This is going to be a major week for the United States sports betting industry as the new ESPN BET mobile app is now live in 17 different states. The month of November always tends to bring about some strong sports betting numbers, but those numbers won’t compare to what was brought in during October.
New York went over the $2 billion mark in monthly sports betting handle in October, and other states set some records as well. While no other state will even get close to matching what New York did, every state just continues to see some sort of growth.
Gaming commissions in the state of Indiana, Maryland, and Michigan all just recently announced sports betting totals for a recent month. Here is a look at those numbers and what might be to come for each state.
Indiana Sportsbooks See Huge Revenue
The Indiana Gaming Commission announced that sportsbooks in the state posted a total revenue of $42.5 million in October. Sportsbooks in this state just continue to perform well against the public as the win rate was over 10.5% last month.
This hasn’t always been the case in Indiana, but the win rate has now been higher than 10% for three of the last four months. While sports betting handle has slowed down a bit in 2023, the sportsbooks only really care about the win rate and the revenue.
Total sports betting handle last month was $429.7 million, and that was actually slightly lower than what was wagered in October 2022. That’s still one of the 10-highest sports betting handle totals of all time in this state and it shows that things are still trending in the right direction.
Maryland Sportsbooks See Huge Numbers
The Maryland Lottery and Gaming Commission announced that sportsbooks in the state brought in nearly $60 million in gross revenue for the month. This commission also breaks down the type of bets that are placed, and it was parlays that really helped to push the overall revenue up.
This wasn’t a revenue record in the state of Maryland, but it was the third most profitable month for online sportsbooks. Maryland sportsbooks won 12.2% of all wagers for the month, but that number was all the way up to 21.1% on parlay wagers.
Even though not all states have reported on October numbers, Maryland is currently sitting in 10th place in terms of total sports betting handle in the 2023 calendar year. The state saw $483.1 million in total handle in October and that was the second-highest total on record.
FanDuel Sportsbook continues to be the clear leader in this state, and it has also posted a hold rate of higher than 10% every single month this year.
Michigan Closing the Book on September
The Michigan Gaming Control Board is a bit behind in announcing sports betting numbers as it recently provided an update on the September totals. Sportsbooks in the state of Michigan continue to try and bring in action through promotions, and it has created a ton of deductions.
In September, sports betting apps deducted over $25 million in promotional offerings, and it impacted the amount of taxable revenue that was available. Michigan was only able to bring in $1.4 million in tax revenue for September, even though the gross revenue was up over $44 million.
DraftKings and FanDuel just continue to dominate the sports betting action in the state of Michigan. This state has actually seen sports betting action decrease in recent months, but the October numbers should provide a nice boost.
