Happy Monday, everyone. This is an important week for sports betting news as multiple big operators will report third-quarter results.
As for last week’s news, the LSR Podcast is the perfect place to start for updates on New York sportsbooks, the minimum hold requirement in Tennessee and more.
Make sure to follow @LSPReport on Twitter for updates on this week’s earnings calls and more.
Top sports betting news: Big operators reporting this week
There are multiple conference calls this week that cannot be missed for anyone interested in US sports betting (all times Eastern:)
- Flutter, 5 am Tuesday: The parent company of FanDuel Sportsbook and FOX Bet will provide a trading update most in the US will hear on replay. Remember that Flutter is not required to publish a full report for a quarterly trading update as a London-listed company.
- Caesars, 5 pm Tuesday: Some key Caesars Sportsbook updates that could come Tuesday include some detailed data around the shift from the William Hill brand and how sports betting in Louisiana went over the first few days.
- MGM Resorts, 5 pm Wednesday: BetMGM is solidifying itself as a top-three operator in key US states.
- Penn National, 9 am Thursday: The company now operates both the Barstool Sportsbook and theScore Bet brands after closing on the $2 billion acquisition of Score Media in October.
- Bally’s, 10 am Thursday: The Bally Bet owners could update on the exact launch of its Virginia sportsbook, which is expected mid-month.
- DraftKings, 8:30 am Friday: It’s doubtful we will hear much, but maybe management will explain the thought process around the now-abandoned $22.5 billion offer for Entain.
Maryland meeting could provide timeline update
Maryland‘s Sports Wagering Application Review Commission will meet at 10 am Thursday. On the agenda is the second set of approvals for five retail casino sportsbooks.
Hopefully there will be some clarification on what kind of timeline mobile MD sportsbooks will face before launching. One source told LSR the process is “a mess” that could delay launch until the 2022 NFL season.
Retail sportsbooks are expected to open this year.
Top sports betting news last week: Seminole land pari-mutuel partners
Sports betting in Florida might be held up by lawsuits but the Seminole Indians are still working hard behind the scenes.
The tribe announced five pari-mutuel partners that will market its mobile Hard Rock Sportsbook.
The pari-mutuels will get 60% of the profits from customers they bring onto the app.
Colorado, Nevada latest to announce record report
Nevada sportsbooks are alive and well despite the US expansion with a record $786.5 million in bets for September.
Colorado sportsbooks, meanwhile, reported $408.3 million in September handle, which was nearly double its handle for September 2020.
That growth in Colorado did not come cheaply, though. While operators reported $22.7 million in sports betting revenue, they deducted nearly $21 million in promotional spending.
Seventeen of the jurisdictions operating sports betting last September have reported with Illinois sportsbooks the only holdout. The majority of states reported handle growth of more than 30%:
| State | Sept. 2021 handle | Sept. 2020 handle | Difference | Sept. 2021 revenue | Sept. 2020 revenue | Difference |
|---|---|---|---|---|---|---|
| Michigan | $386,780,231 | $33,503,929 | 1054.4% | $27,138,074 | $4,376,407 | 520.1% |
| Iowa | $210,434,586 | $72,397,241 | 190.7% | $5,716,038 | $5,167,819 | 10.6% |
| Colorado | $408,314,625 | $207,655,943 | 96.6% | $22,658,630 | $4,166,334 | 443.9% |
| Arkansas | $7,007,774 | $3,958,748 | 77.0% | $809,404 | $397,095 | 103.8% |
| New York | $17,355,782 | $10,092,604 | 72.0% | $3,187,045 | $1,403,543 | 127.1% |
| Indiana | $355,425,184 | $207,450,106 | 71.3% | $33,878,239 | $14,283,702 | 137.2% |
| New Hampshire | $68,123,241 | $41,373,620 | 64.7% | $3,767,115 | $2,290,364 | 64.5% |
| Nevada | $786,508,562 | $575,144,025 | 36.7% | $54,205,000 | $32,895,000 | 64.8% |
| New Jersey | $1,011,114,311 | $748,588,349 | 35.1% | $82,440,420 | $45,083,178 | 82.9% |
| Washington DC | $20,706,483 | $15,455,160 | 34.0% | $3,883,674 | $1,804,299 | 115.2% |
| Rhode Island | $41,203,997 | $31,293,150 | 31.7% | $4,012,295 | $2,352,788 | 70.5% |
| Pennsylvania | $578,760,746 | $462,787,392 | 25.1% | $48,113,670 | $18,277,566 | 163.2% |
| Montana | $3,020,000 | $2,450,000 | 23.3% | $560,000 | $303,000 | 84.8% |
| Delaware | $13,702,755 | $12,439,302 | 10.2% | $3,202,534 | $1,972,198 | 62.4% |
| Mississippi | $54,835,753 | $52,220,289 | 5.0% | $8,846,121 | $6,598,931 | 34.1% |
| Oregon | $25,070,339 | $26,174,303 | -4.2% | $1,259,744 | $1,527,243 | -17.5% |
| West Virginia | $60,072,261 | $76,951,429 | -21.9% | $7,141,066 | $4,603,811 | 55.1% |
| Total | $4,048,436,630 | $2,579,935,590 | 56.9% | $310,819,069 | $147,503,278 | 110.7% |
More LSR coverage from last week
- Connecticut sportsbooks saw more than a third of their betting volume over the first weekend come from New York-based bettors according to GeoComply.
- Fanatics Sportsbook is moving forward, but can it really break into the top-five ranks in the US?
- In-person registration for mobile Illinois sportsbooks would end March 5 under HB 3136.
- Kambi offered a word of caution to Penn National over leaving its platform for an internally built tech stack.
- PointsBet reported slipping market share in six key US states.
- Resident legal expert John Holden detailed the blurred lines between sports betting and some DFS products.
- Six more online Virginia sportsbooks should launch in the coming months.
- Wyoming sportsbooks reported $6.2 million in bets for its first month of operations. Meanwhile, in South Dakota, Deadwood casinos took $443,365 in bets.
