US iGaming Financials

‘November US Online Gambling Revenues – Delaware, New Jersey & Iowa!’ (Image Source: images.unsplash.com)

The US online iGaming and sports betting markets are in full swing, and with sports back on the agenda, the newswires are rattling with reports of huge revenue gains.

Delaware, which has the smallest online gambling market in the US, is making headlines, while New Jersey reports decreases in land-based and online casino betting but an increase in sports betting and Iowa reports record sports betting revenues. However, the million-dollar question is which of these states is earning revenue from online casinos and/or sportsbook bets?

Deciphering the US Online Gambling Industry

Since Black Friday in 2011 when the Feds swept across the US dismantling the US online casino and betting markets, more states have created their own regulations and licensing.  Since then, only a handful of US states agreed to regulate online gambling markets. Nevada was one of the first and allows sports betting and online poker, while New Jersey and Delaware followed shortly after and have been in operation for almost 5 years.

More recently Pennsylvania came online allowing online poker, casinos, and sport betting while Michigan will allow all 3 forms of gambling starting mid-2021. There is also a matter of West Virginia, which is another state that will allow all forms of online gambling.

Furthermore, there are numerous states such as Iowa and Colorado allowing online sportsbooks to come online but are still yet to create online casino or poker licensing. This is much like Nevada’s setup, with the only difference being that online poker is licensed in the home of Las Vegas!

One thing is for sure, and this a positive for US citizens, and that is the US online gambling market is looking increasingly similar to Europe’s set up where multiple European countries are now installing their own domestic licensing authorities. To decipher this tangled Us web of licensing as a European citizen, it is best to look at state licensing in the same way as you view country by country licensing in Europe, and if you are a US citizen, then vice versa.

Delaware iGaming Revenue Increases 51% in November

Most popular in the news this week is the small state of Delaware, which ranks 45th in the USA’s most populated states charts. The East coast state sits just below New Jersey and accounts for only 0.21% of the country’s population and still has fewer residents than most small US cities.

Yet, this small state has a keen online gambling following and in particular, the iGaming niche rose to $569k, which is double last months. Table games such as roulette, blackjack, and baccarat made up for $178k and online poker rakes took $51k. The lion’s share of the iGaming revenue actually came via the state’s very popular video lottery games.

Overall, the year-on-year figures for online gambling in Delaware are $6.2 million from Delaware Park operator, $6.1 million from Dover Downs, and Harrington Raceway accounted for $4.2 million.

New Jersey Drops Land-Based Revenue but Gains Online

Over in New Jersey, land-based casino revenue dropped by 35% in November recording $146.6 million year-on-year revenue at this point. This downslide meant the entire betting and gambling market in the state is down 6% recording $288.9 million for November this year.

The popular gambling hotspot Atlantic City is suffering from the effects of COVID-19 which has seen a decline in land-based slot gaming and table gaming which both fell 35% to $101.8 million and 33% to $44.7 million, respectively.

However, the sports betting market handled $330.7 million of the state’s gambling revenue which is up from October’s $260.7 which softens the blow from the land-based industry. $238 million of this figure came from online and mobile bets.

Online casinos were also impressive as there was an amazing 87% rise this November compared to the previous year which took $49 million! However, overall, the $89 million taken from online slots and live table games in November which is a slight decrease compared to October’s $93.5 million. All things considered, the New Jersey online casino enterprises raked in $870 million in revenue, which is a year-on-year rise of 101% compared to 2019.

Iowa Sports Betting Increases to $87.2 million

The last state we pulled figures on was Iowa simply because the state continuously breaks records. Although online casinos are not yet legal here, online sports betting is very much alive. In November, the total amount brought in from offline and online sports betting was $87.2 million. This is a 6% climb from October, which was a record-breaking month, so November sets a new record just a month later!

What’s even more impressive is that $62.4 million worth of bets were placed online via mobile or online devices which is a 10% rise in online bets from October. There is now a call for the state to follow in the footsteps of New Jersey, Delaware, Pennsylvania, and soon to come online Michigan. Currently, no forceable legislative pushes for online casino or online poker are in action with only a tame mention of the subject that often gets brushes aside.

Stay tuned for more updates on the US online casino, poker, and sports betting markets!

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