Comparing Revenue Of the Recent States Who Have Legalized Sports Betting
Sports Betting News

Comparing Revenue Of the Recent States Who Have Legalized Sports Betting

Since the federal ban on sports betting in the US was struck down by the Supreme Court in May 2018, the number of states that have legalized sports betting has grown to 8 with many more pushing bills through as fast as they can in 2019.

So far, the states with legal sports betting are:

  • Nevada
  • New Jersey
  • Pennsylvania
  • West Virginia
  • Rhode Island
  • Mississippi
  • Delaware
  • New Mexico

Sports betting in New York and Connecticut are progressing well in 2019. Arkansas sports betting has hit a recent snag thanks to a lawsuit filed after legalized sports betting had been added to the November ballot.

Let’s take a further look at how NJ sportsbooks, PA sportsbooks, WV sportsbooks, RI sportsbooks, and MS sportsbooks are currently doing.

Sports Betting In New Jersey Continues To Post Record Numbers

NJ sports betting continues to set the bar high for those who have newly-legalized sports betting as well as those that look to have legal sports betting in 2019. After all, their numbers continue to grow, including total handle as well as overall NJ sports betting revenue.

2018 saw them take over $1.2 billion in total wagers, including more than half of that number in the last two months alone. They improved on that number with over $400 million in total handle for January. Their total revenue for 2018 was over $94 million, which is really only for seven total months.

Big mobile sports betting players like FanDuel Sportsbook and DraftKings sportsbook are easily driving that train to record numbers.

PA Sports Betting Started Late, Doing Well Out Of The Gate

Proponents of sports betting in Pennsylvania got to watch for months as sports betting in NJ took off like crazy. They finally got their piece of the pie in Nov. 2018 with the opening of Hollywood Sportsbook. SugarHouse Sportsbook and Rivers Sportsbook soon followed, and now Parx Sportsbook and Harrah’s Sportsbook are all fueling PA sports betting, with Valley Forge Sportsbook to open in March.

PA Sports Betting doubled their total handle in the month of January compared to December’s totals, as they took in $32 million with $2.6 million in total revenue. Even though they have one of the highest tax rates on total PA sports betting revenue, the total handle and revenue numbers, along with the expected expansion to mobile sports betting with FanDuel Sportsbook and DraftKings Sportsbook in 2019, proves that sports betting in PA has been successful so far.

West Virginia Sports Betting Holding Steady, Bringing In Solid Revenue For The State

Sports betting in West Virginia may not be pumping in record numbers like New Jersey or Pennsylvania, but for their size, they’re doing quite well. They have been averaging around $4 million total a week, and revenues are expected to shoot up along with total wagers thanks to an expansion of WV mobile sports betting.

There are currently 5 WV sportsbooks

  • Hollywood Sportsbook
  • Mountaineer Sportsbook
  • Greenbrier Sportsbook
  • Mardi Gras Sportsbook
  • Wheeling Island Sportsbook

As well as one mobile sportsbook, FanDuel Sportsbook and DraftKings Sportsbook will hopefully enter the WV mobile sportsbook market soon enough.

Mississippi Sports Betting Hampered By Population Spread, Could Improve With MS Mobile Sports Betting

By having 30 casinos in the state, and 23 out of those 30 offering sports betting in Mississippi, you would think we’d have positive news to report about the total handle and MS sports betting revenues.

Alas, that is not the case considering most of these MS sportsbooks are around Biloxi and Tunica. This densely-populated area by the casinos and sportsbooks means Mississippi is only catering to a small portion of a small state. They’ve only taken in $5.4 million in wagers in total since sports betting has been legalized.

There is a glimmer of hope for the state thanks to online sports betting in Mississippi. Pearl River Resort is looking to launch a mobile sports betting app soon, but it would only work when you are at one of their casino properties, therefore defeating most of the purpose of having mobile sports betting in Mississippi. Their hope would be to have FanDuel Sportsbook or DraftKings Sportbook in the state at some point soon.

Rhode Island Sports Betting Needs Online Sports Betting To Boost Revenues

When Rhode Island sports betting was finally legalized in Nov. 2018, it was only opened to their state’s casinos. Of which there are two. Rhode Island Governor Gina Raimondo earmarked millions of her budget to be paid off by tax revenue from sports betting.

While these two casinos haven’t yet met expectations when it comes to revenue for the state, there is hope that Rhode Island mobile sports betting would close the gap. A mobile sports betting bill made its way through the Senate in February and is now waiting on a vote in the House before it can be signed by the Governor.