As sports betting revenue reports for June 2024 come in from states throughout the country, we will round up the latest happenings and add context to the numbers.
Online Kentucky sports betting handle surpasses $2B in June
Kentucky sports betting apps took in $145.7 million in June volume, pushing past $2 billion in lifetime handle.
The online KY sports betting market opened in late September last year. According to the latest state data, DraftKings and FanDuel have 75% of the market combined with $790.3 million and $730.6 million in bets, respectively.
FanDuel has earned the most revenue with $97.7 million since online Kentucky sportsbooks launched.
Three other KY sports betting apps have at least 5% of the online handle market:
- BetMGM: $128.3 million, or 6.3%
- bet365: $126.2 million, or 6.2%
- Caesars: $104.7 million, or 5.2%
The retail sportsbook at Churchill Downs in Louisville set the pace in both in-person handle and revenue. The home of the Kentucky Derby has produced $2.4 million from $32.1 million in sports bets.
Nevada sports betting revenue jumps in June
Nevada sportsbooks saw increased winnings in June without the local NHL team playing in the Stanley Cup Final.
According to data from the Nevada Gaming Control Board, NV sports betting revenue topped $29.8 million. Last June, the Vegas Golden Knights claimed their first NHL championship and chewed into operator profits.
Nevada sports betting outfits won $3.9 million on the ice in June after losing $6.6 million during the same month last year. Colorado sportsbooks experienced something similar in June with the Denver Nuggets exiting the NBA Playoffs without a Finals appearance.
Overall volume also inched up year-over-year in June. Bettors staked $481.2 million, up from $479 million in June 2023.
Online NV sports betting accounted for 65% of total handle during the month. Nevada typically has a lower percentage of online betting, with most other markets seeing more than 90% of bets placed on mobile.
FanDuel continues OH sports betting revenue run in June
FanDuel ran its streak of clearing at least $20 million in monthly Ohio sports betting revenue to 10 months in June.
According to the latest state report, FanDuel produced $22.7 million from $158.9 million in bets. The operator last missed the $20 million revenue threshold in August 2023.
June also marked the second consecutive month FanDuel topped rival DraftKings in OH sports betting revenue despite its competitor taking in more handle. DraftKings earned $15.3 million in June from $180.4 million in bets.
Online Ohio sportsbooks combined for $50.5 million in June revenue, up from $32.1 million during the same month last year. Betting volume for OH sports betting apps jumped year-over-year, too. Bettors staked $511.2 million in June this year compared to $344 million in June 2023.
Colorado sportsbooks post revenue gains in June
Colorado sportsbooks enjoyed a 205% year-over-year boost in June winnings, driven in large part by the Denver Nuggets‘ absence from the NBA Finals.
According to the latest state report, CO sports betting revenue approached $28.2 million for the month, up from $9.2 million in June 2023. Denver’s NBA title last year cost operators several million dollars. The Nuggets bowed out of the playoffs in May this season.
Basketball betting accounted for $59.2 million, or 17% of the total monthly handle, which landed at $350.4 million in June. Sportsbooks won $3.9 million on basketball during the month.
Parlay volume reached $73.1 million in June and provided $8.8 million in revenue for CO sports betting operators. Baseball was the most popular sport for Colorado sports bettors, as they staked $104.5 million on the diamond in June.
BetMGM skews Michigan sports betting figures with June deductions
BetMGM, the third-most popular Michigan sports betting app, deducted $48.2 million in free play credits in June, bringing overall market revenue to a $28.2 million loss.
According to the Michigan Gaming Control Board, BetMGM claimed only some of its allowable deductions each month since launching its MI sports betting app. The operator decided in June to claim the $48.2 million revenue reduction, which is allowed by law and will continue to carry that negative balance over each month until it is gone.
Market-leading FanDuel took in $96.2 million worth of online bets in June, marking the first month it failed to reach $100 million in handle since August last year. Michigan sports betting volume drops in the summer months with fewer sports betting events on the calendar.
FanDuel cleared $10.4 million in revenue after deductions. DraftKings earned $5.4 million after deductions from $82.8 million in online handle during the month.
Despite BetMGM’s deductions, June sports betting tax collections still reached $1.5 million from the other operators.
‘Caitlin Clark Effect’ drives record WNBA betting for BetMGM
BetMGM has taken as many WNBA bets in the first half of this season as it did for all of 2023, the sportsbook announced on Tuesday.
“Between more player prop offerings, the ‘Caitlin Clark Effect’ and the incredible rise in popularity of the WNBA, we’re experiencing historic increases in betting on the WNBA,” Michael Ranftle, BetMGM Senior Sports Trader, said.
This season has seen nearly three times as many bets through the first half of the WNBA betting season compared to last year. BetMGM said it has also seen double the number of women betting on the WNBA during the season’s first half.
Caitlin Clark has nearly five times more player prop bets than any other player in the league, followed by Angel Reese.
Simplebet touts MLB betting growth halfway through season
Simplebet, a micro-betting technology supplier, has handled more than $630 million on MLB betting this season so far.
According to a company press release, the handle figure has more than doubled from the same period last year.
Simplebet has also seen a 130% boost in wagers this MLB season, with 13 million bets taken across its sportsbook partners, such as DraftKings, Caesars Sportsbook, Bet365, ESPN Bet and Hard Rock Bet.
According to the company, Simplebet’s plate appearance markets are the most popular micro-betting option in baseball. They allow players to bet on the outcomes of individual at-bats.
“The growth we’ve seen in the first half of the MLB season is a testament to the unparalleled engagement and stickiness our micro-betting products offer. As we saw last season with the NFL and NBA, MLB TV ratings and engagement across their media partners, FOX (+18%) and ESPN (+10%), were up significantly year-over-year,” said Simplebet CEO Chris Bevilacqua.
This season, Aaron Judge, Shohei Ohtani and Juan Soto have been the three most popular players for Simplebet’s in-game MLB betting markets. Meanwhile, the release highlighted the Dodgers, Yankees and Orioles as the most popular teams for in-play betting this season.
Louisiana sports betting posts strong fiscal year growth
Louisiana sports betting apps closed out the latest fiscal year in June with $195.8 million in handle, a 34%boost over the same month last year.
According to figures provided by the Louisiana Gaming Control Board, online LA sportsbooks saw year-over-year handle increase each month in fiscal year 2024.
In all, bettors staked $3.04 billion between July 2023 and June 2024, a 37% increase over the prior fiscal year, when players staked $2.22 billion.
Revenue, boosted by parlays, was up 73% in the latest fiscal year. Online LA sportsbooks cleared $358.2 million, up from $206.8 million the prior fiscal year.
Parlays accounted for $251.2 million, or 70%, of all sportsbook winnings between July 2023 and June 2024.
Vermont sports betting users keep consistent in June
Vermont sports betting apps took in nearly 462,000 bets in June. The $21.76 average stake is consistent with most months since the market opened in January.
The latest state report shows more than $10 million in combined monthly handle for the three VT sports betting outfits.
The trio of FanDuel, DraftKings, and Fanatics combined for $923,000 in monthly revenue and sent $295,000 back to the state in taxes.
More than 27,000 users placed VT sports betting wagers in June, nearly one-third of which came from out-of-state players.
PA sports betting revenue dips in latest fiscal year
Pennsylvania‘s fiscal year ended in June with sports betting revenue taking a slight dip, down 1% compared to last year’s figures.
According to the latest state data, PA sportsbooks cleared $486.6 million after deductions between July 2023 and June 2024, down from $492 million over the prior 12-month period.
Overall, PA sports betting volume was up by nearly $1 billion as bettors staked $8.17 billion during the latest fiscal year, up from $7.22 billion in fiscal year 2023.
FanDuel saw its revenue drop more than 2% in the latest fiscal year. The operator cleared $249.4 million between its online and in-person sportsbooks, down from $255.5 million during the prior fiscal year.
DraftKings, meanwhile, boosted its revenue by 25%, with $137.1 million in total revenue compared to $109.9 million across the prior 12 months.
PENN Entertainment experienced a 75% revenue drop from one fiscal year to the next. Figures declined between its in-person operations at Penn National Race Course and its online sportsbook under the Barstool Sportsbook brand for the first half of the fiscal year and ESPN Bet for the second half. PENN took in $4.7 million in fiscal year 2024, down from $19.2 million the year before.
NJ sports betting handle up, revenue down in June
New Jersey sportsbooks saw nearly 27% more betting volume in June compared to the same month last year.
State financial data issued Tuesday shows $748.4 million was bet during the month, up from the $591.1 million wagered in June 2023.
Despite the rise in handle, NJ sports betting revenue dropped 9.5% year-over-year. Operators cleared $60.1 million in June, down from $66.4 million last year.
FanDuel and DraftKings continue to set the bar for market revenue. In June, FanDuel produced $29.1 million, more than double DraftKings’ $14.4 million haul.
FanDuel continues MA sports betting streak in June
FanDuel‘s MA sports betting app ran its streak of consecutive months with a double-digit hold to three in June.
According to the latest state report, FanDuel’s nearly 12% win rate was the highest among all MA sports betting apps and the only one north of 9% for the month. The win percentage led to $16.5 million in revenue from $141.4 million in handle for FanDuel.
Fanatics held north of 8.5% and earned $1.7 million in revenue, nearly matching last month’s total. ESPN Bet posted its lowest revenue total this year, clearing $1.2 million from $21.8 million in bets.
DraftKings topped the market in handle and revenue, producing $19.3 million from $263.7 million in bets.
Overall revenue for MA sportsbooks reached $42.3 million, a 28% jump compared to June 2023, when operators cleared $32.9 million. Total volume was also up as bettors staked $509.4 million in June, up 53% from the $332.3 million bet during the same month last year.
Indiana sports betting figures continue to surpass 2022 levels
Indiana sports betting handle and revenue continued its run of eclipsing 2022 levels in June.
According to the latest state report, it is the fourth consecutive month IN sports betting figures have grown over monthly financials from two years ago.
Indiana bettors staked $298.2 million in June, up 16% from the $256.3 million bet in June 2022, and a 33% boost from June 2023 ($224.1 million.)
Revenue was also up in June as sportsbooks cleared $30.5 million during the month, nearly double the winnings from June 2022. Monthly revenue was up 60% from the $19 million operators produced in June 2023.
Indiana sportsbooks dealt with declines through parts of last year as Ohio and Kentucky joined the list of legal sports betting markets.
DraftKings grabs additional Kansas sports betting market share in June
DraftKings earned additional Kansas sports betting market share in June, accepting nearly half of all online handle.
The most popular KS sports betting app handled $66.2 million, good for 49% of the $135.3 million bet online during the month. DraftKings saw its share of online handle tick up a few points from May when it accepted nearly 46% of volume.
The latest state report shows Caesars Sportsbook also experienced a small upward trend in June handle. Its $6 million online total accounted for 4.4% of the market, up from 4.2% in May.
Online Kansas sportsbooks kept nearly 9% in June. After deductions, they earned $9.2 million in revenue.
Tennessee sports betting tax revenue sees boost with new structure
Tennessee sports betting tax collections approached $87.6 million for fiscal year 2024, which ended June 30, up more than $4 million from prior fiscal year.
This was the initial 12 month period with a new tax structure for TN sports betting operators. No longer were sportsbooks taxed based on gross revenue, as is customary in every other legalized sports betting state. Rather, TN sportsbooks were taxed 1.85% of handle.
Tennessee is the only state to apply a handle tax. The new taxing structure also eliminated a minimum 10% hold requirement for operators. The mandate resulted in thousands of dollars in fines and less tax revenue than the state projected, prompting this taxation change.
Data from the Tennessee Sports Wagering Council shows bettors staked $342.2 million in June, resulting in a $6.3 million tax payment to close the fiscal year.
NY sports betting continues its run of year-over-year growth
NY sports betting handle topped $1.47 billion in June, a 26% boost over the same month last year when customers staked $1.17 billion online.
The latest data from the New York State Gaming Commission shows year-over-year increases in monthly handle in all but one month since the NY sports betting market opened in January 2022. The lone month without an annual boost in monthly betting was February 2023.
FanDuel and its $571.3 million monthly handle took nearly 39% of all betting dollars in June. DraftKings, after handling the most volume in May, saw 35% of handle with $521.6 million bet through its NY sports betting app.
FanDuel kept $67.1 million in monthly revenue, while DraftKings earned $40.9 million. All New York sportsbooks combined for $133.9 million in June winnings.
BetRivers boosted its NY sports betting market share in June, taking in $68.8 million in online bets. It was good for 4.7% of monthly handle, up from 2.3% in May.
Two MD sports betting apps post double-digit win rates in June
Online Maryland sportsbooks combined for a 10.5% win rate in June, with two apps boosting the average as each kept 14% of handle for the month.
According to the latest state report, FanDuel kept $22.5 million from its $162.7 million online handle. At the same time, local operator Crab Sports won $79,200 from bettors who played $560,300 during the month.
At the opposite end, Betfred lost nearly $9,000 in its penultimate month of online Maryland sports betting operations. The Betfred app is scheduled to shutter on July 31. Its retail operation closed at the end of June.
Between online and in-person betting, Maryland sportsbooks handled $384.7 million, up over 50% compared to the $254.5 million bet in June 2023. Operators cleared $38.2 million in revenue after deductions and sent $5.7 million back to the state in monthly sports betting taxes.
NC sports betting hits summer slow down
NC sportsbooks entered the summer months with $381.8 million in real money betting in June.
According to the latest data from the state lottery commission, operators added an extra $16.5 million in bonuses for their NC sports betting customers.
Promotional spending, which topped $202.6 million when the market opened in March, typically comes down significantly in the summer with a lighter sports betting calendar. Handle generally follows the same course compared to the more popular betting months during NFL betting.
Operators produced $40.3 million in June revenue.
