Colorado, Tennessee, and West Virginia All Report Increased Revenue for Sports Betting in June
Colorado, Tennessee, and West Virginia saw increased revenue for sports betting in June. Handle shows sports betting interest, but revenue is critical. A larger handle is not always indicative of increased revenue.
Sports Betting in June 2021
Colorado is a serious sports betting market, but Tennessee and West Virginia are coming along nicely, which is evident by the June numbers.
Colorado Revenue Rises Despite Handle Decline
Colorado’s sports betting enthusiasm was not as high in June as it was in May. The state collected $229.8 million in bets compared to $248.97 the month prior. This will hurt states in the long run for sports betting because larger handles usually yield greater returns.
Nevertheless, CO had a successful month for sports betting revenue. Sportsbooks’ gross gaming revenue was $19.7 million. This was up 30.2% from May’s $15.2 million. Therefore, it was a successful month for the state.
The online sports betting handle encompassed most of the bets during the month. However, it declined from May, and fewer people placed in-person wagers, so this is not good for the future. The handle was down 7.9% from May, totaling $246.5 million.
Online sports betting in June was 98.8% of the month’s handle. Colorado casinos took $2.7 million in bets during the month.
Tennessee Reverses Downward Spiral
Tennessee sports betting has been declining for the past three months, but the industry reversed in June. This is positive news for the state as tax revenue has dwindled since April. Tennessee only collects mobile wagers, which was a rarity when the market first went live.
The June handle was $174.5 million, an 8% rise from May’s $160.9 million total. Sportsbooks took home $16.1 million, and this resulted in $3.2 million for the state.
This number is expected to rise as well. There are more operators prepared to launch in addition to the seven platforms already available. WynnBET, DraftKings, FanDuel, BetMGM, Action 24/7, TwinSpires, and William Hill are live.
Other possibilities are Caesars Sportsbook, Barstool Sportsbook, and PointsBet. Operators are developing, and the market has a lucrative future. TN is controlling the south, but more states are beginning to launch sports wagering.
This will take some money away from Tennessee, but the industry is still trending upward.
West Virginia
West Virginia’s revenue has gone up for three straight months following June. Throughout the fiscal year, WV collected $518 million in bets and $41 million in revenue. The state ended the fiscal year positively in June with an increased handle as well.
The June sports betting handle was $29.92 million. This was up 17.4% from the month prior at $25.48 million. This was very good for the state considering its size and the attractive gambling options in border states.
The mobile handle was significant, but more bets were placed in a retail setting than in May. The mobile handle was $20.56 million, which was 11.9% larger in May. Additionally, Pennsylvania had a down month which shows that WV citizens may not be traveling across the border to gamble.
The new fiscal year in WV has begun, so it’s expected that the sports betting numbers will continue to rise with football season approaching.
