the lowest promotional deductions in the year’s first five months helped boost the total. In all, Louisiana sportsbooks kept $31.2 million from $238.3 million in online bets during the month.

According to the latest state report, parlays continue to account for the bulk of operators’ winnings. The combo bets made up $21.3 million of the monthly proceeds.

Online handle was up 34% over the same month last year when LA sports betting apps took in $177.8 million. Revenue was also up more than 22% year over year. In May 2023, online sportsbooks in Louisiana produced $25.5 million.

26 days ago
by James Gazzale

Simplebet touts growth of live NBA betting product

Micro-bet-focused Simplebet saw 75% growth in both handle and number of bets during the most recent NBA season.

According to a recent press release, Simplebet’s live betting product took in $325 million on NBA betting across its sportsbook partners. That handle came from 13 million bets.

“With NBA TV ratings rising this season, it’s logical that in-play betting has contributed to an enhanced viewing experience,” Simplebet CEO Chris Bevilacqua said in the release. “The significant growth we’ve seen underscores the demand for our micro-betting products, and we look forward to continuing to deepen the in-play experience for NBA fans everywhere.”

Simplebet offered markets on 86 different NBA playoff and play-in games this season.

30 days ago
by James Gazzale

Visitors bet more, on average, in May than in-state VT sports betting customers

Visitors made up nearly one-third of Vermont sports betting customers in May, averaging $30.67 per bet, while in-state players averaged $21.25.

Since the VT sports betting market opened in January, it has been a common theme. According to data from the Vermont Department of Liquor and Lottery, out-of-state residents playing in the Green Mountain State have placed larger bets, on average, each month.

In May, the more than 27,700 active users placed 554,263 bets totaling $12.6 million. The three VT sports betting apps combined for $1.2 million in winnings. The state collected $382,430 in total tax revenue from DraftKings, Fanatics, and FanDuel.

30 days ago
by James Gazzale

ESPN Bet continues to drop PA sports betting promo spend

ESPN Bet offered $1 million in promotional play to its PA sports betting customers in May, the lowest total since it switched over from the Barstool Sportsbook in November.

Bonus offers typically come down in the spring and summer as sports bettors have fewer events to wager on. According to Pennsylvania Gaming Control Board data, ESPN Bet has reduced its promo spending each month since February.

  • May: $1 million
  • April: $1.6 million
  • March: $1.7 million
  • February: $2.1 million

Since offering $14.8 million in free play when it entered the PA sports betting market in November 2023, ESPN Bet has spent $31.2 million on promotional offers. It has made $30.1 million in online revenue during that time.

FanDuel accepted $243 million in online bets in May, good for nearly 44% of the $557 million taken in by all the PA sports betting apps combined. The FanDuel app earned $31.2 million in monthly revenue, more than 50% of the monthly total of $59.1 million before deductions.

32 days ago
by James Gazzale

Fanatics shows steady MI sports betting share following PointsBet switch

Fanatics Sportsbook maintained its steady Michigan sports betting market share in May for three consecutive months, accepting more than 4% of all betting dollars.

Fanatics has increased its share of online MI sports betting handle since taking over for PointsBet in late February.

  • May: 4.1%
  • April: 3.6%
  • March: 4%
  • February: 2.3%

According to the latest state report, Fanatics cleared $1.8 million in revenue from $14.2 million in May bets. FanDuel accepted nearly 36% of all online betting dollars in May, handling $123.2 million.

The 13 MI sports betting apps combined for $343.7 million in bets, winning $40.9 million.

33 days ago
by James Gazzale

FanDuel, DraftKings combine for bulk of MA sports betting revenue in May

FanDuel posted double-digit hold for the second consecutive month in May and claimed nearly 35% of all MA sports betting revenue.

FanDuel kept nearly 12% of its $172.4 million in handle to produce $20.3 million in May winnings. It was second-most among the six MA sports betting apps, which kept a combined $58.3 million for the month.

According to the latest data from the Massachusetts Gaming Commission, DraftKings generated $29.1 million in revenue from $299.5 million in online bets. No other online Massachusetts sportsbook produced more than $3.1 million in May revenue.

Bettors staked $587.4 million during the month, up from $457.1 million in May 2023.

Photo by Shutterstock/Sascha Burkard