US states with new sports betting revenue records

Simona Boshkova | Published 4 Jan 2022, 9:06 a.m.

If you follow the news articles that we cover here at SlotsWise, you’ll know that the iGaming industry is continuously expanding across many US states. There are states that have legalised particular forms of gaming, such as sports betting, while there are others that wait for regulatory approvals.

For example, we recently reported that Playtech launched live casino studios in Michigan and New Jersey. Furthermore, the New York Gaming Commission selected 9 mobile betting licences. On the other hand, things have changed in Florida, where a District of Columbia judge has overturned the state’s sports betting compact with the Seminole Tribe. 

Today, we’re bringing you news about Arizona, Nevada, and Virginia. Namely, these US states broke sports betting records for the previous months. And according to the PlayUSA Network, Arizona’s record is “unprecedented in the history of legal sports betting in the US.”

Arizona sportsbooks set a record during debut month

It seems like Arizona’s sportsbooks had the most successful first month in the history of US legal sports betting. According to the reports released by the Arizona Department of Gaming, the state brought nearly $300m in wagers for September. This broke the former record set by Tennessee in November 2020.

Arizona’s online and retail sportsbooks accepted $291.2m in wagers for September. Moreover, the state generated $32.3m in gross gaming revenue from 9 September until the end of the month. Online sports betting produced 99% of the state’s total handle. The sportsbook debutants include FanDuel, DraftKings, Barstool, BetMGM, Caesars, TwinSpires, Unibet and WynnBet.

“Arizona has enormous potential as a market, but it is encouraging for the industry to see such a strong debut,” said C.J. Pierre, lead analyst for PlayAZ.com. “Setting a record in the first month would qualify as getting the market off on the right foot. The next question is how quickly the state can ramp up and compete with more established markets. It appears that won’t take long.”

Nevada reports record-breaking figures for November

After Arizona, Nevada is the second state that reported record-breaking figures. Namely, the Nevada Gaming Control Board released the exact November figure, which was $71,972,000 in profit for the state. This broke the previous record of $61.8m from November 2020.

According to the Board, the huge revenue figures are not a surprise, considering the events that took place during the month. NBA, NHL, NFL, as well as college football and college basketball, all these events went on during November. There were about $1.09bn bets on sports in November, based on the reports. $53.1m of the profit came from football bets, $10.2m was from basketball, $4.4m from parlay cards, $3m from hockey and $2.9m came from other sports.

Virginia sportsbooks reported the most profitable month yet

And last but not least US state that had a successful month is Virginia. The state’s sportsbooks reported the most profitable month yet - November’s revenue amounted to about $50m and more than $400m in wagers, producing a record of $4.2m in state taxes.

Virginia sportsbooks reported a record $48.3m, up 60% from $30.2m in revenue generated for October. Players spent $402.6m in wagers at a betting volume of $13.4m per day. According to the PlayUSA Network, Virginia sportsbooks posted a hold of 12% for the month, which was the second-highest hold for the state.

Eric Ramsey, an Analyst for PlayUSA, commented: “A higher hold percentage is additional evidence that the market is maturing. Not only have sportsbooks gained more customers, particularly over the last three months, but bettors are becoming more at ease with less conventional forms of betting.”

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