As sports betting revenue reports for July 2024 come in from states throughout the country, we will round up the latest happenings and add context to the numbers.
Ohio sports betting volume grows in July
Ohio sports betting handle increased 43% year-over-year in July with DraftKings being the most popular online operator for the third consecutive month.
According to data from the Ohio Casino Control Commission, OH sports betting handle approached $471.6 million in July, up from $328.8 million bet during the same month last year.
DraftKings took in the most online volume with nearly $158.8 million in July bets. The operator has accepted more betting dollars than FanDuel for three consecutive months while also giving away fewer free bets.
Since May, DraftKings has given away $15.2 million in promotional bets, while FanDuel has offered $19.6 million.
Despite the lesser volume, FanDuel has produced the most revenue among online Ohio sportsbooks since May, winning $74 million. DraftKings has kept $53.3 million from players during that time.
Bet365 maintains steady share of Arizona sports betting handle
Bet365 continued to maintain a steady share of Arizona sports betting handle, about 4% in June, since making its market debut in February.
According to the latest state report, bet365 took in more than $19 million worth of June bets, good for 4.2% of monthly market share. The AZ sports betting newcomer has taken in a consistent share of volume in each of its initial five months.
- June: 4.2%
- May: 4.5%
- April: 4.6%
- March: 3.9%
- February: 3.9%
Since its February launch, bet365 has produced more than $11 million in online revenue, roughly 4% of the market. Bet365 is the fifth-most popular online AZ sportsbook during that time, taking in more handle than ESPN Bet and Fanatics.
DraftKings saw 34% of June betting dollars come through its AZ sports betting app with $153.9 million in handle. FanDuel had a 33% share with $149.1 million in online bets.
Total Arizona sports handle topped $454.1 million in June, up 15.5% from June 2023 when bettors staked $393.2 million. Revenue was up nearly 67% as AZ sportsbooks cleared $47.3 million for the month. In June 2023, operators combined for $28.3 million in revenue.
Nevada sports betting handle, revenue drop to lowest point this year
Nevada sports betting handle and revenue reached hit 2024 lows in July as Las Vegas tourism dipped slightly year-over-year.
According to the latest gaming report, NV sports betting volume topped $376 million in July. It is the lowest monthly total since bettors staked $163.6 million in July 2020.
Nevada sportsbooks kept less than 7%, combining for $25.8 million in monthly revenue. Monthly winnings were the lowest so far in 2024. Operators combined for $18.1 million in revenue in August 2023.
Tourism was also down slightly in July, with Las Vegas seeing 3.5 million visitors, down about 15,000 from the same month last year.
Overall gaming revenue on the Las Vegas Strip was down 15% year-over-year in July. Total gaming revenue hit $709.3 million on the strip in July, down from $834.9 million in July 2023.
Summer Olympics small slice of July pie for Colorado sportsbooks
The Summer Olympic Games generated $1.5 million in Colorado sports betting handle in July, accounting for less than 1% of total monthly volume.
According to the Colorado Department of Revenue, bettors staked $320.4 million in July with the bulk of it coming on baseball and parlays.
Baseball betting accounted for nearly 30% of total CO sports betting handle, with $94.6 million in bets. Parlays accounted for 20% of the volume, with $64 million worth of combo wagers in July. The popular bet type drove $11.7 million in revenue for operators.
Colorado sports bettors served up $14 million worth of table tennis bets in July. Table tennis has long been a popular play for Centennial State customers.
Overall, CO sportsbooks posted a 10% win rate to clear $32.5 million in revenue.
NJ sports betting revenue rebounds in July
New Jersey sportsbooks cleared $80 million in July, a 33% boost over the prior month.
The $60.1 million revenue haul in June was the lowest monthly total since NJ sports betting outfits kept $54.6 million in February 2023.
FanDuel won the most from bettors in July with $31.9 million in revenue while DraftKings earned $25.9 million during the month. The latest state report shows ESPN Bet kept $2.4 million and bet365 made $3 million.
Overall NJ sports betting volume approached $652.3 million in July, an 11% increase over the $587 million staked in July 2023.
Louisiana sportsbooks continue parlay winnings in July
Parlays continued to pad the bottom line for Louisiana sports betting apps in July, picking up right where they left off to end the last fiscal year.
The latest state report shows more than 65% of marketwide revenue coming from parlays. Online LA sportsbooks kept $22.5 million from customers in July, with $14.7 million coming from the popular combo bets.
Baseball, the second-winningest sport for operators, accounted for 11.5% of revenue, at $2.6 million for the month. Parlays accounted for 70% of all LA sports betting revenue during the latest fiscal year, which ended in June.
Overall online revenue was up 43% from July 2023 when LA sports betting apps produced $15.7 million. Online betting volume was up nearly 41% in July as bettors staked $172.2 million, up from $122.5 million during the same month last year.
Michigan sports betting handle, revenue post annual gains in July
Michigan sports betting apps cleared $29.4 million in revenue from $250.2 million in July bets.
According to data from the Michigan Gaming Control Board, both totals were significant increases over the same month last year.
Revenue was up 31% from the $22.5 million MI sports betting apps produced in July 2023, and handle jumped 25% from $200.8 million.
While not as large a deduction as June, BetMGM still took advantage of a write-off, deducting nearly $4 million from its taxable July revenue. The operator won $4.1 million during the month but was only taxed on $188,000. In June, BetMGM deducted $48.2 million from its taxable revenue after not taking the full amount each month since its January 2021 launch in Michigan.
FanDuel led all Michigan sportsbooks with $93.4 million in wagers while keeping $12.2 million in July.
The state collected a $1.4 million monthly sports betting tax payment.
PA sports betting promos nearly double in July
Pennsylvania sportsbooks passed out $14.2 million in free bets in July, nearly doubling the amount of monthly promos from July last year.
PA sports betting apps gave away $7.3 million in July bet credits last year. According to the latest state report, FanDuel was the most generous operator, offering $5.7 million in free play.
DraftKings gave away $2.3 million in July, while bet365 passed out $1.9 million. Bet365 joined the PA sports betting market in July.
The promotional spend made up nearly 3.5% of the total PA sports betting handle, which was $414.7 million for the month.
Total handle jumped 22.5% year-over-year after bettors staked $338.5 million in July 2023. Revenue increased as well, up nearly 34% with operators clearing $52.7 million in July this year compared to $39.4 million last year.
Table tennis gains Vermont sports betting popularity in July
Vermont sports betting customers placed $540,000 worth of bets on table tennis in July, most of which likely during the Summer Olympics in Paris.
According to the latest data, table tennis was the fifth most popular sport to bet on during the month.
- Baseball: $3.1 million
- Tennis: $2 million
- Soccer: $1 million
- Basketball: $948,200
- Table tennis: $540,000
Table tennis is also popular with Colorado sports betting customers. In July, Colorado bettors staked $14 million on table tennis.
The three VT sports betting apps combined for $9.5 million in July handle and cleared $1.2 million in revenue.
MA sports betting apps hold 10% in July
The seven online Massachusetts sportsbooks combined for a double-digit win rate in July, the fourth time this year apps have kept more than 10% in a single month.
According to the latest state report, the combined 10.3% online hold provided $41.7 million in marketwide monthly revenue, a boost of more than $11 million compared to July 2023.
DraftKings earned 50% of all MA sports betting revenue with $20.8 million in July winnings. The operator also took in nearly 50% of all betting dollars, accepting $202.1 million in bets.
Total monthly handle topped $405.2 million.
Bally Bet, which joined the market on July 1, cleared $121,300 in revenue from $2.4 million in bets.
Indiana sportsbooks post highest win rate so far this year
Indiana sports betting operators posted a double-digit hold in July, keeping 11.3% of betting dollars, their highest win rate so far this year.
The latest state report from the Indiana Gaming Commission, the hold led to $29.4 million in IN sports betting revenue and provided $2.8 million for the state in taxes.
Indiana sports betting financials have been trending in a positive direction this year the market felt a pinch with Ohio and Kentucky coming online last year.
July handle was $261.1 million, up from $206.6 million in July 2022. Revenue was up from $20.5 million two years ago as well. It is the fifth consecutive month IN sportsbooks have surpassed 2022 figures.
NC sports betting revenue grows as handle hits summer lull
Despite North Carolina sports betting July volume hitting its lowest point in the state’s brief five month history, sportsbooks did post a revenue boost over the prior month.
According to the state lottery commission, NC sportsbooks cleared $42.2 million in July, up from $40.3 million the month before.
Overall sports betting in North Carolina dropped to $337.6 million, the lowest monthly total since the market opened in March with more than $657 million in wagers. Handle typically drops in the summer with fewer sports betting events on the calendar.
Still, despite the handle decline NC sports betting operators posted a win rate noth of 12% to grow revenue from the month before. Operators sent a $7.6 million tax payment back to the state in July.
Maryland sportsbooks continue streak of double-digit win rate in July
Maryland sports betting operators posted a win rate north of 13% in July, running its streak of consecutive months with a double-digit hold to four.
According to the latest state report, MD sportsbooks combined for $43.8 million in winnings from $333.3 million in July bets. The win rate produced a $6.3 million tax payment for the state.
Each MD sports betting app posted win rates above 10% in July.
Parlay betting reached $109.3 million for the month, or nearly 33% of all MD sports betting volume. Sportsbooks held nearly 24%, winning $26 million on the combo bets.
NY sports betting apps surpass $1B in July volume for first time
NY sports betting handle topped $1.26 billion in July, marking the first time that month online sportsbooks saw volume exceed nine figures.
According to data from the New York State Gaming Commission, July handle the prior two years:
- July 2023: $962.1 million
- July 2022: $800.8 million
The NY sports betting market opened in January 2022. July is typically a lower volume month across the country, with limited sports betting events on the calendar. July 2023 was the last time NY sports betting apps failed to reach $1 billion in monthly bets.
FanDuel led the way in both handle and revenue, earning $59.3 million from $482.5 million in July bets.
Fanatics cleared $8.9 million during the month, its highest-ever total since taking over the PointsBet license in New York. Fanatics started taking bets in New York on the last day of February this year. The largest revenue haul for PointsBet came that month with $2.9 million in winnings.
Online NY sportsbooks combined for $140.3 million in July winnings.
