US Sports Betting Records Continue to Fall Amidst COVID19

US Sports betting records continue to fall. As per the figures released by the Indiana Gaming Commission, the state’s licensed sportsbooks handled nearly $231mn in wagers in October, up from $207.5mn in September.

October’s revenue was increased by 50% by $21.1mn.

Digital Wagering was for $193mn (83.6%) of October’s handle. DraftKings led the market with $90.5mn, followed by FanDuel $63.5mn and BetMGM $20.1mn.

In Iowa, the Iowa Racing & Gaming Commission reported betting licenses handling a record $81.9mn in October, $9mn more than September. The retail wagering was up 21.6% to $25mn. The digital bets more than doubled to $57mn.

Iowa’s October betting revenue hit by $9.2mn, around $4mn better than September. Digital revenue shot up 140.2% to $6.4mn. The retail revenue dipped almost 10% to $2.7mn. The William Hills sportsbook at Penn National Gaming’s Prairie Meadows racino won $19.8mn and revenue $2.3mn.

West Virginia Lottery reported a betting handle of $44.6mn and revenue of $3.74mn in the four weeks ending October 31. The two online casinos DraftKings and BetMGM reported total spending of $53.1mn in October, a 29% drop from a five-week total of September. However, the revenue was down by 17% to $1.9mn.

Detroit’s three commercial casino operators reported betting revenue of $7.6mn in October. Detroit reported $4.4mn in September. MGM Grant Detroit led the way with $3.7mn, followed by $2.2mn and Greektown $1.7mn.

Detroit’s casinos are currently operating at 15% capacity due to the COVID19. The table revenue was down 18.9% year-on-year to $93.8mn.

Source: https://calvinayre.com/2020/11/12/business/us-sports-betting-revenue-handle-records-october-2020/

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