Sports Betting Market in Delaware Recovers After Two Poor Months
June was a good month for the sports betting industry in Delaware, as the state recorded an increase in revenue after two consecutive months of decline.
The First State made wagering on sports legal in May last year, almost immediately after the U.S. Supreme Court repealed PASPA and lifted the ban on this activity.
$6.3 Million Wagered in June
The figures released by the Delaware Sports Lottery, last month was a very busy period for bettors across Delaware, as they bet $6.3 million. This, in turn, brought the state a total of $466,705. During the 30-day period, players won back $5.8 million, leaving only 7.4% for the state.
The biggest news is that June was the first month of growth Delaware had seen in 90 days. Back in May, the state took $406,293 on $5.9 million in wagers, which was the best result since April, when they won $615,772.
Although positive, these figures are far from the state’s record of $1.64 million, generated in March, set on a betting handle of $10.48 million. January still holds the record when it comes to the amount of money wagered when bettors placed $11.9 million in wagers.
Delaware Park ended the month with the best sports betting figures, as the venue took $4 million in bets, and collected $296,694. This represents an improvement of 11% when compared to the casino’s results in May when they won $252,067 on $3.6 million in bets.
Delaware Park was followed by Dover Downs, which accepted $1.5 million in bets during June, a slight drop from its results in May. The casino thus ended June with a drop in its winnings, collecting $91,789 – nearly 10% less than in May when the venue earned $101,444.
The third-placed venue was Harrington Raceway, which took $1 million bets during June, recording a significant increase of 30% when compared to $768,048 it accepted in the month of May. More bets resulted in more money being held – $78,222 in June, nearly 50% more than in May.
No Retail and Online Sports Betting… Yet
These three casinos are at the moment the only three venues where residents of Delaware are allowed to wager on sports. Under the provisions of the current law, there are no retail or online options available.
The state has introduced a 50% tax rate on gross gambling revenue, along with a tax of 10% allocated to Delaware horse racing. Last, but not the least is a 0.25% federal excise tax on the entire handle.
Delaware made sports betting legal more than a year ago, but its market is still far behind those in neighbouring states like Pennsylvania and New Jersey, although the latter’s revenue in June hit a new monthly low for the year to date.
But as the numbers are positive so far, moves like making sports betting available at retail and online could be beneficial for the state and further improve its monthly results. And, of course, bring more money to the state coffers.