Partial reporting from March paints a pretty pleasant picture for US sports betting.
Of the 16 states that have reported their monthly numbers so far, 11 saw increased betting activity from last year. Volume is trending up 10% in same-state reporting, though revenue is slumping by the same amount on the heels of an NCAA basketball tournament that was dominated by betting favorites.
Nationwide volume should surpass $15 billion at this pace — a March record and potentially the fourth or fifth biggest month ever.
There’s no stopping New York
New York continues to shine, with handle growing more than 30% to $2.45 billion to approach January’s all-time high. Revenue ticked up to $162 million on the back of a lower-than-typical 6.6% hold, yielding more than $80 million in state taxes.
It was a fine month for DraftKings, in particular, which generated more revenue than rival FanDuel for the first time in more than three years. The two leaders together accounted for three-quarters of all statewide handle and revenue, as has been typical since their launch.
New Jersey, meanwhile, continues to slip backward, with handle trending down in annual comparisons for the eighth month in a row.
The 17% drop in March still produced more than $1.1 billion in handle, but the market has fully relinquished control of second place to Illinois on the national leaderboard.
Can’t you see the sunshine?
Also interesting: March provided the first point of annual comparison for North Carolina since its launch a year ago.
The $682 million in bets represents a 4% increase from its opening month, suggesting a market that has already settled into a comfortable gallop. That first-month handle was artificially inflated, too, frontloaded with more than $200 million in initial sign-up bonuses and promos for new customers. Gross revenue of $38.1 million is down 43% on paper but, again, heavily impacted by that reduction in promo spend.
The Tar Heel state racked up a total of $6.57 billion in handle and $714 million in gross revenue across its first 12 months of operation, the second-hottest commercial launch behind Ohio in 2023. Tax revenue to the state surpassed $120 million, about twice as much as legislative researchers anticipated.
Online casinos surging into spring
As sports betting approaches its annual summer lull, attention rightly turns to the more consistent stream of revenue from online casinos in the seven states that regulate them.
New Jersey smashed its own record, generating $244 million in iGaming revenue in March — up 24% year over year. Its previous best was $228 million back in December, and all signs point to the state’s first quarter-billion-dollar month sometime within the calendar year. Michigan just cleared that milestone itself, posting a record $261 million (+21%) in March revenue. Connecticut, West Virginia, and Delaware also eclipsed their own previous bests.
Numbers for Pennsylvania and Rhode Island are still pending, and it could well be an all-time month for everybody. Pennsylvania should even brush up against the $300-million mark to establish another new nationwide record.
