In an analysis of the latest monthly sports betting results in the US, iGB takes a closer look at the figures from Tennessee, West Virginia, and Detroit for September.
Starting with Tennessee, the Volunteer State experienced a surge in gross wagers, reaching an all-time high of $524.8m. This figure narrowly surpasses the previous record of $517.4m set in November of last year. The September total also represents a 25.5% increase from the same period last year and a 52.5% jump from August, as reported by the Tennessee Sports Wagering Council.
Tennessee does not reveal monthly revenue data, but the gross handle for the month was $520.8m after adjustments of $3.9m. In terms of tax revenue, the state collected $9.6m in privilege tax from sports betting, with operators subject to a 20% tax rate.
Turning to West Virginia, revenue fell just short of an all-time high despite a decline in handle. In September, total sports betting expenditures amounted to $46.4m, marking a 7.0% decrease from the same month last year but a 47.5% increase from August. Online bets accounted for $41.7m of the total while retail sportsbooks brought in $4.7m.
Despite the decrease in handle, operators managed to increase revenue due to an average hold of 13.15%. The total revenue for the month stood at $7.1m, a 48.0% year-on-year increase and a 61.5% spike from August. Online operators contributed $6.1m to the revenue, while retail sportsbooks generated $1.0m.
Among the operators, Greenbrier, in partnership with FanDuel and BetMGM, led the way with $3.0m in revenue from $19.4m in bets, resulting in a monthly hold of 15.46%. Charles Town, working with DraftKings, ESPN Bet, and Fanatics, came in second with $2.9m in revenue from $20.0m in bets, with a hold of 14.50%. Mountaineer, in partnership with Caesars and BetRivers, placed third, with revenue of $248,000 from $1.9m in bets and a hold of 13.05%.
In Detroit, the city saw a drop in revenue despite a rise in player spending. Data from the Michigan Gaming Control Board (MGCB) focused on retail sportsbooks at the city’s three land-based casinos. The qualified adjusted gross receipts (QAGR) for September amounted to $771,751, representing a 52.0% decline from the previous year and a 55.4% decrease from August.
