iGB examines the growth in state-level sports betting across Iowa, Maryland, and Tennessee from May to the previous year.
In May, the amount of money spent by players in every state was greater. Iowa and Maryland also reported higher revenue during May, even though Tennessee does not report this information.
Beginning the monthly analysis in Maryland, player spending on sports betting in May hit $431.5m (PS338.9m/EUR400.7m). The total amount spent in May was $431.5m (PS338.9m/EUR400.7m), which is 34.8% more than last year, but still 11.3% less than the $486.3m of April.
In total, consumers bet $419.5 million online and another $12.0 in retail betting facilities.
After subtracting the prizes, wagers on promotional events, and other amounts from revenue, it was $46.6m. This month’s total was 50.3% more than the previous year, and 22.6% higher than April.
Online betting contributed $45.7m to the total taxable winnings, while retail wagering contributed $875,290.
Maryland also collected $7.0m, which included $6.9m online and $131.294 in retail. Maryland taxed sports betting with a 15.0% flat rate.
Total sports bets in Maryland have reached $4.46bn for the current year, an increase of 89.2% on last year. This is a 143.4% increase in revenue, which amounts to $363.9m.
Iowa handling and revenue increases in May
In Iowa, the handle in May was $182.5m. It is 23.6% more than the $147.7m handled in May last year, but it’s 12.9% less than April.
In Iowa, players wagered $169.5m on online sports betting. Another $13,0m was bet at sportsbooks.
Revenue totaled $16.7m, slightly higher than $16.6m the previous year, and $16.5m by April 2024. Online betting accounted for $14.9m of this total, and retail outlets accounted for $1.8m.
FanDuel remains the leader in Iowa. This partnership produced $5.0 million in May from the $44.6 million in bets.
DraftKings & Wild Rose Jefferson came in second place with $2.4m from a total of $29.9m. Wild Rose Clinton (a sister property and a DraftKings Partner) came in third place with $2.2m off a $23.2m handle.
Tennessee mobile sports betting reaches $381.8m by May
Tennessee came in last, with gross mobile handling of $381.8m in May. It is a 36.2% increase from the $279.8m of last month but slightly lower than April’s $384.2m.
The gross handling in Tennessee reached $379.2m after accounting for adjustments of $2.6m. The figures are 0.5% lower than April. No comparable data is available from last year.
Tennessee does not report monthly revenue numbers. In May last year, the adjusted gross revenue totaled $35.7m.
In May, the tax on sports bets was $7.0 million. This is 1.4% less than last year and equal to April’s amount.
