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The COVID-19 pandemic has turned our lives upside down and sideways. The sports betting industry has been able to pivot in ways that few expected and companies are taking notice. In the future, we will look back at the COVID-19 pandemic as a major turning point for the sports betting industry.
According to the American Gaming Association, the casino industry’s national trade group, 44 states plus Washington, D.C., have legalized some form of casino gaming, including sports betting.
With things constantly in flux, we summarize the items covered over the past several months. The industry which had almost zero regulation prior to 2018, is now heavily regulated in many states… with many more to come.
Mobile Sports Betting Is The Most Important Asset To Gambling Companies
Gambling companies have struggled since COVID-19 swept the world in March. Major gambling companies stock hit sudden and scary drops that put many on notice. For instance, we saw Penn National Gaming’s stock plummet from $33 per share to $5 per share in March.
Since then, the retail casino outlook is not getting much brighter, with Wynn’s Encore Casino in Boston being forced to close earlier this week due to the pandemic. This could very well continue too with COVID-19 cases spiking across the world.
This all leads to major gambling companies pivoting their priorities to mobile betting. We saw Caesars Entertainment make a $3.7 billion purchase of William Hill, one of the largest sports betting companies in the country. In 2019, William Hill reported that three million customers gambled online. This will increase now that many states are introducing legal online sports betting during the COVID-19 pandemic.
Gambling companies have rebounded since the COVID-19 pandemic swept the industry but that is in large part due to mobile sports betting. Companies that are prepared for mobilization are able to pivot to that platform.
Penn National Gaming has rebounded from $5 per share to well above $50 per share at close on Tuesday. Their mobile platforms are undoubtedly leading to this optimism that has seen them become one of the largest casino companies in the country. Other companies will need to replicate this model if they have any hope of competing in this market.
State Governments Are Making Mobile Sports Betting A Priority
Mobile sports betting is only going to go as far as states allow it to go. The most sought after benefit from legal sports betting is tax revenue. We have seen huge numbers in wagers from states like New Jersey, Nevada, and Pennsylvania. Furthermore, Colorado, Tennessee, and Illinois have adopted mobile sports betting in their states in 2020.
With many more states pushing for legal sports betting, expect legislation to rapidly increase. For instance, Michigan legalized live in-person wagering on sports in April of 2020. This is nearly impossible for fans to use because most casinos have severely decreased capacities or totally closed. Moreover, casinos were closed for several weeks from March-May to attempt to stop the spread of COVID-19.
There has been plenty of traction for Michigan to officially launch mobile sports betting in their state. Expect that this could happen in late 2020 or early 2021. This will be a theme in 2021 as well with states like New York, California, and Florida potentially bringing in huge amounts of sports bettors.
The potential for tax revenue will be massive in states with that kind of population.
Esports Will Be A Major Betting Attraction As It Gains Popularity
In March, sports leagues like the NBA, NFL, and NHL were forced to come to a halt. With no sports eligible to be bet on, Esports burst onto the scene. Sportsbooks quickly jumped in on the continuously growing market.
The market exploded during the 2020 pandemic where we saw players across the country for competition. Sportsbooks such as DraftKings Sportsbook, William Hill, and FanDuel having extensive offerings for Esports.
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Major corporations that are outside of the gambling industry are interested in Esports as well. Recently, Amazon purchased the streaming company Twitch for $1 billion. Throughout the country, we are seeing gamers make millions of dollars through streaming platforms, Twitch, Discord, and other streaming platforms. Players have the option to sell different types of gear on Twitch, as well as gain ad revenue from their videos.
The money that has been pushed into Esports was a huge development during the COVID-19 pandemic. The New York Times reported that the Esports betting industry is now worth $160 billion. Sports betting director Marco Blume is excited for Esports exclaiming, “Esports is king now.”
Marco explained that every major sportsbook will be offering Esports betting because of the COVID-19 pandemic.
Esports may have burst onto the scene during COVID-19 but it is here to stay.
Major Gambling Companies Want A Big Piece Of The Pie: Mergers and Acquisitions
We have talked about casinos working hard to pivot out of their retail operations, with major gambling companies like Caesars Entertainment and Sands Las Vegas moving away from their retail casinos. Caesars recently sold their Bally’s Atlantic City location to Twin River Holdings. They also sold Tropicana Evansville and are expected to continue to sell underperforming retail locations. However, they did buy William Hill for $3.7 billion in September where they expect to ramp up the online sportsbook.
Sands Las Vegas (NSDQ: LVS) is one of the largest gambling companies in the country with nearly a $40 billion market cap. They have recently looked to sell a few of their retail casinos in Las Vegas. An extremely frustrating set of circumstances for the massive corporation might see them sell-off some of the best resorts in their company.
Perhaps Las Vegas Sands is looking to get into mobile sports betting in response to the COVID-19 pandemic. Pivoting in this industry is crucial to the sustained success of these companies. Penn National Gaming recently launched the Barstool Mobile Sportsbook which helped their Quarter 3 earnings beat projections across the board.
Online Poker Increases In Popularity
When sports were forced to cease operation, online poker took a piece of the action. During the COVID-19 pandemic, only four states had legal online poker playing. These states include New Jersey, Delaware, Nevada, and Pennsylvania.
Each of these four states reported record-high online poker revenues. Furthermore, Nevada reported a 90% increase for March of 2020 compared to March of 2019.
The online poker market was valued at around $45.8 billion in 2017. By 2024, experts expect that the market will be worth nearly $95 billion with the expectation that it will increase by 11.5 annually until 2027.
The most frustrating part of the industry is the legalization obstacles that companies face. The Wire Act of 1961 has forced online poker to be illegal in many states. The Wire Act forbids the use of communication via gambling that does relate to a sporting event or contest.
Online Poker has an uphill battle to gain legalization from the rest of the states throughout the country. It will require significant changes by lawmakers who interpret the law in specific ways.
October 2020 set yet another benchmark for mobile sports betting in the US. All five states on this month’s revenue roundup list (New Jersey, Pennsylvania, Indiana, Iowa, and West Virginia) broke records for monthly mobile sports betting revenue.
Harrah's Casino Sports Betting
New Jersey continues to set the standard in the US mobile sports betting market, with Pennsylvania also emerging as one of the biggest sports wagering hubs in the US. In both states, more than 90% of betting came from online apps in October.
The Indiana market flourished in October, with DraftKings and FanDuel leading the charge. Iowa and West Virginia also realized big gains in monthly revenue, as October 2020 marked the biggest month for sports betting in US history.
New JerseyOnline Sports Betting Revenue October 2020
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| Retail Operator | Online Skins | October 2020 Revenue | Month-Over-Month Change | YTD Revenue | Year-Over-Year Change |
|---|---|---|---|---|---|
| New Meadowlands Racetrack | FanDuel Sportsbook, PointsBet | $29,326,479 | +17.0% | $133,707,772 | +39.7% |
| Resorts Digital Gaming | DraftKings Sportsbook, FOX Bet, Resorts | $14,635,732 | +206.5% | $70,876,625 | +15.9% |
| Ocean Casino Resort | William Hill Sportsbook at Ocean Casino | $3,241,022 | +38.2% | $12,157,360 | +15.6% |
| Borgata Hotel Casino | Borgata Sports, BetMGM | $3,235,586 | -12.9% | $18,311,910 | +578.7% |
| Darby Development (Monmouth Park) | Monmouth Park Sportsbook by William Hill, SugarHouse, TheScoreBet | $3,136,786 | +34.4% | $14,930,504 | +2.9% |
| Hard Rock Atlantic City | Hard Rock, Bet365, Unibet | $1,147,667 | +21.1% | $4,793,730 | +108.6% |
| Bally’s Park Place | Caesars Sportsbook, 888 Sport, WynnSports | $395,548 | +61.5% | $1,696,593 | -42.6% |
| Tropicana Casino & Resort | William Hill Sportsbook Tropicana Atlantic City | $158,692 | +45.3% | $508,436 | +228.0% |
| Golden Nugget | Golden Nugget, BetAmerica | -$109,670 | N/A | $566,914 | -52.6% |
| Totals | $55,167,842 | +38.9% | $257,549,844 | +34.7% |
New Jersey Sports Betting Continues To Raise The Ceiling
Overall betting handle for New Jersey sportsbooks broke the all-time monthly record again in the US. Combined handle from retail and online sports betting came in at $803,096,172, with 92.6% of bets coming from mobile sportsbooks.
Hollywood Casino Sports Betting
That $803 million figure breaks the previous monthly handle record set just last month by the New Jersey market. The breakdown of overall, mobile, and retail betting handle from the New Jersey Division of Gaming Enforcement can be viewed here.
New Jersey’s mobile sportsbooks also hit a new high in monthly revenue. Online sportsbooks in New Jersey brought in over $55 million in earnings for October.
That figure now stands as the all-time record for monthly mobile sports betting revenue in the US, breaking the previous mark set by New Jersey in January 2020 ($46.65 million).
The New Meadowlands Racetrack license (FanDuel Sportsbook, PointsBet) shows no signs of relinquishing its status as the state’s top online operator. New Meadowlands holds 52% of online market share for online sports betting revenue for 2020.
Resorts Digital Gaming (DraftKings Sportsbook, FOX Bet, Resorts) holds the No. 2 spot among New Jersey’s online sportsbooks. October revenue reports from the New Jersey Division of Gaming Enforcement show a close battle for the number three spot, as New Jersey continues to host the most competitive online sports betting market in the nation.
PennsylvaniaOnline Sports Betting Revenue October 2020
| Retail Operator | Online Skins | October 2020 Revenue | Month-Over-Month Change | YTD Revenue |
|---|---|---|---|---|
| Valley Forge Casino Resort | FanDuel Sportsbook | $14,706,169 | +516.8% | $52,360,106 |
| The Meadows | DraftKings Sportsbook | $6,471,318 | N/A | $22,959,331 |
| Hollywood Casino at Penn National | Barstool Sportsbook | $2,962,659 | N/A | $151,024 |
| Parx Casino | Parx Sportsbook | $2,143,025 | +65.8% | $11,092,214 |
| Rivers Philadelphia | SugarHouse Sportsbook | $1,469,606 | +72.3% | $10,459,280 |
| Rivers Pittsburgh | BetRivers Sportsbook | $1,448,815 | +253.3% | $8,816,075 |
| Mount Airy Casino Resort | FOX Bet | $1,085,889 | +336.0% | $7,293,406 |
| Mohegan Sun Pocono | Unibet Sportsbook | $101,458 | -153.5% | $1,595,550 |
| Harrah’s Philadelphia | Caesars Sportsbook | $66,241 | -33.0% | $246,018 |
| Presque Isle Downs | BetAmerica | $15,076 | -68.1% | $282,124 |
| Totals | $30,470,256 | +2555.7% | $115,255,128 |
Pennsylvania Online Betting Revenue Sets A New Record
Online sportsbooks in the Keystone State took $472,276,003 in bets for October, breaking the previous all-time monthly high of $414.1 million set just last month. Mobile sports betting brought in $30.47 million in October, also setting a new record for the Pennsylvania sports betting market.
Online wagers represented nearly 90% of overall handle in Pennsylvania for October. FanDuel Sportbook lifted the Valley Forge Casino Resort license to $14.7 million in October, by far the single-month record for any mobile sportsbook operator in the state.
Barstool Sportsbook (under the Penn National Gaming license) took the No. 3 spot in the state for both revenue ($2,962,659) and handle (just under $61 million) among online sportsbooks. The revenue figures from the Pennsylvania Gaming Control Board can be viewed here.
October revenue pushed Pennsylvania’s online sports betting industry past the $115 million mark for the year.
Indiana Online Sports Betting Revenue October 2020
| Retail Operator | Online Skins | October 2020 Revenue | Month-Over-Month Change | YTD Revenue |
|---|---|---|---|---|
| Ameristar Casino | DraftKings Sportsbook, theScore Bet | $8,751,429 | +171.1% | $36,383,169 |
| Blue Chip Casino | FanDuel Sportsbook | $7,085,879 | +204.7% | $22,570,619 |
| Belterra Casino | BetMGM | $1,778,855 | +37.7% | $4,834,631 |
| Hollywood Lawrenceburg | PointsBet | $862,865 | +207.0% | $1,709,468 |
| French Lick Resort | BetRivers Sportsbook | $632,752 | +85.9% | $3,224,289 |
| Horseshoe Hammond | Caesars Sportsbook, Unibet | $219,740 | N/A | $267,724 |
| Tropicana Evansville | William Hill | $65,406 | N/A | $65,406 |
| Rising Star Casino | BetAmerica | -$10,016 | N/A | $22,144 |
| Totals | $19,386,910 | +160.7% | $69,077,450 |
Indiana Mobile Sportsbooks Shatter Revenue Records
October produced the best revenue-earning month in the history of mobile sports betting in Indiana by far. Online sportsbooks took in $19,386,910 in October, almost doubling the previous high set in August ($10,016,090).
Overall handle also saw a new record come in for the Indiana market, with state sportsbooks taking just under $231 million in bets.
Ameristar Casino (DraftKings Sportsbook, theScore Bet) and Blue Chip Casino (FanDuel Sportsbook) dominate the Indiana market. The two operators combined accounted for 81.6% of mobile sports betting revenue in October.
William Hill, the newest player in the Indiana market, debuted Oct. 29. November will mark the first full month of operations for William Hill Indiana, licensed to Tropicana Evansville Casino.
The October numbers released by the Indiana Gaming Commission can be viewed here.
IowaOnline Sports Betting Revenue October 2020
| Retail Operator | Online Skins | October 2020 Revenue | Month-Over-Month Change | YTD Revenue |
|---|---|---|---|---|
| Prairie Meadows | William Hill Sportsbook at Prairie Meadows | $2,156,863 | +121.1% | $6,735,750 |
| Wild Rose Casino | DraftKings Sportsbook | $1,194,638 | +149.9% | $2,724,724 |
| Diamond Jo Casino | FanDuel Sportsbook | $942,349 | +740.7% | $942,349 |
| Caesars Entertainment | William Hill | $851,673 | +128.3% | $2,689,143 |
| Elite Casino Resorts | Elite Sportsbook | $811,968 | +102.4% | $2,447,322 |
| Hard Rock Casino | Hard Rock Sportsbook | $157,777 | +125.3% | $466,041 |
| Lakeside Hotel Casino | William Hill Sportsbook at Lakeside Hotel Casino | $149,561 | +63.1% | $428,627 |
| Catfish Bend Casino | PointsBet | $97,834 | +88.8% | $393,929 |
| Q Casino | Q Sportsbook | $8,617 | -66.9% | $285,218 |
| Totals | $6,371,281 | +158.2% | $17,113,102 |
Record-Breaking Trend Continues For Iowa’s Mobile Sportsbooks
October saw Iowa’s sportsbooks take $81.9 million in bets, with $56.88 million of that total coming from online sportsbooks. Both of those marks set new records in the Hawkeye State, as Iowa’s sports betting industry continues to surge.
FanDuel Sportsbook, in its first full month of operations under the Diamond Jo Casino license, took the No. 3 spot on the October monthly revenue list in Iowa.
William Hill persists as the dominant brand in the Iowa market. Prairie Meadows, a quartet of Caesars-owned properties, and Lakeside Casino Hotel all partner with William Hill to offer mobile sports betting in the state.
The three licenses partnered with William Hill brought in more than $3.1 million in combined online sports betting revenue in October, producing nearly half of Iowa’s total online sports betting revenue.
The monthly figures from the Iowa Racing and Gaming Commission can be viewed here.
West VirginiaOnline Sports Betting Revenue October 2020
| Retail Operator | Online Skins | October 2020 Revenue* | Month-Over-Month Change | YTD Revenue** |
|---|---|---|---|---|
| Hollywood Casino at Charles Town Races | DraftKings Sportsbook | $2,516,871 | +165.2% | $6,542,589 |
| The Greenbrier | FanDuel Sportsbook, BetMGM | $1,695,244 | +93.5% | $6,250,258 |
| Mountaineer Casino | William Hill | $75,250 | +119.2% | $109,587 |
| Wheeling Island Casino | Wheelng.Betly.com | $22,378 | +456.8% | $26,397 |
| Mardi Gras Casino | Betly | $14,706 | +345.1% | $18,010 |
| Totals | $4,324,449 | +131.7% | $12,946,842 |
*total revenue figures for weeks ending in October 2020
**total revenue figures for weeks ending in 2020
DraftKings Takes Over Top Spot In West Virginia Market
West Virginia’s mobile sportsbooks realized the best month in the history of the state’s industry by far in October. With all five of the state’s land-based casinos now offering online sports betting, mobile wagering revenue topped the $4.3 million mark for the month.
That total more than doubles the previous all-time monthly revenue high of $1.866 million, set just last month. The Hollywood Casino at Charles Town Races license, which operates DraftKings Sportsbook, took the lead in annual revenue, going over the $6.5 million mark for 2020.
The Hollywood Casino and The Greenbrier licenses both posted the first seven-figure revenue-earning months in the history of West Virginia’s sports betting industry. The revenue breakdown from the West Virginia Lottery can be viewed here.