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Delaware Generates $1.1m from Sports Betting in November
December 21, 2018 Alex Hoffmann
The state of Delaware has reached its second-highest monthly revenue after the launch of sports betting, mainly driven by the increased number of customer wagers. According to the report, the proceeds in November rose to $16.4 million, continuing the fast pace of money flow from previous months.
The total handle includes player winnings of $15.1 million and vendor fees of $160,711 leaving a residue of $1.1 for the state’s budget. More importantly, the measured growth represents a 151% month-on-month boost, excluding the market’s most representative results from September, estimated at $3.2 million.
iGaming Vertical Struggling
Ever since The Diamond State, as popularly referred to, launched sports betting on June 5th, 2018 it has recorded a stable revenue growth with over $6.8 million from total player stakes. In this month, one of the territory’s most visited land-based casinos, Delaware Park, has amassed $805,285 of total profit, which originates from 338,965 bets placed over the period of four last weeks.
On the opposite side, the iGaming market is partially struggling to match the sports betting division, reporting an 8% decline from October to just $209,235. These proceeds are derived from video lottery and table games, ing totally $123,005 or $68,336 respectively. As for the poker and tournament fees, the income barely scratched $17,984…
Hot in Delaware
If we rewind a couple of months back, it is easy to understand why the state managed to collect impressive amounts of money on bets, only a month after the launch of sports wagering – Delaware became the fifth state outside Nevada to embrace all-out betting and generated $8.2 million in July alone.
During this period, the state’s most prominent casinos, Dover Downs, Harrington Raceway and the aforementioned, Delaware Park, accumulated separately $1.7 million, $700,000 and $5.8 million in wagers only.
Prior to legalizing sports betting within its borders, the region entered into an agreement with Scientific Games, whose sophisticated software solutions now power The First State’s casinos and lottery retailers.
Simultaneously, the neighboring Pennsylvania has hit a record monthly high in fantasy sports market, raising the total participation fees by 3 percent or $28.1 million, out of which $14.5m is generated by DraftKings.
Source:
“Delaware sports betting market grows strongly in November”, totallygaming.com, December 18, 2018.
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I blame Santa. Jokes aside, these months are always problematic for the land-based industry… the upswing will most likely continue after the holidays.