The sports activities betting business in the US has seen diversified performances throughout totally different states because the market matures. This round-up provides a better perception into the continuing traits in Kentucky, Maryland, and Maine, which all reported totally different outcomes over the previous couple of months.
With Kentucky getting ready for its first full NFL season, Maryland persevering with to expertise year-on-year progress, and Maine’s market adjusting to seasonal fluctuations, the approaching months are anticipated to see a diversified efficiency in these states. While Kentucky is hoping for a resurgence pushed by soccer season, Maryland’s regular progress affords a optimistic outlook. Meanwhile, Maine’s market may have extra aggressive dynamics to drive additional progress.
Kentucky’s Online Betting Sees Continued Decline
Kentucky’s sports activities betting market is approaching the one-year anniversary of its regulation, however the state’s on-line sports activities wagering efficiency continues to expertise a decline.
According to Kentucky Horse Racing Commission’s report, in July, on-line sports activities bettors wagered $125.4 million, marking the bottom month-to-month whole for the reason that state’s regulated market launched in September 2023. This determine was $50 million decrease than May’s whole and represented the eighth decline in on-line sports activities betting in the previous 9 months.
The on-line wagers in July generated $14.7 million in income, which equates to a maintain of 11.7%. Among the operators, FanDuel maintained its management place, producing $6.1 million in income from $41.2 million in wagers, ensuing in a 14.8% maintain. Meanwhile, DraftKings adopted carefully with $5.7 million in income from $48 million in bets, representing an 11.9% maintain.
Retail sports activities betting in Kentucky additionally skilled a dip, with $3.9 million in wagers recorded in July, marking the bottom month-to-month whole for retail betting because it launched on September 7, 2023. Despite these figures, there may be optimism surrounding the upcoming NFL season. With Kentucky’s first full NFL season of digital wagering platforms kicking off this month, there may be hope for an uptick in each on-line and retail sports activities betting numbers.
Maryland’s Year-on-Year Sports Betting Growth
In distinction to Kentucky’s declining pattern, Maryland has seen extra optimistic developments in its sports activities betting market. Despite a predictable summer season droop in general deal with, the state reported a year-on-year sports activities deal with improve of 43.1% for August, rising from $263.7 million in 2023 to $377.4 million in 2024.
Maryland’s cellular sports activities betting income reached $38.1 million, with a ten.3% maintain, whereas retail wagering generated $1.2 million with a 13.1% maintain. Live! Casino led the way in which amongst cellular operators, recording a deal with of $160.7 million with a maintain of 11.4%, producing $18.3 million in income. DraftKings adopted with a deal with of $119.3 million, ensuing in $12.5 million in income and a ten.5% maintain.
Although Maryland’s cellular operator numbers have decreased barely year-on-year from 12 to 11, the state’s sports activities betting market continues to develop, additional bolstered by the recognition of each cellular and retail wagering platforms. The introduction of cellular sports activities betting in November 2022 has been a key issue in driving the state’s ongoing success.
Maine’s Market Dominated by DraftKings
Meanwhile, Maine noticed a notable month-on-month decline in its sports activities betting deal with for August 2024. The whole deal with dropped 16.8%, from $42.8 million in July to $35.6 million in August.
Monthly income additionally noticed a big dip, falling from $6 million in July to $3.6 million, with the maintain lowering from 14.1% to 9.6%. However, regardless of these declines, Maine’s August income was nonetheless an enchancment from June’s whole of $3.4 million.
In August, DraftKings continued its dominance in the Maine market, accounting for 84.6% of the full state wagers. DraftKings reported $30.1 million in wagers, whereas Caesars, its solely competitor, lagged behind. In Maine, DraftKings operates in partnership with the Passamaquoddy tribe, whereas Caesars collaborates with the Penobscot, Maliseet, and Micmac tribes.
The Maine Gambling Control Unit has overseen sports activities betting in the state since its launch in November 2023, and though the market continues to be comparatively new, the overwhelming presence of DraftKings suggests a big stage of market consolidation.
Source:
US sports betting round-up: Kentucky, Maryland, Maine, igamingbusiness.com, September 10, 2024.
