US Sports Gambling States Break September Revenue RecordsPublished October 27, 2020 by Sol FH
A surge of online sports betting activity has raised the revenue bar for the month of September across the US.
Sports betting in the US is currently breaking new records in the states that have legalized online betting activity. In addition to reaching new heights, the record numbers are putting pressure on US states that have yet to legalize online sports wagering.
Four states including Indiana, Iowa, and Oregon, all reported on record revenue in the month of September, mainly due to the playoffs in the NBA, MLB, NHL, and, the NFL regular season all running simultaneously.
In Indiana, the Indiana Gaming Commission reported that the state's online bookmakers generated $207.5 million, an increase of $38.5 million from August, and well over the state's pre-pandemic total of $187 million from February. Revenue from online betting rose an impressive 46% from August to a record-breaking $14.3 million.
In Oregon, although the monthly handle did not reach that of Indiana, still reported a record-setting $26.2 million in September or 1.3% more.
Over in Iowa, the state's Racing & Gaming Commission reported impressive numbers. The total handle reached $72 million in September, up 44% from the month before, crushing the previous record of $59.3 million, which was set in November 2019. Total revenue from September reached $5.2 million, which was $400k less than the state's record set in October 2019.
Iowa is a young gambling market, legalized in August 2019, so it is finally possible to compare year-on-year statistics. Although the Coronavirus pandemic wasn't a thing a year ago, September's total handle was still an incredible 129% higher.
Many states are on the brink of opening their online sports betting markets, and Tennessee has set the start of its legal market for November 1. In August, the state's regulator issued three betting permits and a fourth one was issued last week. The fourth license is for a local operator that markets itself as more of a mom and pop shop.
The sky is the limit for the rest of the US states that have yet to legalize online betting markets but they should look to those that have, to recognize how tax-revenue could substantially help with social projects and more.