The latest monthly sports betting reports across the US highlight significant year-on-year growth in Iowa, Maryland, and Tennessee during May. This detailed analysis reveals increased player spending and revenue trends, demonstrating the evolving landscape of the sports betting industry in these states.
Maryland: A Surge in Player Spending and Revenue
In May, Maryland witnessed a remarkable increase in sports betting activity. Player spending reached a substantial $431.5 million, which is 34.8% higher than the same period last year. Despite being 11.3% lower than April’s total spend of $486.3 million, the figures remain impressive. Of this total, a staggering $419.5 million was wagered online, with an additional $12.0 million bet at retail facilities.
The revenue from sports betting in Maryland, after deducting prizes, promotional wagers, and other amounts, stood at $46.6 million. This represents a significant 50.3% increase compared to last year and a 22.6% rise from April. Online betting contributed $45.7 million to the total taxable win, while retail betting added $875,290.
The state collected $7.0 million in taxes from sports betting, with $6.9 million from online betting and $131,294 from retail. Maryland maintains a flat tax rate of 15.0% on sports betting. For the year to date, the total sports betting spend in Maryland is $4.46 billion, up 89.2% year-on-year, with revenue reaching $363.9 million, a 143.4% increase.
Iowa: Consistent Growth in Handle and Revenue
Turning to Iowa, May’s sports betting handle reached $182.5 million, a 23.6% increase from $147.7 million in the same month last year. However, this was 12.9% lower than April’s figures. Online betting dominated the market with players spending $169.5 million, while retail sportsbooks saw $13.0 million in wagers.
Iowa’s sports betting revenue for May totaled $16.7 million, slightly higher than both last year’s $16.6 million and April 2024’s $16.5 million. Online betting contributed $14.9 million to the revenue, with retail locations adding $1.8 million.
FanDuel and Diamond Jo Dubuque maintained their market leadership in Iowa, generating $5.0 million in revenue from $44.6 million in total bets. DraftKings and Wild Rose Jefferson secured the second position with $2.4 million off a $29.9 million handle. Another DraftKings partner, Wild Rose Clinton, followed closely with $2.2 million from $23.2 million.
Tennessee: Strong Performance in Mobile Sports Wagers
In Tennessee, the gross mobile sports betting handle for May reached $381.8 million, a 36.2% increase from $279.8 million in the same month last year. Although this was slightly lower than April’s $384.2 million, the figures indicate robust growth. After accounting for $2.6 million in adjustments, the gross handle was $379.2 million, just 0.5% below April’s total.
Tennessee no longer reports monthly revenue figures. However, last May, the adjusted gross revenue was $35.7 million. The privilege tax from sports betting in May amounted to $7.0 million, which is 1.4% lower year-on-year and consistent with April’s total.
Conclusion
The sports betting industry in Iowa, Maryland, and Tennessee continues to demonstrate significant growth. Increased player spending and rising revenues underscore the expanding popularity and financial impact of sports betting in these states. With ongoing developments and market dynamics, the sports betting sector is poised for continued expansion and evolution.
