Legal Sports Betting Revenue Tracker
The conversation surrounding legal sports betting revenue is frustratingly ambiguous and it can sometimes be tough to discern whether someone is talking about sportsbooks’ revenue or the state’s tax revenue from sports betting operations. This revenue tracker offers a one-stop-shop for anyone looking to learn more about the state-level economics of sports betting. It also covers some basic concepts of the economics of sports wagering, including the difference between revenue and handle as well as a book’s hold percentage.
Many states that have legalized sports betting release monthly data on their overall handle and revenue. Besides tracking the total volume of money bet on sports in the United States, this page has data on both the hold percentage and tax contributions of each state’s sports betting industry. The nine states that report (NV, DE, IA, IN, NJ, MS, PA, RI, WV) each have different methods for accumulating and distributing data, but this page consolidates and standardizes each of these states’ reports for ease of understanding. This page will be updated as needed as new reports are released and more states pass legislation legalizing sports wagering.
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Getting Revenue From Bovada Tournament Odds
Bovada is one of the top March Madness betting sites out there as they offer plenty of game lines, futures odds and game props for the tournament. Last year, however, in 2020, there was no revenue made as March Madness was canceled due to the start of the COVID-19 pandemic. Looking back at the 2019 March Madness Tournament, it cleared $885 million in revenue as they hit an $8.5 billion betting handle. Bettors this year are shaping up to hit that $1 billion revenue mark once and for all. Looking at Bovada and the odds they offer which led to that high revenue mark, they offer futures odds, game props, game lines and more.
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Sports Betting Revenue By State
Sports betting has been legalized in 26 states (and Washington D.C.), live in 19 states, and there are more states having pending bills that could legalize sports betting in its legislation. Some of these states with regulated sports betting release updated figures monthly that detail the total revenue that is taken in through sports betting. Here at LegalSportsBetting, we use the revenue reports to give sports bettors a detailed look into the financial world of legal sports betting. These numbers come directly from the given state’s revenue reports, gaming commissions, and lottery commissions, therefore sports bettors can trust these numbers to be accurate. Sports betting is a constantly updating medium with more states legalizing the practice every year after seeing the added revenue gained from legal sports betting.
Nevada Sports Betting Revenue - Nevada Sports Betting Revenue – Nevada once again broke sports betting revenue records in 2019, with a total handle of $5.32 billion and a record $329 million in revenue, which produced $22.2 million in state tax revenue. Nevada puts its gaming tax 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. 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 easily clears 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 (currently averaging about $11 million per month) to steadily increase. New Jersey Sports Betting Revenue - NJ sports betting officially opened to the public in June 2018 and quickly become the largest market alongside Nevada. New Jersey bookmakers collectively made about $25 million in revenue per month and handled $381.9 million in monthly wagers in 2019, generating millions of dollars in taxes. Land-based sportsbooks are taxed at 8.5%, online sportsbooks are taxed at 13%, and racetrack-based online 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 $3 million per month in tax contributions. 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, MS casinos still 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 over $200,000 in contributions while the cities receive about $100,000 as well. 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 underwent licensing problems and has been out of operation since the beginning of March 2019. With this, most of the first year’s data is rather irrelevant to the overall picture of sports betting in West Virginia. The state taxes the books’ revenue at 10%, removing 15% of that number for administrative purposes with the remaining 85% going to the state’s General Revenue Fund. This occurs once it fills up the state’s $15 million Sports Wagering Fund which helps operate the industry. Pennsylvania Sports Betting Revenue - PA sportsbooks opened in November 2018, so there isn’t any NFL data to boost their numbers. Still, the nine operational books in the state have been averaging over $3 million per month on more than $30 million in the 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. Now that mobile betting is active and NFL betting is occurring, these numbers are expected to increase immensely. Rhode Island Sports Betting Revenue - Rhode Island offers sports wagering at its two casino venues, Twin River and Tiverton. During the NFL season, Rhode Island averaged a total handle around $28.4 million per month, along with $2.6 million in revenue. The state sees 51% of that revenue earmarked for the state’s General Fund. In 2019, Rhode Island collected an average of $756,000 per month in sports betting taxes. While it never saw the exponential growth in popularity as sports betting in New Jersey or Pennsylvania, the Rhode Island sports betting industry is trending up. Arkansas Sports Betting Revenue - Arkansas sports betting became a legal outlet on the first day of July in 2019. Though only one venue opened at the launch, the state allows for three additional licenses to offer sports betting services. Approved by the citizens of the state, casinos would be taxed at 13% of their first $150 in sports betting revenue. After the $150 million is surpassed, casinos are then taxed at a rate of 20% for all sports betting revenue. Arkansas does not report its betting handle, winnings, or taxable contributions. New York Sports Betting Revenue - New York was able to begin offering sports betting after the residents of the state approved a measure in 2013. After years of finalizing regulations, four upstate casinos opened for business. The state also permits the tribal casinos of the state to offer any gaming option that the commercial ones do, so they also have the ability to offer legal sportsbooks. New York does post their revenue totals for the week, however, their betting handle and hold percentages are not released to the public. From their July 16, 2019 launch through September, the reporting New York sportsbooks have kept $3,461,484. Iowa Sports Betting Revenue - Iowa became one of the few states that offered legal sports betting after accepting its first wagers on August 15th, 2019. A total of 19 casinos are eligible to offer sports betting but not all of them have launched books at their venues yet. Betting on both professional and collegiate sports events are permitted however, the regulations do restrict betting on player props involving college players. Sportsbooks are taxed at a rate of 6.75% in Iowa after they pay their $45,000 sports wagering licensing fee. Oregon Sports Betting Revenue - Oregon was always eligible to offer sports betting, as they were one of the few states grandfathered into the federal law known as PASPA. However, they have expanded their original offerings, where the state lottery operates a mobile betting platform and tribal casinos like Chinook Winds offer land-based sports betting. Like Arkansas, the state does not release its betting handle, sportsbooks’ revenue, or tax contributions. Indiana Sports Betting Revenue - Indiana launched its sports betting operations on September 1, making them the fifth state to launch legal sports betting in 2019. A total of 13 locations are eligible to offer sports betting, but not every book is up and running in the state thus far. Sportsbooks are taxed at 9.5% of their adjusted gross receipts, or money kept after paying out the winning wagers. Though this jurisdiction is new, the ability for residents and tourists to wager from their phones helped Indiana launch on the right foot. 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. Currently, sports betting is only available at a handful of tribal casinos in the form of retail betting only, as online sports wagering legalization will require congressional action. Their revenue numbers are not required to be released to the public but the state roughly gets 9.3% of NM tribal earnings as part of their “revenue sharing” model. Tennessee Sports Betting Revenue - Tennessee Sports Betting Revenue - Sports betting has been legal in Tennessee since November 2020 and they raised $2.4 million in revenue right out of the gate. The sports betting handle for the Volunteer State will only look to grow as more mobile betting options hit the area. Eighty percent of the tax revenue from sports betting in Tennessee goes to an education account that funds postsecondary scholarships while the other fifteen percent of the revenue goes to where local governments see fit, the last five percent go to fund gambling problem treatment programs across the state. New Hampshire Sports Betting Revenue - New Hampshire Sports Betting Revenue - New Hampshire legalized sports betting July 12, 2019 and has since reaped the benefits of over $11 million in revenue. Despite having DraftKings as the only state-licensed sports betting operator New Hampshire still had a sports betting handle of $293 million. The revenue from sports betting is split 50/50 between DraftKings and New Hampshire. The money brought in from sports betting for New Hampshire is dedicated to the education funds in the state along with the profits from lottery sales. Michigan Sports Betting Revenue - Michigan Sports Betting Revenue - Michigan legalized sports betting in December 2019 and by early 2020 land-based betting operations were already open. In one year, Michigan brought in $1.5 million in tax revenue despite having to shut down because of the Covid-19 pandemic in the spring of 2020. The $1.5 million brought in to Michigan came as the state had a sports betting handle of $130.8 million. For the casinos based in Detroit, 30% of the revenue is sent directly to the City of Detroit for them to use as they see fit. 5% goes to the Michigan Agriculture Equine Industry Development fund, while the Michigan Internet Sports Betting Fund gets the biggest split of the revenue at 65%. Colorado Sports Betting Revenue - Colorado Sports Betting Revenue - Colorado has had legal sports betting available since November 2019 and the sports gambling economy has boomed. The state generated $2.9 million in revenue and that figure is expected to continue to expand in the coming years. Colorado is one of the few states to surpass a sports betting handle of $1 billion dollars. The power of Colorado’s gambling economy showed with a $1.2 billion dollar sports betting handle. In Colorado, the state uses the sports betting revenue to fund gambling addiction programs and towards a water fund for the state. Illinois Sports Betting Revenue - Illinois Sports Betting Revenue - Sports betting in Illinois was made law in 2019 and officially launched to the public on March 9, 2020. Since then Illinois has generated $9.8 million in tax revenue for the state as sports betting has become one of the most popular activities to partake in. The sports betting handle was just shy of $1 billion with $941.4 million being bet at sportsbooks in the state. Illinois hasn’t made it clear where the revenue from sports betting goes but it likely goes to help the state fund its various education programs. Nevada Sports Betting Revenue
Nevada Handle Revenue Hold State Tax Feb 2021 $742,953,328 $46,213,864 6.22% $3,119,436 Jan 2021 $958,717,526 $82,640,979 8.62% $5,578,266 Dec 2020 $996,300,794 $66,386,516 6.66% $4,481,090 Nov 2020 $609,376,849 $61,807,000 10.14% $4,171,973 Oct 2020 $659,899,331 $42,388,000 6.42% $2,861,190 Sep 2020 $575,144,025 $32,895,000 5.72% $2,220,413 Aug 2020 $474,948,414 $16,985,000 3.58% $1,146,488 Jul 2020 $165,552,030 $6,295,000 3.8% $424,913 Jun 2020 $78,152,387 $-483,000 -0.62% $-32,603 Mar 2020 $141,108,201 $1,455,000 1.03% $98,213 Feb 2020 $491,593,677 $38,064,000 7.74% $2,569,320 Jan 2020 $502,233,930 $20,152,000 4.01% $1,360,260 Dec 2019 $571,179,245 $36,327,000 6.36% $2,452,073 Nov 2019 $614,118,812 $31,013,000 5.05% $2,093,378 Oct 2019 $543,552,781 $47,887,000 8.81% $3,232,373 Sep 2019 $546,358,867 $52,068,000 9.53% $3,514,590 Aug 2019 $287,757,296 $18,733,000 6.51% $1,264,478 Jul 2019 $235,659,955 $10,534,000 4.47% $711,045 Jun 2019 $322,077,670 $16,587,000 5.15% $1,119,623 May 2019 $317,380,282 $11,267,000 3.55% $760,523 Apr 2019 $328,121,212 $21,656,000 6.6% $1,461,780 Mar 2019 $596,752,294 $32,523,000 5.45% $2,195,303 Feb 2019 $458,591,549 $35,816,000 7.81% $2,417,580 Jan 2019 $497,482,993 $14,626,000 2.94% $987,255 Dec 2018 $561,859,873 $44,106,000 7.85% $2,977,155 Nov 2018 $581,070,664 $27,136,000 4.67% $1,831,680 Oct 2018 $528,568,873 $29,547,000 5.59% $1,994,423 Sep 2018 $571,034,483 $56,304,000 9.86% $3,800,520 Aug 2018 $247,622,790 $12,604,000 5.09% $850,770 Jul 2018 $244,638,554 $4,061,000 1.66% $274,118 Jun 2018 $286,548,295 $20,173,000 7.04% $1,361,678 Since PASPA Repeal* $14,736,356,980 $937,767,359 6.36% $63,299,297 Year-To-Date $1,701,670,854 $128,854,843 7.57% $8,697,702 Delaware Sports Betting Revenue
Delaware Handle Revenue Hold State Tax Jan 2021 $15,649,254 $2,491,097 15.92% $1,245,549 Dec 2020 $15,696,681 $3,097,115 19.73% $1,548,558 Nov 2020 $19,510,093 $5,901,515 30.25% $2,950,758 Oct 2020 $17,086,034 $3,483,045 20.39% $1,741,523 Sep 2020 $12,439,302 $1,972,198 15.85% $986,099 Aug 2020 $2,957,634 $367,116 12.41% $183,558 Jul 2020 $209,282 $12,114 5.79% $6,057 Jun 2020 $0 $0 0% $0 May 2020 $0 $0 0% $0 Apr 2020 $0 $0 0% $0 Mar 2020 $3,877,068 $571,486 14.74% $285,743 Feb 2020 $7,031,079 $159,800 2.27% $79,900 Jan 2020 $9,128,658 $1,517,187 16.62% $758,594 Dec 2019 $13,283,636 $1,613,077 12.14% $806,539 Nov 2019 $10,308,159 $1,372,540 13.32% $686,270 Oct 2019 $9,621,404 $1,736,583 18.05% $868,292 Sep 2019 $11,839,818 $2,159,643 18.24% $1,079,822 Aug 2019 $4,419,488 $505,006 11.43% $252,503 Jul 2019 $3,920,974 $507,410 12.94% $253,705 Jun 2019 $6,325,464 $466,705 7.38% $233,353 May 2019 $5,920,766 $406,293 6.86% $203,147 Apr 2019 $6,088,183 $615,772 10.11% $307,886 Mar 2019 $10,483,128 $1,644,164 15.68% $822,082 Feb 2019 $8,487,867 $22,152 0.26% $11,076 Jan 2019 $11,940,123 $1,438,357 12.05% $719,179 Dec 2018 $16,079,670 $2,149,611 13.37% $1,074,806 Nov 2018 $16,392,863 $1,124,979 6.86% $562,490 Oct 2018 $14,738,223 $448,578 3.04% $224,289 Sep 2018 $16,830,010 $3,153,529 18.74% $1,576,765 Aug 2018 $7,721,851 $706,780 9.15% $353,390 Jul 2018 $8,214,765 $461,226 5.61% $230,613 Jun 2018 $7,003,725 $875,216 12.5% $437,608 Since PASPA Repeal* $293,205,202 $40,980,294 13.98% $20,490,147 Year-To-Date $15,649,254 $2,491,097 15.92% $1,245,549 New Jersey Sports Betting Revenue
New Jersey Handle Revenue Hold State Tax Feb 2021 $742,953,328 $46,213,864 6.22% $3,928,178 Jan 2021 $958,717,526 $82,640,979 8.62% $7,024,483 Dec 2020 $996,300,794 $66,386,516 6.66% $5,642,854 Nov 2020 $931,620,415 $50,554,535 5.43% $4,297,135 Oct 2020 $803,096,172 $58,508,647 7.29% $4,973,235 Sep 2020 $748,588,349 $45,083,178 6.02% $3,832,070 Aug 2020 $667,979,150 $39,507,181 5.91% $3,358,110 Jul 2020 $315,118,805 $29,551,987 9.38% $2,511,919 Jun 2020 $165,014,553 $12,639,074 7.66% $1,074,321 May 2020 $117,821,281 $9,912,062 8.41% $842,525 Apr 2020 $54,593,092 $2,634,050 4.82% $223,894 Mar 2020 $181,908,529 $13,181,371 7.25% $1,120,417 Feb 2020 $494,813,807 $16,934,546 3.42% $1,439,436 Jan 2020 $540,113,452 $53,561,626 9.92% $4,552,738 Dec 2019 $557,786,161 $31,278,930 5.61% $2,658,709 Nov 2019 $562,675,543 $32,895,546 5.85% $2,796,121 Oct 2019 $487,924,504 $46,393,537 9.51% $5,685,164 Sep 2019 $445,563,503 $37,883,375 8.5% $4,544,361 Aug 2019 $293,594,862 $25,210,342 8.59% $3,006,897 Jul 2019 $251,371,272 $17,884,800 7.11% $2,146,045 Jun 2019 $273,222,975 $9,701,925 3.55% $1,136,890 May 2019 $318,940,677 $15,536,384 4.87% $1,937,973 Apr 2019 $313,719,562 $21,215,747 6.76% $2,548,364 Mar 2019 $372,451,342 $31,669,387 8.5% $3,783,605 Feb 2019 $320,368,087 $12,732,740 3.97% $1,660,591 Jan 2019 $385,279,662 $18,777,582 4.87% $2,295,031 Dec 2018 $319,173,548 $20,834,867 6.53% $2,430,242 Nov 2018 $330,748,563 $21,243,865 6.42% $2,455,824 Oct 2018 $260,711,301 $11,686,119 4.48% $1,391,082 Sep 2018 $183,948,404 $23,775,366 12.93% $2,586,456 Aug 2018 $95,634,048 $9,198,272 9.62% $922,401 Jul 2018 $40,682,237 $3,845,880 9.45% $326,900 Jun 2018 $16,409,619 $3,458,668 21.08% $293,987 Since PASPA Repeal* $13,548,845,123 $922,532,948 6.81% $89,427,959 Year-To-Date $1,701,670,854 $128,854,843 7.57% $10,952,662 Mississippi Sports Betting Revenue
Mississippi Handle Revenue Hold State Tax City Tax Feb 2021 $47,807,574 $4,606,840 9.64% $368,547 $184,274 Jan 2021 $67,707,628 $9,114,483 13.46% $729,159 $364,579 Dec 2020 $55,298,807 $7,762,542 14.04% $621,003 $310,502 Nov 2020 $54,443,370 $8,108,102 14.89% $648,648 $324,324 Oct 2020 $61,192,425 $8,769,600 14.33% $701,568 $350,784 Sep 2020 $52,220,289 $6,598,931 12.64% $527,914 $263,957 Aug 2020 $40,489,135 $3,748,732 9.26% $299,899 $149,949 Jul 2020 $7,916,665 $1,335,763 16.87% $106,861 $53,431 Jun 2020 $1,575,859 $-62,230 -3.95% $-4,978 $-2,489 May 2020 $236,503 $87,697 37.08% $7,016 $3,508 Apr 2020 $0 $0 0% $0 $0 Mar 2020 $10,749,403 $648,647 6.03% $51,892 $25,946 Feb 2020 $34,462,822 $2,105,870 6.11% $168,470 $84,235 Jan 2020 $45,190,371 $4,637,967 10.26% $371,037 $185,519 Dec 2019 $49,076,413 $3,478,919 7.09% $278,314 $139,157 Nov 2019 $56,369,036 $3,784,071 6.71% $302,726 $151,363 Oct 2019 $48,019,481 $12,295,357 25.6% $983,629 $491,814 Sep 2019 $37,870,989 $5,631,583 14.87% $450,527 $225,263 Aug 2019 $19,876,370 $2,884,348 14.51% $230,748 $115,374 Jul 2019 $13,383,383 $1,053,776 7.87% $84,302 $42,151 Jun 2019 $15,190,666 $1,625,113 10.7% $130,009 $65,005 May 2019 $17,438,291 $1,191,957 6.84% $95,357 $47,678 Apr 2019 $19,188,763 $2,057,834 10.72% $164,627 $82,313 Mar 2019 $32,421,264 $4,898,725 15.11% $391,898 $195,949 Feb 2019 $25,148,134 $2,756,439 10.96% $220,515 $110,258 Jan 2019 $35,190,773 $2,793,237 7.94% $223,459 $111,729 Dec 2018 $41,762,048 $6,174,223 14.78% $493,938 $246,969 Nov 2018 $44,499,883 $1,674,250 3.76% $133,940 $66,970 Oct 2018 $32,837,333 $1,178,343 3.59% $94,267 $47,134 Sep 2018 $31,770,269 $5,503,792 17.32% $440,303 $220,152 Aug 2018 $6,270,127 $645,057 10.29% $51,605 $25,802 Since PASPA Repeal* $1,005,604,074 $117,089,969 11.64% $9,367,198 $4,683,599 Year-To-Date $115,515,202 $13,721,323 11.88% $1,097,706 $548,853 West Virginia Sports Betting Revenue
West Virginia Handle Revenue Hold State Tax Feb 2021 $38,212,775 $1,364,161 3.57% $115,954 Jan 2021 $50,700,483 $3,976,358 7.84% $337,990 Dec 2020 $70,134,202 $6,466,132 9.22% $549,621 Nov 2020 $48,532,442 $4,407,576 9.08% $374,644 Oct 2020 $44,633,016 $3,742,779 8.39% $318,136 Sep 2020 $76,951,429 $4,603,811 5.98% $391,324 Aug 2020 $45,897,001 $2,337,229 5.09% $198,664 Jul 2020 $15,853,463 $1,573,845 9.93% $133,777 Jun 2020 $6,338,618 $567,836 8.96% $48,266 May 2020 $6,035,532 $571,831 9.47% $48,606 Apr 2020 $1,901,698 $124,415 6.54% $10,575 Mar 2020 $14,705,300 $234,972 1.6% $19,973 Feb 2020 $48,474,168 $821,614 1.69% $69,837 Jan 2020 $35,398,396 $2,203,189 6.22% $187,271 Dec 2019 $30,343,333 $2,322,915 7.66% $197,448 Nov 2019 $32,968,352 $2,289,056 6.94% $194,570 Oct 2019 $37,022,626 $3,156,830 8.53% $268,331 Sep 2019 $25,620,077 $3,755,760 14.66% $319,240 Aug 2019 $10,743,386 $1,527,324 14.22% $129,823 Jul 2019 $7,764,843 $707,214 9.11% $60,113 Jun 2019 $7,634,979 $379,228 4.97% $32,234 May 2019 $10,704,030 $937,065 8.75% $79,651 Apr 2019 $10,334,722 $617,746 5.98% $52,508 Mar 2019 $13,850,999 $1,552,962 11.21% $132,002 Feb 2019 $16,609,597 $-143,473 -0.86% $-12,195 Jan 2019 $22,431,187 $1,460,541 6.51% $124,146 Dec 2018 $13,332,131 $2,221,521 16.66% $188,829 Nov 2018 $13,020,483 $1,371,803 10.54% $116,603 Oct 2018 $12,760,994 $799,818 6.27% $67,985 Sep 2018 $7,322,255 $2,129,235 29.08% $180,985 Since PASPA Repeal* $776,232,516 $58,081,293 7.48% $4,936,910 Year-To-Date $88,913,258 $5,340,519 6.01% $453,944 Pennsylvania Sports Betting Revenue
Pennsylvania Handle Revenue Hold State Tax City Tax Feb 2021 $509,547,820 $33,171,120 6.51% $11,278,181 $663,422 Jan 2021 $615,294,827 $49,305,268 8.01% $16,763,791 $986,105 Dec 2020 $548,590,065 $45,344,348 8.27% $15,417,078 $906,887 Nov 2020 $491,910,713 $48,500,443 9.86% $16,490,151 $970,009 Oct 2020 $525,802,524 $47,834,647 9.1% $16,263,780 $956,693 Sep 2020 $462,787,392 $18,277,566 3.95% $6,214,372 $365,551 Aug 2020 $364,985,422 $27,593,677 7.56% $9,381,850 $551,874 Jul 2020 $164,782,229 $13,651,865 8.28% $4,641,634 $273,037 Jun 2020 $89,000,563 $6,660,157 7.48% $2,264,453 $133,203 May 2020 $74,810,033 $4,828,988 6.46% $1,641,856 $96,580 Apr 2020 $46,102,988 $2,833,470 6.15% $963,380 $56,669 Mar 2020 $131,330,059 $8,606,119 6.55% $2,926,080 $172,122 Feb 2020 $329,765,782 $4,722,251 1.43% $1,605,565 $94,445 Jan 2020 $348,381,707 $22,841,192 6.56% $7,766,005 $456,824 Dec 2019 $342,560,390 $11,374,482 3.32% $3,867,324 $227,490 Nov 2019 $316,468,265 $18,233,154 5.76% $6,199,272 $364,663 Oct 2019 $241,186,065 $14,948,246 6.2% $5,082,404 $298,965 Sep 2019 $194,504,622 $14,924,871 7.67% $5,074,456 $298,497 Aug 2019 $109,038,051 $9,887,737 9.07% $3,361,831 $197,755 Jul 2019 $59,331,959 $5,079,634 8.56% $1,727,076 $101,593 Jun 2019 $46,334,245 $3,126,381 6.75% $1,062,970 $62,528 May 2019 $35,934,215 $2,861,852 7.96% $973,030 $57,237 Apr 2019 $36,769,146 $4,221,482 11.48% $1,435,304 $84,430 Mar 2019 $44,527,574 $5,519,340 12.4% $1,876,576 $110,387 Feb 2019 $31,500,743 $1,946,817 6.18% $661,918 $38,936 Jan 2019 $32,011,838 $2,607,215 8.14% $886,453 $52,144 Dec 2018 $16,173,089 $2,007,592 12.41% $682,581 $40,152 Nov 2018 $1,414,587 $508,997 35.98% $173,059 $10,180 Since PASPA Repeal* $6,210,846,913 $431,418,911 6.95% $146,682,430 $8,628,378 Year-To-Date $1,124,842,647 $82,476,388 7.33% $28,041,972 $1,649,528 Rhode Island Sports Betting Revenue
Rhode Island Handle Revenue Hold State Tax Feb 2021 $34,110,104 $1,555,824 4.56% $793,470 Jan 2021 $39,817,327 $3,717,200 9.34% $1,895,772 Dec 2020 $22,770,472 $2,533,090 11.12% $1,291,876 Nov 2020 $35,098,445 $6,281,321 17.9% $3,203,474 Oct 2020 $34,704,413 $4,388,841 12.65% $2,238,309 Sep 2020 $31,293,150 $2,352,788 7.52% $1,199,922 Aug 2020 $23,116,965 $1,423,391 6.16% $725,929 Jul 2020 $6,738,626 $351,425 5.22% $179,227 Jun 2020 $2,100,736 $101,328 4.82% $51,677 May 2020 $1,533,114 $163,472 10.66% $83,371 Apr 2020 $591,377 $27,381 4.63% $13,964 Mar 2020 $8,949,157 $841,767 9.41% $429,301 Feb 2020 $28,177,862 $2,323,432 8.25% $1,184,950 Jan 2020 $26,939,692 $3,279,241 12.17% $1,672,413 Dec 2019 $31,670,511 $2,571,755 8.12% $1,311,595 Nov 2019 $31,465,062 $2,746,518 8.73% $1,400,724 Oct 2019 $28,281,024 $2,457,136 8.69% $1,253,139 Sep 2019 $22,195,789 $2,516,061 11.34% $1,283,191 Aug 2019 $10,060,066 $851,788 8.47% $434,412 Jul 2019 $8,321,947 $827,579 9.94% $422,065 Jun 2019 $14,736,667 $2,149,999 14.59% $1,096,499 May 2019 $18,900,152 $899,165 4.76% $458,574 Apr 2019 $16,859,818 $1,970,110 11.69% $1,004,756 Mar 2019 $23,582,716 $1,548,230 6.57% $789,597 Feb 2019 $20,686,618 $-890,623 -4.31% $-454,218 Jan 2019 $19,051,125 $159,978 0.84% $81,589 Dec 2018 $13,087,999 $957,913 7.32% $488,536 Nov 2018 $682,714 $72,997 10.69% $37,228 Since PASPA Repeal* $555,523,648 $48,179,107 8.67% $24,571,345 Year-To-Date $73,927,431 $5,273,024 7.13% $2,689,242 Arkansas Sports Betting Revenue
Arkansas Handle Revenue Hold State Tax Feb 2021 $4,469,442 $655,356 14.66% $85,196 Jan 2021 $7,187,194 $1,388,258 19.32% $180,474 Dec 2020 $6,415,446 $1,054,272 16.43% $137,055 Nov 2020 $6,288,249 $975,984 15.52% $126,878 Oct 2020 $6,559,859 $940,514 14.34% $122,267 Sep 2020 $3,958,748 $397,095 10.03% $51,622 Aug 2020 $1,008,992 $69,625 6.9% $9,051 Jul 2020 $179,315 $-19,633 -10.95% $-2,552 Jun 2020 $1,189 $10 0.84% $1 May 2020 $509 $-115,000 -22593.32% $-14,950 Apr 2020 $0 $0 0% $0 Mar 2020 $1,588,403 $222,373 14% $28,908 Feb 2020 $4,294,366 $411,589 9.58% $53,507 Jan 2020 $2,587,732 $254,811 9.85% $33,125 Dec 2019 $2,633,806 $455,368 17.29% $59,198 Nov 2019 $2,978,235 $181,497 6.09% $23,595 Oct 2019 $2,216,369 $380,006 17.15% $49,401 Sep 2019 $2,252,196 $183,044 8.13% $23,796 Aug 2019 $778,249 $58,858 7.56% $7,652 Jul 2019 $416,160 $76,885 18.47% $9,995 Since PASPA Repeal* $55,814,459 $7,570,912 13.56% $984,219 Year-To-Date $11,656,636 $2,043,614 17.53% $265,670 New York Sports Betting Revenue
New York Handle Revenue Hold State Tax Oct 2020 $2,623,464 $262,346 10% $22,299 Sep 2020 $1,403,543 $140,354 10% $11,930 Mar 2020 $99,514 $9,951 10% $846 Feb 2020 $-179,593 $0 -0% $0 Jan 2020 $1,943,361 $194,336 10% $16,519 Dec 2019 $780,418 $78,042 10% $6,634 Nov 2019 $1,308,296 $130,830 10% $11,121 Oct 2019 $2,233,227 $223,323 10% $18,982 Sep 2019 $2,283,865 $228,387 10% $19,413 Aug 2019 $828,152 $82,815 10% $7,039 Jul 2019 $349,468 $34,947 10% $2,970 Since PASPA Repeal* $13,673,715 $1,385,331 10.13% $117,753 Year-To-Date $0 $0 0% $0 Iowa Sports Betting Revenue
Iowa Handle Revenue Hold State Tax Dec 2020 $104,815,630 $7,537,004 7.19% $508,748 Nov 2020 $87,169,919 $8,144,096 9.34% $549,726 Oct 2020 $81,902,416 $9,098,995 11.11% $614,182 Sep 2020 $72,397,241 $5,167,819 7.14% $348,828 Aug 2020 $50,313,674 $3,003,903 5.97% $202,763 Jul 2020 $22,859,622 $2,244,021 9.82% $151,471 Jun 2020 $12,711,201 $620,680 4.88% $41,896 May 2020 $6,976,637 $501,052 7.18% $33,821 Apr 2020 $1,568,497 $150,331 9.58% $10,147 Mar 2020 $19,546,985 $1,171,164 5.99% $79,054 Feb 2020 $56,920,783 $755,334 1.33% $50,985 Jan 2020 $58,027,141 $3,234,794 5.57% $218,349 Dec 2019 $59,258,838 $2,904,257 4.9% $196,037 Nov 2019 $59,344,805 $3,599,749 6.07% $242,983 Oct 2019 $46,500,443 $5,658,333 12.17% $381,937 Sep 2019 $38,528,921 $4,956,347 12.86% $334,553 Aug 2019 $8,576,246 $2,162,688 25.22% $145,981 Since PASPA Repeal* $787,418,999 $60,910,567 7.74% $4,111,463 Year-To-Date $0 $0 0% $0 Oregon Sports Betting Revenue
Oregon Handle Revenue Hold State Tax Dec 2020 $26,987,303 $3,050,785 11.3% $70,168 Nov 2020 $25,039,884 $4,116,314 16.44% $94,675 Oct 2020 $29,455,228 $2,751,147 9.34% $63,276 Sep 2020 $26,174,303 $1,527,243 5.83% $35,127 Aug 2020 $25,845,403 $1,662,406 6.43% $38,235 Jul 2020 $14,042,425 $1,003,037 7.14% $23,070 Jun 2020 $7,921,864 $777,903 9.82% $17,892 May 2020 $7,290,190 $598,061 8.2% $13,755 Apr 2020 $4,430,648 $392,767 8.86% $9,034 Mar 2020 $9,007,680 $937,750 10.41% $21,568 Feb 2020 $20,899,825 $1,481,197 7.09% $34,068 Jan 2020 $21,151,604 $1,773,757 8.39% $40,796 Dec 2019 $22,551,453 $1,743,231 7.73% $40,094 Nov 2019 $17,115,416 $960,714 5.61% $22,096 Oct 2019 $5,605,244 $220,396 3.93% $5,069 Since PASPA Repeal* $263,518,470 $22,996,708 8.73% $528,924 Year-To-Date $0 $0 0% $0 Indiana Sports Betting Revenue
Indiana Handle Revenue Hold State Tax Dec 2020 $313,112,474 $24,306,695 7.76% $2,309,136 Nov 2020 $251,403,994 $25,332,120 10.08% $2,406,551 Oct 2020 $230,932,251 $21,098,460 9.14% $2,004,354 Sep 2020 $207,450,106 $14,283,702 6.89% $1,356,952 Aug 2020 $169,018,238 $9,834,881 5.82% $934,314 Jul 2020 $70,876,622 $6,658,465 9.39% $632,554 Jun 2020 $29,783,580 $2,922,108 9.81% $277,600 May 2020 $37,394,940 $3,179,968 8.5% $302,097 Apr 2020 $26,304,128 $1,559,884 5.93% $148,189 Mar 2020 $74,818,801 $5,495,639 7.35% $522,086 Feb 2020 $187,186,223 $11,092,752 5.93% $1,053,811 Jan 2020 $170,813,163 $12,861,014 7.53% $1,221,796 Dec 2019 $161,808,925 $11,989,909 7.41% $1,139,041 Nov 2019 $147,276,915 $9,298,553 6.31% $883,363 Oct 2019 $91,697,393 $11,538,533 12.58% $1,096,161 Sep 2019 $35,215,416 $8,558,974 24.3% $813,103 Since PASPA Repeal* $2,205,093,169 $180,011,657 8.16% $17,101,107 Year-To-Date $0 $0 0% $0 New Mexico Sports Betting Revenue
Tennessee Sports Betting Revenue
Tennessee Handle Revenue Hold State Tax Nov 2020 $131,444,523 $13,244,908 10.08% $2,648,982 Since PASPA Repeal* $131,444,523 $13,244,908 10.08% $2,648,982 Year-To-Date $0 $0 0% $0 New Hampshire Sports Betting Revenue
Michigan Sports Betting Revenue
Colorado Sports Betting Revenue
Colorado Handle Revenue Hold State Tax Dec 2020 $284,551,472 $17,151,867 6.03% $531,708 Nov 2020 $231,238,842 $18,354,655 7.94% $568,994 Oct 2020 $210,719,821 $17,402,409 8.26% $539,475 Sep 2020 $207,655,943 $4,166,334 2.01% $129,156 Aug 2020 $128,646,209 $7,519,599 5.85% $233,108 Jul 2020 $59,183,620 $5,196,599 8.78% $161,095 Jun 2020 $38,136,949 $3,484,014 9.14% $108,004 May 2020 $25,621,762 $2,565,729 10.01% $79,538 Since PASPA Repeal* $1,185,754,618 $75,841,206 6.4% $2,351,077 Year-To-Date $0 $0 0% $0 Illinois Sports Betting Revenue
Illinois Handle Revenue Hold State Tax Oct 2020 $434,310,957 $42,200,300 9.72% $6,811,128 Sep 2020 $305,222,938 $6,837,289 2.24% $1,103,538 Aug 2020 $140,065,649 $7,233,360 5.16% $1,167,464 Jul 2020 $52,524,820 $3,623,985 6.9% $584,911 Jun 2020 $8,281,803 $368,651 4.45% $59,500 May 2020 $0 $0 0% $0 Apr 2020 $0 $0 0% $0 Mar 2020 $997,739 $72,028 7.22% $11,625 Since PASPA Repeal* $941,403,906 $60,335,613 6.41% $9,738,168 Year-To-Date $0 $0 0% $0 All States Sports Betting Revenue
Month Handle Revenue Hold State Tax City Tax Feb 2021 $2,120,054,371 $133,781,029 6.31% $19,688,962 $847,696 Jan 2021 $2,713,791,765 $235,274,622 8.67% $33,755,484 $1,350,685 Dec 2020 $3,440,974,140 $251,076,882 7.3% $33,108,895 $1,217,389 Nov 2020 $2,923,077,738 $255,728,569 8.75% $38,532,589 $1,294,333 Oct 2020 $3,142,917,911 $262,869,730 8.36% $39,274,722 $1,307,477 Sep 2020 $2,783,686,758 $144,303,308 5.18% $18,409,268 $629,509 Aug 2020 $2,135,271,886 $121,286,100 5.68% $17,879,434 $701,823 Jul 2020 $895,837,524 $71,478,473 7.98% $9,554,936 $326,468 Jun 2020 $439,019,302 $27,596,531 6.29% $3,906,031 $130,714 May 2020 $277,720,501 $22,293,860 8.03% $3,037,634 $100,088 Apr 2020 $135,492,428 $7,722,298 5.7% $1,379,184 $56,669 Mar 2020 $598,686,839 $33,448,267 5.59% $5,595,705 $198,068 Feb 2020 $1,703,440,801 $78,872,385 4.63% $8,309,849 $178,680 Jan 2020 $1,761,909,207 $126,511,114 7.18% $18,198,904 $642,343 Dec 2019 $1,842,933,129 $106,137,885 5.76% $13,013,005 $366,646 Nov 2019 $1,852,396,896 $106,505,228 5.75% $14,856,218 $516,026 Oct 2019 $1,543,860,561 $146,895,280 9.51% $18,924,880 $790,779 Sep 2019 $1,362,234,064 $132,866,045 9.75% $17,457,050 $523,761 Aug 2019 $745,672,166 $61,903,906 8.3% $8,841,362 $313,129 Jul 2019 $580,519,961 $36,706,245 6.32% $5,417,317 $143,744 Jun 2019 $685,522,666 $34,036,351 4.97% $4,811,578 $127,532 May 2019 $725,218,412 $33,099,716 4.56% $4,508,253 $104,915 Apr 2019 $731,081,406 $52,354,691 7.16% $6,975,225 $166,743 Mar 2019 $1,094,069,317 $79,355,808 7.25% $9,991,062 $306,336 Feb 2019 $881,392,595 $52,240,052 5.93% $4,505,267 $149,194 Jan 2019 $1,003,387,701 $41,862,910 4.17% $5,317,111 $163,874 Dec 2018 $981,468,358 $78,451,727 7.99% $8,336,087 $287,121 Nov 2018 $987,829,757 $53,132,891 5.38% $5,310,824 $77,150 Oct 2018 $849,616,724 $43,659,858 5.14% $3,772,046 $47,134 Sep 2018 $810,905,421 $90,865,922 11.21% $8,585,029 $220,152 Aug 2018 $357,248,816 $23,154,109 6.48% $2,178,165 $25,802 Jul 2018 $293,535,556 $8,368,106 2.85% $831,630 $0 Jun 2018 $309,961,639 $24,506,884 7.91% $2,093,272 $0 Since PASPA Repeal* $42,710,736,314 $2,978,346,783 6.97% $396,356,979 $13,311,977 Year-To-Date $4,833,846,136 $369,055,651 7.63% $53,444,446 $2,198,381
How Revenue From Sports Betting Has Helped States During COVID-19
States with legal sports betting industries, especially those with mobile sportsbooks have been able to make some kind of revenue for their state during the outbreak of COVID-19. The entire country has undergone major budget deficits because of the pandemic and states where there are legal sportsbooks have been able to contribute some sort of funding to their economy to help ease the burden. This has led to other parts of the country that have not yet made gambling on sporting events legal begin to take notice and see the industry in a different light.
Lawmakers in states without a legal sports betting industry are now considering its legalization in upcoming sessions because of the revenue stream that the market has steadily provided. And the states with only retail-based establishments are looking at mobile platforms to be made legal so they too can receive more revenue from the industry as prior to the pandemic 80% of sports bets were placed using these outlets in states that allowed them. With the outbreak of COVID-19, mobile sports wagering revenue has skyrocketed even further making more states that are without it want that part of the industry to become legal as well.
The Real Size Of The US Sports Betting Market
As revenue reports are released over time, the ability to correctly analyze the entire size of the legal US sports betting market is made much easier. The first year of operations since the PASPA repeal has given us a more defined scope, as gambling industry analysts estimated that the annual betting handle is somewhere between $200 and $400 billion. Through the first year, every licensed sportsbook (which besides New Mexico are subject to monthly reports from their states) have accumulated for a total handle of over $9 billion.
This yearly handle will be sure to increase drastically as time goes on with more states legalizing sports betting and bettors’ comfort of using in-state licensed sportsbooks over the offshore betting sites. Additionally, the expansion into mobile betting will expedite the betting handle get closer to the aforementioned estimations. In New Jersey alone, sports betting occurs over mobile devices at a rate of 4 to 1 compared to that of retail betting parlors. Once the majority of states move toward this allowance, the size of the US sports betting market will increase in every category from handle and revenue to the states’ tax revenue.
Sports Betting Tax Revenue
States are quite different in the amount of handle they receive each month. The large market states like New Jersey and Nevada easily surpass the $300 million handle milestone but this does not equate to high tax revenue. Because each state regulates its industry independently, the tax rates range immensely. For example, Nevada receives only 6.75% of their books’ sports betting revenue; however, other states like Pennsylvania tax sports betting at 36%.
Take a record month for Nevada in March 2019. The books collected over $596 million for the betting handle, keeping $32.5 million as revenue. At 6.75%, the State of Nevada received just shy of $2.2 million in tax revenue for the month. Compare that to the first month of Pennsylvania sports betting that introduced mobile sports betting – June 2019. With a handle of $46 million and $3.1 of that kept by the books, it came nowhere near Nevada’s record month. However, Pennsylvania collected over $1 million in revenue due to the fact their tax rate is over 5 times that of Nevada’s.
With a large betting market, Nevada can get away with a rate of 6.75%. Smaller markets like Rhode Island and Delaware tax their industry at 51% and 50%, respectively, and are currently the highest tax rates of the legal sports betting states. Not every state is able to tax the industry this high; however, as both of these states use their lottery as the retailer, they remove the middle man. Currently, the tax rates of the legal sports betting states that have launched are:
- Arkansas – 13% of first $150 million in receipts, then 20%
- Colorado – 10% of revenue
- Delaware – 50% of revenue
- District of Columbia – 10% of revenue
- Illinois – 15% of revenue
- Indiana – 9.5% of revenue
- Iowa – 6.75% of revenue
- Michigan – 8.4% of revenue
- Mississippi – 12% of revenue
- Montana – 8.5%
- Nevada – 6.75% of revenue
- New Hampshire – 51% online; 50% retail
- New Jersey – 8.5% of land-based revenue; 13% of online revenue
- New Mexico – 26% of revenue
- New York – 8.5% on land-based revenue; 12% on online revenue
- North Carolina – Tribal Lands
- Oregon – 2.3%
- Pennsylvania – 36% of revenue
- Rhode Island – 51% of revenue
- Tennessee – 20% of revenue
- West Virginia – 10% of revenue
Every state allocates the money they collect into different coffers. The ones who allow horse-racing tracks to offer sports betting use a small percentage to boost the purses for the races. However, on the grand scale, the majority of states use the funds to help fund the new industry with administrative costs, marketing efforts, and policing the sportsbooks. After this amount is taken out, infrastructure projects like rebuilding roads, tunnels, and bridges are amongst the highest priorities. With most of the state’s allocating the money to their state’s general fund, they also assist in providing essential programs for education and further developing the health services department. Some states (Mississippi, Pennsylvania, and Arkansas) even provide a small percentage to the city or county that hosts the sportsbooks.
Glossary Of Sports Betting Terms
- Action – Any submitted wager.
- Arbitrage – Betting on the same game in a different fashion to guarantee a profit.
- Bad Beat – Action that took a turn for the worst in the final moments of a contest.
- Bankroll – The total amount of money a bettor has available.
- Bookmaker – An operator who accepts action.
- Buying Points – Adjusting the odds to receive a more favorable point spread.
- Even – Odds that do no cost vigorish.
- Favorite – The team projected to win (aka chalk).
- Field – A collection of players or teams not listed in a specific wager.
- Futures – A wager that involves a long-term proposition.
- Grand Salami – The projected number of runs/points/goals for all games within a league.
- Handle – The total amount of money wagered by bettors and received by Bookmakers.
- Hedge – A method to control losing money by wagering on the opposite side of the original wager.
- Hold – The percentage of revenue divided by the handle (aka keep).
- Hook – A half-point line movement.
- In-Play – The ability to wager on games while they are taking place (aka live betting).
- Liability – The total amount of money a Bookmaker will lose in the result of a game’s conclusion.
- Limit – The highest amount of money a Bookmaker will accept for a wager (aka circled game).
- Lock – A wager that seems like it can’t lose.
- Longshot – A wager that is highly unlikely but pays out well.
- Middle – Submitting two wagers to create a channel. Bettors can win both bets or lose one’s vigorish.
- Moneyline – Odds for selecting a team to win a match regardless of points.
- Odds – The payout associated with a wager.
- Odds Board – The display which features betting lines and odds on all of the available wagers.
- Off the Board – A wager that has been removed the odds board due to unknown circumstances.
- Parlay – A combination of multiple wagers in which all must be correct to win.
- Pick ‘Em – When no favorite is declared and odds are even or extremely close to.
- Propositional Bet – A wager involving an independent aspect of a game/season (aka prop bet).
- Point Spread – The projected margin of victory or defeat for a sporting event (aka line).
- Push – A bet that ends in a tie and returns the bettor’s wager amount (aka draw or no action).
- Revenue – The amount kept by sportsbooks from losing wagers.
- Round Robin – A combination of multiple wagers broken down into varying parlays.
- Sharp – A professional gambler or one with enough money to influence the odds.
- Teaser – A parlay that involves moving the spreads in the bettor’s favor for lessened odds.
- Total – The projected number of points scored for a sporting event (aka over/under).
- Tout – One who sells picks or their advice to other bettors.
- Underdog – The team projected to lose (aka dog).
- Unit – A percentage of a bettor’s bankroll, usually 1%.
- Vigorish – The commission made from a Bookmaker accepting a wager (aka vig or juice).