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.
DraftKings, Fanatics increase AZ sports betting share in May
DraftKings and Fanatics grew their share of online Arizona sports betting handle in May.
According to the latest state report, DraftKings accepted $188.3 million in online bets during the month, or 33.4% of the market. This is up from 32.2% the month before.
Fanatics gained half a percentage point in May, taking in $16.7 million for 2.9% of the overall online total.
Bet365, which entered the market in February, was the fifth most popular online sportsbook taking in 4.5% of online bets with $25.5 million in handle.
In May, AZ sports betting handle reached $563.2 million online, up 26% from the same month last year, when mobile customers staked $447 million. Arizona sports betting apps posted an 11% win rate in May, clearing $62 million in total revenue before deductions.
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.
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.
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.
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.”
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.
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.
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.
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.
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.
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.
Fanatics sees NJ sports betting revenue drop off in May
Fanatics Sportsbook won $2 million from its NJ sports betting customers in May.
According to the latest state report, the monthly NJ sports betting revenue haul for Fanatics was down from the two prior months as it wrapped up operations under the PointsBet brand.
In March, PointsBet kept $20.1 million and then $32.9 million in April before transitioning to Fanatics in May.
Online NJ sportsbooks combined for $77.7 million in May revenue. Total handle during the month between online and in-person betting reached $838.9 million.
Operators failed to reach $1 billion in bets for the first time since August 2023, but the monthly handle increased nearly 8% from May 2023 when bettors staked $778.9 million.
FanDuel, DraftKings combine for nearly all Kansas sports betting revenue in May
FanDuel and DraftKings combined for 98% of all Kansas sports betting online revenue in May. The two market leaders cleared $4.4 million and $5 million, respectively during the month.
Caesars Sportsbook was the only other KS sports betting app to earn taxable revenue with $213,700 in monthly winnings.
According to the latest data from the Kansas Lottery, ESPN Bet, BetMGM and Fanatics did not produce any net revenue in May. Each carried over promotional spending from the month before.
Since launching in November, ESPN Bet has offered $11.5 million in promos while earning $9.7 million in Kansas sports betting revenue. It has paid $5,300 in KS sports betting taxes during that time. State law allows sportsbooks to lower their monthly tax bill by deducting promotional spending from gross revenues.
Kansas sportsbooks accepted $164.1 million in May online bets. FanDuel and DraftKings accepted 77% of that total with $51.3 million and $75 million in handle for the month, respectively.
BetMGM, bet365, Caesars boost Indiana sports betting market share in May
Three Indiana sports betting apps increased handle month over month in May, earning a few extra pieces of market share in the process.
BetMGM accepted 8.9% of all online betting dollars in May, up from 8.1% the month before. According to the latest Indiana Gaming Commission data, total wagers on the app approached $31.2 million, up more than $100,000 from April.
Bet365 saw its online share tick up in May, too. It handled $16.5 million in bets, good for 4.7% of market handle. It was a slight increase over the 4.3% bet365 earned in April.
Caesars Sportsbook, and its $19.1 million in May bets, accounted for 5.4% of IN sports betting dollars during the month. It is an uptick from the 4.8% share it earned in April from $18.3 million in handle.
In May, IN sportsbooks handled $361.6 million, up from $283.5 million during the same month last year. Operators combined for $38.7 million in winnings.
Maryland sports betting share drops for ESPN Bet in May
ESPN Bet saw its share of Maryland sports betting handle drop to its lowest point through the first five months of the year.
The app accepted $16.8 million in May bets, accounting for 4% of the month’s $419.5 million online handle. According to Maryland Lottery and Gaming data, this is the first time in 2024 that ESPN Bet’s monthly handle share has dipped below 5%.
- April: 7.5%
- March: 6.1%
- February: 5.2%
- January: 6.8%
ESPN Bet cleared $1.4 million in monthly revenue behind an 8.4% win rate.
FanDuel posted MD sports betting market highs in handle, hold, and revenue for May. The FanDuel app accepted $195.2 million in bets and kept more than 15%. Its $27.2 million in monthly online revenue was more than twice as much as any other online MD sportsbook.
The $7 million tax payment collected by the state is the second largest since Maryland launched sports betting in December 2021. Sportsbooks sent the state $8.2 million in January this year.
NC sports betting apps continue streak of double-digit holds
NC sports betting handle hit $521.7 million in May, the market’s third month of legal operations.
The total includes $30.9 million in promotions and free bets offered by NC sports betting apps. When they launched in March, online sportsbooks offered North Carolina customers more than $202.6 million in free play.
According to state data, NC sportsbooks kept 12% of bettors’ money, posting a combined $63.1 million in online revenue for May. Operators have held at least 10% each month since launch.
With an 18% tax rate, sportsbooks sent $11.4 million back to the state.
Fanatics hits personal best revenue, helps NY sportsbooks top $200M in monthly winnings
New York sportsbooks cleared $203.3 million in May online revenue off $1.97 billion in bets.
According to the latest state report, it was the second time NY sports betting revenue topped $200 million. Operators combined for $211.5 million in January 2024 winnings.
FanDuel earned 43% of market revenue at $88 million for the month. DraftKings generated $84.2 million in monthly winnings, good for a 41% share of revenue.
Fanatics had its highest revenue month in May, winning $7 million from $71.7 million in bets.
In May, DraftKings accepted more NY sports betting dollars than FanDuel for the first time since September 2023. Players sent $812.3 million through the DraftKings app, compared to the $747.5 million bet online with FanDuel in May.
