Wyoming may not possess the recognition of an ESPN Bet, but its success in October is more important than downloads because its record-breaking performance involves real money.
The state’s online sports betting handle topped $21.2 million, the peak since the state’s 2021 debut. The handle eclipsed the prior record of $19.2 million set in September this year and was 23.4 percent higher than October 2022.
Revenue also achieved a high at $2.3 million, up 15 percent from the same month last year and 53.3 percent compared to September 2023. Taxable gaming revenue was $1.4 million, up 21.7 percent from October 2022 and 172.6 percent from September 2023. Players won $19 million last month, according to Focus Gaming News.
DraftKings led the way winning $1.4 million in revenue from $12.5 million wagered. FanDuel registered revenue of $402,961 and a $4.9 million handle. BetMGM reported $378,34 in revenue from $3.5 million in bets, and Caesars posted $73,028 in revenue from $378,622 wagered.
Speaking of Wyoming, Fanatics Betting and Gaming officially acquired PointsBet’s operations in that state in October, along with those in New York, two of the 14 states doing business as PointsBet. Earlier in the fall, Fanatics closed its acquisition of PointsBet USA in eight states: Colorado, Iowa, Kansas, Maryland, New Jersey, Pennsylvania, Virginia and West Virginia.
Fanatics entered into a $150 million purchase of the U.S. business of Australia’s PointsBet in May.
October also set a new bar for Michigan when internet sports betting handle surpassed the $500 million. $533 million to be accurate.
Total gross receipts—including online gaming and sports betting by commercial and tribal operators—swelled beyond $205.3 million. The figures represented a 7.9 percent gain compared to the prior year, it also includes a small fall of 2.4 percent from September. Adjusted gross receipts for online gaming jumped 13.9 percent to $144.2 million, while online sports betting tumbled 26.1 percent to $23.5 million.
The online component favored casino games, not sports betting. Online casino play topped $160.3 million, a 13.7 percent increase from the previous year’s $141 million. Sports betting gross receipts dipped 8.5 percent, a drop of almost $50 million despite a record handle.
Taxes paid to the state from both online gaming and sports betting rose to $31.9 million in October. Internet gaming taxes contributed $30.1 million, whereas internet sports betting taxes came in at $1.8 million.
Let’s not forget Louisiana, which also set another revenue record in October, producing $5 million in taxes. Mobile sports betting increased 26 percent for the month, with $276 million in bets, and $39 million in net proceeds, in addition to the state taxes.
Louisiana bettors wagered $308.6 million in October, topping the monthly record of $283.3 million in January.
“If I’m not mistaken this may be a new record month for sports wagering,” Ronny Johns, chairman of the Louisiana Gaming Control Board, said at the November meeting.
The board acknowledged the numbers represent a 269 percent increase year-over-year.
This fiscal year, mobile sports wagers are up 29.6 percent and net proceeds rose 31.3 percent compared to the same time in fiscal year 2022-23.
October followed a record-setting September in Louisiana, when wagers for the state’s nine mobile operators totaled $248.8 million, generating $4.7 million in taxes.
Matthew Roob, senior vice president of analysis at Spectrum Gaming, told The Center Square the trend is not surprising. And will only get better with the balance of the NFL schedule, Super Bowl and March Madness.
“If you look at the numbers, that’s kind of the way it trends every year,” he said. “So it’s not surprising as the market matures and people get more comfortable with sports betting, in year two or year three the sports betting revenue would increase from the prior year.”
Parlays generated the most handle at almost $25 million in October, up from $19.8 million in September, followed by football at $7.3 million, baseball at $3.3 million, and basketball at $2 million.
Retail sports betting at 18 casinos accounted for about 11 percent of sports wagers last month, with $32.3 million producing $3.2 million in net proceeds and $342,067 in taxes paid. Like mobile wagering, parlay led the way with $2.48 million in proceeds, followed by baseball at $437,224, football at $249,242, and basketball at $96,598.
Not everything fell into the better than last year category. Total retail sports wagers were down 8.7 percent.
“Part of it is I don’t have to go to a casino to place a bet,” Roob said. “Part of it is you can bet while the game is going on.”
