Record numbers have been pouring into the states for different betting and gambling handles over the past two years, and as a growing number of new states make changes too, tracking the progress draws direct comparisons between the most successful states and those that are struggling.
The success of one state may also encourage other states to make change in a similar way, so these figures can be very influential if followed closely. With May’s figures now being available, which have managed to perform well, and which states are starting to fall behind?
New York appears to be slowing
Having first opened in January of this year, New York had set record breaking month after record breaking month with billions wagered – and with $1.26 billion wagered on mobile sports betting during May, it isn’t a number to be disappointed with, despite this success numbers are falling.
Mays figure was 9.4% lower than wagers in April, with April also being lower than March showing a slowing trend in the state. FanDuel remain the biggest operator in the state, DraftKings following closely behind and BetMGM in third in terms of revenue.
Chief financial officer, Gary Deutsch, has noted a problem with the New York approach however, as a high 51% tax on gaming revenue doesn’t include promotional credits and other factors too meaning the real tax rate on gaming revenue is much higher and may not be sustainable in the long run.
Iowa and Oregon are on the way up
Whilst the sports betting figures in both Iowa and Oregon are considerably lower than alternatives like New York, the good news comes from the fact that both are growing not only month on month but also year on year too.
For Oregon, the May betting revenue was at $5 million, a 108.3% increase on the year before and also up 32% on the month before too – Basketball remains the most popular sport amongst bettors with Baseball following closely. The handle is much smaller than bigger states, but the figures are promising and show a lot of potential.
A similar story exists for Iowa too, with May’s revenue at $12.6 million which is double that of the $6.1 million last year, and marginally higher than the $12.4 million in April of this year. Again, on the smaller scale when it comes to the largest handles in the US but is exciting for the betting and gambling market as a whole.
As with many of these states, the big focus currently exists only for the sportsbook side of the market as legislation for online casinos and other gaming methods have been slower to pass or non-existent in some cases, but figures that see a steady increase month to month and year to year could encourage further change in future legislation to introduce new gaming choices.