Legal Sports Betting Revenue Tracker
This page is designed to fully engulf all aspects behind the finances of sportsbooks, including a legal sports betting revenue tracker, totaling the US gambling market. When looking to understand the amount of money wagered in the United States, this is a vital tool, as we keep it updated every time a state releases a monthly (or weekly for West Virginia) revenue report. Designed to keep current with all of the sports betting handles and revenue, we also cover some of the basics for beginners, such as the difference between revenue and handle as well as a reflection of the expected projections versus reality.
Each state, with the exception of New Mexico, releases reports detailing their sportsbooks’ activity and we compile these reports bringing the data straight to you. Besides keeping a running count of the overall money bet on sports in the country, we will also analyze the details of the revenue, the hold percentage, and the tax contributions kicked back to the state from each sportsbook. The seven states that report (NV, DE, NJ, MS, PA, RI, WV) all have different methods for accumulating their data and what they represent; however, we try to keep everything as similar as possible.
Sports Betting Revenue By State
As of Q1 2019, there are 8 states in the US that have legal sports betting services within their borders. Of these, of course, only Nevada paints a concrete picture, as the industry is more or less settled there (and has been for decades). The following breakdowns use the most current figures available for the sports wagering revenue status in each of these 8 states.
Nevada Sports Betting Revenue
Nevada Sports Betting Revenue – 2018 was a record year for NV, with the state hauling in over $20.25 million on $300 million in sportsbook revenue. The total handle was just over $5 billion. On a per-month basis, Nevada books make about $25 million, though the average is skewed by the gambling-heavy NFL season. Because NV taxes sportsbooks at 6.75%, this translates to monthly tax contributions of roughly $1.75 million. Nevada puts its gaming revenue towards state programs, with most of the money going towards education and public health initiatives. Nevada bettors use legal domestic Internet sportsbooks to place more than 60% of the wagers taken in the state.
| Month | Handle | Revenue | Hold % | 6.75% State Tax |
|---|---|---|---|---|
| May 2019 | $317,280,282 | $11,267,000 | 3.55% | $760,523 |
| April 2019 | $328,121,212 | $21,656,000 | 6.60% | $1,461,780 |
| March 2019 | $596,752,294 | $32,523,000 | 5.45% | $2,195,303 |
| February 2019 | $458,591,549 | $35,816,000 | 7.81% | $2,417,580 |
| January 2019 | $497,482,993 | $14,626,000 | 2.94% | $987,255 |
| December 2018 | $561,859,873 | $44,106,000 | 7.85% | $2,977,155 |
| November 2018 | $581,070,664 | $27,136,000 | 4.67% | $1,831,680 |
| October 2018 | $528,568,873 | $29,547,000 | 5.59% | $1,994,423 |
| September 2018 | $571,034,483 | $56,304,000 | 9.86% | $3,800,520 |
| August 2018 | $247,622,790 | $12,604,000 | 5.09% | $850,770 |
| July 2018 | $244,638,554 | $4,061,000 | 1.66% | $274,118 |
| June 2018 | $286,548,295 | $20,173,000 | 7.04% | $1,361,678 |
| Since PASPA Repeal* | $5,219,671,862 | $309,819,000 | 5.94% | $20,912,783 |
| Year-To-Date | $2,198,328,330 | $115,888,000 | 5.27% | $7,822,440 |
Delaware Sports Betting Revenue
Delaware Sports Betting Revenue – Delaware opened its doors to legal sports betting in June 2018, and since the entire sports wagering industry is state-run (helmed by the DE Lottery), the state gets 50% of the revenue. It allocates the funds various, non-specific “state budget” considerations while meting out the remainder to its sportsbook and lottery operations. Thus, even with a comparatively tiny market when viewed alongside NV, Delaware’s tax revenue on sports wagering clears about half-a-million dollars per month. Online wagering has been approved in the state but has yet to launch. When it does, you can expect the total handle to steadily increase.
| Month | Handle | Revenue | Hold % | 50% State Tax |
|---|---|---|---|---|
| May 2019 | $5,920,766 | $406,293 | 6.86% | $203,147 |
| April 2019 | $6,088,183 | $615,772 | 10.11% | $307,886 |
| March 2019 | $10,483,128 | $1,644,164 | 15.68% | $822,082 |
| February 2019 | $8,487,867 | $22,152 | 0.26% | $11,076 |
| January 2019 | $11,940,123 | $1,438,357 | 12.05% | $719,179 |
| December 2018 | $16,079,670 | $2,149,611 | 13.37% | $1,074,806 |
| November 2018 | $16,392,863 | $1,124,979 | 6.86% | $562,490 |
| October 2018 | $14,738,223 | $448,578 | 3.04% | $224,289 |
| September 2018 | $16,830,010 | $3,153,529 | 18.74% | $1,576,765 |
| August 2018 | $7,721,851 | $706,780 | 9.15% | $353,390 |
| July 2018 | $8,214,765 | $461,226 | 5.61% | $230,613 |
| June 2018 | $7,003,725 | $875,216 | 12.50% | $437,608 |
| Since Launch | $129,901,174 | $13,046,657 | 9.92% | $6,523,329 |
| Year-To-Date | $42,920,067 | $3,720,445 | 9.42% | $2,063,370 |
New Jersey Sports Betting Revenue
New Jersey Sports Betting Revenue – NJ sports betting officially opened to the public in June 2018. With all venues in the state offering sports betting, New Jersey bookmakers are making about $16 million a month and the state taxes this at differing rates depending on how the wagers are placed. Land-based sportsbooks are taxed at 8.5%, online sportsbooks are taxed at 13%, and racetrack-based books are taxed at 14.25%. Interestingly, the NJ government earmarks the majority of its sports betting tax revenue for further developing its casino and gaming industries (albeit racetrack taxes go into the New Jersey General Fund). Roughly 80% of all action occurs through online platforms, which helps the state of New Jersey bring in about $2 million per month in tax contributions.
| Month | Handle | Revenue | Hold % | Total Tax |
|---|---|---|---|---|
| May 2019 | $318,940,677 | $15,536,384 | 4.87% | $1,937,972 |
| April 2019 | $313,719,562 | $21,215,747 | 6.76% | $2,548,363 |
| March 2019 | $372,451,342 | $31,669,387 | 8.50% | $3,783,604 |
| February 2019 | $320,368,087 | $12,732,740 | 3.97% | $1,660,590 |
| January 2019 | $385,279,662 | $18,777,582 | 4.87% | $2,295,030 |
| December 2018 | $319,173,548 | $20,834,867 | 6.53% | $2,430,242 |
| November 2018 | $330,748,563 | $21,243,865 | 6.42% | $2,455,824 |
| October 2018 | $260,711,301 | $11,686,119 | 4.48% | $1,391,082 |
| September 2018 | $183,948,404 | $23,775,366 | 12.93% | $2,586,456 |
| August 2018 | $95,634,048 | $9,198,272 | 9.62% | $922,400 |
| July 2018 | $40,682,237 | $7,304,548 | 17.96% | $620,885 |
| June 2018 | $16,409,619 | $3,458,668 | 21.08% | $293,986 |
| Since Launch | $2,958,067,050 | $197,433,545 | 6.67% | $22,926,435 |
| Year-To-Date | $1,710,759,330 | $99,931,840 | 5.84% | $12,225,560 |
Mississippi Sports Betting Revenue
Mississippi Sports Betting Revenue – Mississippi has sports betting available at its commercial and tribal casinos throughout the state. Though legal, online sports betting is restricted to casino grounds only allowing MS casinos to make about $3 million in revenue each month. This income is taxed at 12%, with the majority of that money earmarked for the DOT’s maintenance of roads and sewers. Two-thirds of that tax goes to the state and the remaining third goes to the cities where the sportsbooks are located. Each month, the state welcomes $250,000 a month in contributions while the cities receive about $125,000 as well.
| Month | Handle | Revenue | Hold % | 8% State Tax | 4% City Tax |
|---|---|---|---|---|---|
| May 2019 | $17,438,291 | $1,191,957 | 6.84% | $95,482 | $47,741 |
| April 2019 | $19,188,763 | $2,057,834 | 10.72% | $165,728 | $82,864 |
| March 2019 | $32,421,264 | $4,898,725 | 15.11% | $391,898 | $195,949 |
| February 2019 | $25,148,134 | $2,756,439 | 10.96% | $220,515 | $110,257 |
| January 2019 | $35,190,773 | $2,793,237 | 7.94% | $223,459 | $111,729 |
| December 2018 | $41,762,048 | $6,174,223 | 14.78% | $493,937 | $246,968 |
| November 2018 | $44,499,883 | $1,674,250 | 3.76% | $133,940 | $66,970 |
| October 2018 | $32,837,333 | $1,178,343 | 3.59% | $94,267 | $47,133 |
| September 2018 | $31,770,269 | $5,503,792 | 17.32% | $440,303 | $220,151 |
| August 2018 | $6,270,127 | $645,057 | 10.29% | $51,604 | $25,802 |
| Since Launch | $286,526,885 | $28,873,857 | 10.08% | $2,311,133 | $1,155,564 |
| Year-To-Date | $129,387,225 | $13,698,192 | 10.59% | $1,097,082 | $548,540 |
West Virginia Sports Betting Revenue
West Virginia Sports Betting Revenue – WV had an extremely slow start, with sports wagering available only at a pair of locales before finally expanding to all 5 gaming facilities. Online betting launched in December 2018 but had underwent some problems, ultimately removing the online platforms since the beginning of March 2019. The numbers have fluctuated heavily because of these factors; however, WV sportsbooks earn about $1.25 million per month, with the state taxing that revenue at 10%. After removing 15% of that number for administrative purposes, the remaining 85% will go to the state’s General Revenue Fund – but first it is allocated to fill up the state’s $15 million Sports Wagering Fund. Each month, WV sees about $275,000 in tax contributions.
| Month | Handle | Revenue | Hold % | 8.5% State Tax |
|---|---|---|---|---|
| May 2019 | $8,667,939 | $615,153 | 7.10% | $46,534 |
| April 2019 | $13,778,528 | $905,495 | 6.57% | $165,728 |
| March 2019 | $14,204,826 | $1,990,784 | 14.01% | $391,898 |
| February 2019 | $17,434,691 | $371,276 | 2.13% | $220,515 |
| January 2019 | $21,724,013 | $1,498,614 | 6.90% | $223,459 |
| December 2018 | $12,841,696 | $2,070,496 | 16.12% | $493,937 |
| November 2018 | $12,610,479 | $641,582 | 5.09% | $133,940 |
| October 2018 | $11,790,155 | $1,436,342 | 12.18% | $94,267 |
| September 2018 | $5,267,973 | $1,703,138 | 32.33% | $440,303 |
| Since Launch | $118,320,300 | $11,232,880 | 9.49% | $949,042 |
| Year-To-Date | $75,809,997 | $5,381,322 | 7.10% | $451,659 |
Pennsylvania Sports Betting Revenue
Pennsylvania Sports Betting Revenue – PA sportsbooks opened in November 2018, so there isn’t much useful data to be gleaned. However, so far, the six operational books in the state have seemed to be making about $3.25 million per month on more than $30 million in handle. Pennsylvania taxes its sportsbooks at one the nation’s highest rate, 36%, and with the size of their market, the state is granted with about $1 million each month – the majority of which is allocated for the PA General Fund. When online betting launches in 2019, you can expect this number to increase at least three-fold.
| Month | Handle | Revenue | Hold % | 34% State Tax | 2% City Tax |
|---|---|---|---|---|---|
| May 2019 | $35,934,215 | $2,861,852 | 7.96% | $973,030 | $57,237 |
| April 2019 | $36,769,146 | $4,221,482 | 11.48% | $1,435,304 | $84,430 |
| March 2019 | $44,527,574 | $5,519,340 | 12.40% | $1,876,576 | $110,387 |
| February 2019 | $31,500,743 | $1,946,817 | 6.18% | $661,918 | $38,936 |
| January 2019 | $32,011,838 | $2,607,215 | 8.14% | $886,453 | $52,144 |
| December 2018 | $16,173,089 | $2,007,592 | 12.41% | $682,581 | $40,152 |
| November 2018 | $1,414,587 | $508,997 | 35.98% | $173,059 | $10,180 |
| Since Launch | $198,331,192 | $19,673,295 | 9.92% | $6,688,921 | $336,229 |
| Year-To-Date | $144,809,301 | $14,294,854 | 9.87% | $4,860,250 | $393,466 |
Rhode Island Sports Betting Revenue
Rhode Island Sports Betting Revenue – RI offers sports wagering at its two casino venues, and though there is little data to draw from, the state has seemed to average a monthly handle of about $20 million. This number may be inflated, as they are the only New England state that has legalized sports betting. Right now, without online sports wagering options, the books have been averaging about $500,000 in monthly revenue – but this can be overlooked due to losing nearly $1 million in February 2019 alone. The state sees 51% of that revenue earmarked for the state’s General Fund, which averages about $225,000 a month.
| Month | Handle | Revenue | Hold % | 51% State Tax |
|---|---|---|---|---|
| April 2019 | $16,859,818 | $1,970,110 | 11.69% | $1,004,756 |
| March 2019 | $23,582,716 | $1,548,230 | 6.57% | $789,597 |
| February 2019 | $20,686,618 | -$890,623 | -4.31% | -$454,218 |
| January 2019 | $19,051,125 | $159,978 | 0.84% | $81,589 |
| December 2018 | $13,087,999 | $957,913 | 7.32% | $488,536 |
| November 2018 | $682,714 | $72,997 | 10.69% | $37,228 |
| Since Launch | $93,950,990 | $3,818,605 | 4.06% | $1,947,488 |
| Year-To-Date | $80,180,277 | $2,787,695 | 3.48% | $1,421,724 |
All States Sports Betting Revenue
| Month | Handle | Revenue | Hold % | Total State Tax | Total City Tax |
|---|---|---|---|---|---|
| May 2019 | $704,282,170 | $31,878,639 | 4.53% | $4,016,688 | $104,978 |
| April 2019 | $734,525,212 | $52,642,440 | 7.17% | $7,000,784 | $167,294 |
| March 2019 | $1,094,423,144 | $79,793,630 | 7.29% | $10,250,958 | $306,336 |
| February 2019 | $882,217,689 | $52,754,801 | 5.98% | $4,737,976 | $149,193 |
| January 2019 | $1,002,680,527 | $41,900,983 | 4.18% | $5,416,424 | $163,873 |
| December 2018 | $980,977,923 | $78,300,702 | 7.98% | $8,641,194 | $287,120 |
| November 2018 | $987,419,753 | $52,402,670 | 5.31% | $5,328,161 | $77,150 |
| October 2018 | $848,645,885 | $44,296,382 | 5.22% | $3,798,328 | $47,133 |
| September 2018 | $808,851,139 | $90,439,825 | 11.18% | $8,844,347 | $220,151 |
| August 2018 | $357,248,816 | $23,154,109 | 6.48% | $2,178,164 | $25,802 |
| July 2018 | $293,535,556 | $11,826,774 | 4.03% | $1,125,616 | $0 |
| June 2018 | $309,961,639 | $24,506,884 | 7.91% | $2,093,272 | $0 |
| Since PASPA Repeal | $9,004,769,453 | $583,897,839 | 6.48% | $62,259,133 | $1,549,030 |
| Year-To-Date | $4,418,128,742 | $258,970,493 | 5.86% | $30,915,115 | $891,674 |
New Mexico Sports Betting Revenue – New Mexico didn’t have to legalize sports betting, as its tribal venues are able to offer the pastime by virtue of their pre-existing Class III compacts now that PASPA is gone. Currently, sports betting is only available at two tribal casinos. Revenue numbers are not available, but the state roughly gets 9.3% of NM tribal earnings as part of their “revenue sharing” model. Online sports wagering legalization will require congressional action.
The Real Size Of The US Sports Betting Market
As the sports betting industry in the United States is still coming together, it is nearly impossible to guess the initial size of the US sports betting market. As revenue reports are released over time, we can get closer to figuring out the exact numbers; however, the first year has given us a more defined scope.
Gambling industry analysts and insiders estimate that sports wagering turns an annual handle upwards of $170 billion each year. Other industry insiders believe this number to be far too low, with available figures hinting at an annual market turnover of some $400 billion or more! Nevada, for example, has seen their yearly handle eclipse $5 billion in recent reports, while industry experts estimate that they are only 1-3% of the potential US sports betting market, now that it is legal.
Since PASPA has been repealed, every licensed sportsbook (that has been subject to monthly reports from their states) have accumulated for a total handle of over $8 billion. This number will be sure to increase drastically as time goes on with more states legalizing, the addition of online sports betting, and bettors’ comfort of using in-state licensed sportsbooks over the offshore betting sites. Sportsbooks in that time have kept over $500 million, before contributing to their respective states and cities of over $60 million in taxes.
Understanding Revenue Vs. Handle
To understand sports betting’s real market size, you also need to understand revenue vs. handle, as these are not the same thing. Handle denotes how much money is risked by the betting population in total, while revenue is how much profit the sportsbooks make off that much larger figure. Thus, revenue is determined by how successful each book is at earning a viable house take. Just like bettors, of course, books can have bad stretches, netting significantly less revenue than average. Similarly, they can also have good stretches, netting significantly more revenue than average. Typically, using industry-standard takes (usually -110 on spreads and straights), successful sportsbooks will average a hold (i.e. revenue rate) of around 4-7%.