Kentucky online decline continues
Online sports bettors staked $125.4m in Kentucky in July – the lowest total for a full month since the state’s regulated sports wagering market launched in September 2023.The figure for July was $50m below the total in May and also represented the eighth month out of last nine that online sports wagering has declined.
The Kentucky Horse Racing Commission reported that the total online wagers in July generated $14.7m in revenue – a hold of 11.7%. In online revenue for July, FanDuel continued to lead the market over DraftKings for the fourth successive month.
FanDuel generated $6.1m in revenue from $41.2m in wagers, equating to a hold of 14.8%. DraftKings’ $5.7m of revenue from $48.0m in bets represented a hold of 11.9%. Retail sports betting, which launched in Kentucky on 7 September last year, also fell for a fourth consecutive month to $3.9m in wagers – the lowest monthly total so far.
However, with Kentucky preparing for its one-year anniversary for online sports betting on 28 September, the start of the state’s first full NFL season with digital wagering platforms will be expected to lift online and retail figures.
Maryland blossoms year-on-year
Despite enduring a similarly predictable summer dip, there was more positive news in Maryland. Year-on-year sports handle of $377.4m in August marked a 43.1% increase on the $263.7m total 12 months earlier in the state.
This was despite a fall in the number of mobile operators year-on-year from 12 to 11 alongside the same number of retail operators (12).
Mobile revenue reached $38.1m – a 10.3% hold – while retail wagering revenue totalled $1.2m, representing a 13.1% hold.
Live! Casino led the way in mobile betting with handle of $160.7m and a hold of 11.4% generating revenue of $18.3m. Second-placed DraftKings’ handle of $119.3m produced revenue of $12.5m, representing a 10.5% hold.
Maryland’s first retail sportsbooks launched in December 2021, with mobile sports wagering beginning in November 2022.
DraftKings’ Maine domination
In Maine, total sports betting handle declined by 16.8% month-on-month from $42.8m in July to $35.6m in August. Monthly revenue of $3.6m was down from $6m in July, with hold dropping from 14.1% to 9.6%, but the revenue total was up from $3.4m in June.
DraftKings continued to dominate the market in August, with $30.1m of wagers – 84.6% of the state’s total.
DraftKings, in partnership with the Passamaquoddy tribe, and Caesars, working with the Penobscot, Maliseet and Micmac tribes, are the only two licensed mobile operators in Maine. The Maine Gambling Control Unit has overseen sports betting in Maine since its launch in November 2023.
Original article: https://igamingbusiness.com/finance/us-sports-round-up-august/
