Tennessee sets new gross wagers record in September
Starting in Tennessee, the Volunteer State saw gross wagers hit an all-time high of $524.8m (£401.8m/€480.3m). This figure is narrowly higher than the existing record of $517.4m in November last year.
The September total also surpasses last year’s amount by 25.5% and is 52.5% higher than August this year. This is according to data published by the Tennessee Sports Wagering Council.
Tennessee does not publish data on monthly revenue. It does, however, detail gross handle, with this at $520.8m. This is after accounting for $3.9m in undisclosed adjustments.
As for tax, Tennessee was able to collect $9.6m in privilege tax from sports betting during the month. Tennessee operators are taxed at 20%.
West Virginia narrowly misses revenue record
Turning now to West Virginia, revenue fell just short of an all-time high despite a decline in handle.
For September, players spent a total of $46.4m on sports betting. This is 7.0% down from the same month last year but 47.5% ahead of August, according to the West Virginia Lottery. Of this total, $41.7m came from betting online and $4.7m retail sportsbooks.
However, this did not stop a rise in revenue. Due to a state-wide average hold of 13.15%, operators’ revenue totalled $7.1m, a year-on-year rise of 48.0% and 61.5% more than in August. Online operators generated $6.1m of all monthly revenue, with retail hitting a year-high of $1.0m.
By operator, Greenbrier, partnered with FanDuel and BetMGM, led the way with $3.0m in revenue off a $19.4m in bets. This results a monthly hold of 15.46%.
Charles Town, which works with DraftKings, ESPN Bet and Fanatics, placed second despite a higher handle. Revenue of $2.9m off $20.0m in bets meant a 14.50% hold.
Mountaineer, partnered with Caesars and BetRivers, placed third with $248,000 off $1.9m in bets, leaving a 13.05% hold.
Revenue down despite higher handle in Detroit
Completing our round-up in Detroit, the Michigan city saw a drop in revenue despite higher player spending. Data from the Michigan Gaming Control Board (MGCB) covers retail sportsbooks at the city’s three land-based casinos.
Monthly revenue, reported as qualified adjusted gross receipts (QAGR), for September, amounted to $771,751. This is 52.0% lower than last year and also 55.4% behind August.
Spending-wise, players bet $22.0m during the month, up 21.6% from September 2023 and 122.2% more than August’s total.
The three casino sportsbooks had an average hold of 3.50%.
MGM led the way with $601,794 in QAGR for September. Hollywood Casino at Greektown placed second with $141,908, then MotorCity with $11,817.
Tax-wise, the casinos paid $28,559 in gaming taxes to the state and $34,905 in wagering taxes to the City of Detroit.
The MGCB also published data on casino gaming performance in September. Revenue from slots and table games hit $101.2m, up 1.2% year-on-year but 8.6% lower than August.
MGM also claimed top spot here with $47.7m in revenue, ahead of MotorCity on $31.2m and Hollywood Casino at Greektown with $22.4m.
The three casinos paid $8.2m in gaming taxes to the state and $12.5m in wagering taxes and development agreement payments to Detroit. The city taxes casinos at 10.9% of adjusted gross revenue, while the state taxes them 8.1%.
Original article: https://igamingbusiness.com/sports-betting/september-tennessee-west-virginia-detroit/
