USA Sports Betting Reaches Three Billion in October
Sports betting is back in full swing after the pandemic forced many casinos to close up. USA betting as a whole looks to set another record for revenue, this time hitting the three billion dollar mark for the first time.
The sports betting industry continues to grow in the United States. Major launches have recently come in Colorado, Illinois and Tennessee which has contributed to the growing revenue. The October revenue results will likely show another revenue record along with new states joining the top five earners.
Both the opening of business and the continuance of the NFL season have resulted in top earnings for many states. Although the opening of sports betting in new states has a lot to do with the new records, longtime states like New Jersey are still continuing to grow after hitting another revenue high in October.
Top five state sports betting handles in October
New Jersey Sports Betting Reaches Another Revenue High
The state that started it all. New Jersey is the main reason why sports betting is legal across the country today, and it is also the state that has benefited the most from the decision.
New Jersey has consistently been the top earner throughout the country thanks to a perfectly developed sports betting landscape and to New York for not having mobile betting. The state also has over 15 top sportsbooks making the landscape very competitive.
In October, the state hit another milestone, with sports betting revenues of $803 million. This figure breaks the previous two records set by the state in both August and September.
Oceans Casino Atlantic City with sportsbook William Hill posted the biggest gains. The sportsbook casino partnership saw handles rise 37% from last October. The sportsbook at Oceans pulled in $29.1 million in October this year. William Hill took the state’s first bet, and has been one of New Jersey’s top sportsbooks ever since.
Other casinos that saw revenues increase in October include Hard Rock Atlantic City (25.6%), Golden Nugget (21.2%) and Borgata Sportsbook in Atlantic City (10.5%).
Mobile betting has been surging and is one of the main reasons why New Jersey’s sports betting industry remains so robust. Internet betting doubled from last year’s numbers, and the state was the leader once again in sports betting handle, coming out more than $150 million ahead of second place Nevada.
Colorado Continues its Rapid Growth
Mobile and retail sports betting was launched in Colorado on May 1st, 2020 and the state quickly found its way into the top five biggest markets in the country. Colorado has another great month, returning a $210 million handle in October.
That keeps the state in the top five for now, but the launch of sports betting in a certain Midwest state could result in Colorado being booted from the top five. Regardless, the state is bound to continue seeing growth as the industry becomes more developed.
Australian-based sportsbook PointsBet is the latest online betting platform to launch in Colorado. The company has its US headquarters in Denver, and should be the perfect fit for the state. PointsBet is going all out with promotions in its new state, and has already signed massive deals with Colorado University, the Denver Nuggets and the Colorado Avalanche.
NFL betting led the way for most states this month including in Colorado. However, the steam is not expected to die out. The NHL is now only about a month away from starting its 2021 season, and the Colorado Avalanche are already sportsbook favorites to win the Stanley Cup.
We can expect Colorado to continue its good fortune and likely to reach more records if casinos are able to fully open without restrictions and with strong NHL/NFL betting seasons.
Mobile Sports Betting Continues to Benefit Illinois
Like Colorado, Illinois is one of the more recent states to launch online sports betting with the first bet being taken on March 9, 2020. The state began with in-person registration requirements, however those were abandoned as casinos were forced to close due to the pandemic.
As we expected, the introduction of online registration and betting has only benefited the state. Illinois more than doubled its August earnings in September after nearly tripling its July output.
The state hit $305 million in September, and is expected to continue its growth as the state has deep potential due to a strong sports culture, big population and now with more relaxed betting requirements.
Mobile registration is currently only a temporary allowance in Illinois. The state originally set out to implement in person registrations and for untold reasons, the state is still holding on to them. The ability to register a sportsbook account online is currently done on a month to month basis.
If Illinois decides to return to in-person registrations once the pandemic is over, it could halt any progress made by the state in a big way. Over 92% of the bets made in Illinois in September were done on a mobile device, accounting for nearly all of the state’s record-breaking handle.
The current allowance for in-person registration will last until December 12th. Afterwhich, Governor J.B. Pritzker will need to make a decision whether to extend the rule or not. The decision made then could give us a glimpse into the future potential of sports betting in Illinois.