The sports betting revenue for June on Thursday as operators largely maintained their status quo this year with a 9.3% hold.
Revenue was $591.9 million reported in May, while revenue was down 30.3% as the reported hold for June was nearly 1.2 percentage points lower.
The state was eligible to levy its 34% tax on $29.9 million in adjusted gross revenue, sending $10.2 million towards its coffers. Year-to-date AGR is up 11.9% from last year to $262.3 million, and the $89.2 million in state taxes collected is $9.5 million more than in the same span in 2023. The $375.6 million in gross revenue is up 13.9% from last year.
FanDuel Continues to Spend Big, Win Big 211g6
Running June Top 10 #SportsBetting handle by state:
1 New York $1.48B
2 New Jersey $748.4M
3 Mass. $509.4M
4 PENN. $464.5M
5 N.C. $398.3M
6 Maryland $384.7M
7 Tenn. $342.2M
8 Indiana $298.2M
9 Iowa $146.7M
10 CONN. $148.6M#SportsBettingX #GamblingX— Chris Altruda (@AlTruda73) July 18, 2024
promotional credits and bonuses to protect its market share.
Its $6.1 million in spend for June lifted FanDuel’s year-to-date total to $51 million and ed for 46.6% of the $13.1 million in overall credits provided by online operators for the month. FanDuel attained a 12% hold for the second straight month as it collected $21.7 million in revenue from $179.2 million in handle.
As expected, DraftKings was No. 2 in promotional spend at $3 million, a 61.6% increase from the previous June. Gross revenue followed suit with a 45.1% jump to $11.3 million as DraftKings fashioned an 8.7% win rate from $129.3 million worth of bets.
Fanatics Sportsbook remained aggressive in trying to drum up action as its $1.2 million spend ranked third for mobile operators and reached seven figures for the fourth time this year. It attained 11% holds in back-to-back months after landing at 11.4% in June to win $1.9 million from $16.4 million in handle.
BetMGM was the last mobile operator with at least $1 million in credits and bonuses for its bettors as it finished a solid third in handle at $35.3 million. It also grabbed the final podium spot for revenue, coming within $5,600 of $2 million after posting a 5.7% hold.
ESPN BET almost pipped that No. 3 spot for revenue as it came $26,500 shy of $2 million. It had an 8.5% win rate against $23.3 million in wagers, but its $667,500 in promotional spend was the first time the outlay was below $1 million.
Caesars had a rough June, finishing with a 1.3% hold in winning just $218,500 from $16.5 million in handle. It finished with -$27,034 in AGR as promotional spend outpaced June winnings.
Mobile operators finished with a 9.5% hold for June, reaping $41.6 million in gross revenue from $436.7 million worth of wagers.
Retail Sportsbooks Struggle to Make Hay 28kx
Pennsylvania’s brick-and-mortar sportsbooks finished with a year-low $1.4 million in winnings for June, crafting a 5.1% hold from $27.9 million worth of wagers. The $14.7 million in winnings for the first half of 2024 is down 28.4% from 2023 compared to the 8.9% decline in handle to $225.5 million.
Valley Forge Casino Resort and Harrah’s Philadelphia were the two biggest drags on June revenue as the betting public came out ahead at both venues. Valley Forge paid out $201,861 above its $1.8 million handle, its second-largest monthly loss behind a $244,375 loss in December 2022.
Harrah’s finished $78,354 in the red while accepting $2.6 million in wagers. It was a negative revenue swing of $357,700 from May for the Philadelphia-based venue, overshadowing the 38.6% month-over-month bump in handle.
