In the second full month of legal online sports betting in the state, the revenue comfortably exceeded $16.7 million in February. However, the market experienced a loss of $9.0 million during the first few days of regulated wagering in January.
In March, players placed bets worth $205.7 million on sports through online platforms, slightly lower than the $211.0 million wagered in February. It is important to note that the February handle total included $10.0 million in promotional bets and offers, whereas March only had $802,245 worth of promotional deductions.
Basketball betting emerged as the main source of revenue for operators, with licensees earning a total of $12.8 million from such bets. Soccer contributed $467,735 in revenue, followed by baseball with $173,131. Parlay betting generated revenue of $13.6 million.
In terms of online sports betting operators, Penn National Gaming and its Barstool Sportsbook, Caesars, DraftKings, Rush Street Interactive and its BetRivers Sportsbook, and Flutter Entertainment-owned FanDuel Group in partnership with Boyd Gaming all launched their platforms on the opening day of regulation in January. WynnBet and partner licensee Horseshoe Bossier followed a little over a week later, launching on 9 February.
Shifting focus to retail betting, which became legal in October of the previous year, the revenue for March stood at $1.7 million, marking a 168.0% growth compared to the previous month. However, retail wagers experienced a slight decline of 1.5%, totaling $27.0 million. Similar to online betting, basketball constituted the primary revenue source for operators, generating $133,540. Baseball revenue amounted to $41,591, while soccer contributed $20,903. On the other hand, football wagers resulted in a loss of $300,093, and parlay betting revenue reached $1.8 million.
