A new wave of optimism has swept through the American gambling landscape as May yielded impressive revenue figures, signaling robust growth in several states. Nevada once again led the pack, solidifying its position as a hub for sports betting, while Colorado and Connecticut also reported notable gains. South Dakota, though relatively smaller in market size, maintained steady growth, all reflecting a thriving gambling industry in the United States.
In Nevada, sports betting revenue for May soared to an impressive $36 million, marking an 19.8% increase from the same period last year. Online betting, which saw a 23% surge, contributed a substantial 63.4% of all sports wagering revenues. This spike comes despite a slight 2.3% decline in the overall handle, suggesting that bettors are placing higher value wagers online.
Basketball proved to be a dominant force in Nevada’s sports betting scene, generating $17.2 million in revenue. This can be attributed to the NBA Conference semi-finals and finals, which captivated the nation throughout May. Baseball also held its ground, bringing in $11.2 million, while ice hockey accounted for $3.4 million. Other sports combined contributed an additional $7.8 million to the revenue pot.
Overall gaming revenue in Nevada climbed 2.3% to reach an impressive $1.32 billion. This figure narrowly surpassed last year’s $1.29 billion, halting a two-month streak of annual declines. Within the land-based sector, slot machines were the biggest revenue generators. They amassed a hefty $886.1 million, up 1.0% from the previous year, with multi-denomination slots contributing $599.1 million, a remarkable 19.5% rise. However, penny slots saw a downturn with their revenue, dipping 26.9% to $207.8 million.
Table games and card games, including sports betting, also experienced growth, climbing 5.6% to $434.3 million. Baccarat, despite being the top revenue generator in this segment at $126.4 million, saw a slight 5.5% decline compared to last year. Conversely, blackjack and roulette saw substantial gains, with revenues up 11.4% to $116.8 million and 45.9% to $44.1 million, respectively.
In Colorado, sports betting revenue experienced an admiringly sharp increase. The state recorded $45 million in revenue for May, representing a 43.3% jump from the previous year’s figure of $31.4 million. Online platforms dominated the market, accounting for nearly all of the revenue, while retail betting made a negligible contribution of just 0.05% or $20,381.
Colorado’s handle, or the total amount wagered by players, also showed significant growth, soaring 16.2% to $447.6 million compared to last May.
. Online betting was the overwhelming preference, comprising $446 million of the handle, with retail locations only accounting for $1.6 million. Like in Nevada, basketball was the standout favorite among Colorado bettors, attracting $147.5 million in bets. Baseball, tennis, and ice hockey followed, with handles of $92.3 million, $25.5 million and $24.2 million, respectively.
In the igaming sector, Connecticut witnessed a record-breaking performance in May. The state’s online casino market reported $46.3 million in revenue, surpassing the previous record by 4.5%. This figure also reflected a staggering 41.3% increase compared to the same month last year.
Spending on internet casinos also saw a substantial rise, hitting an all-time high of $1.37 billion. This sector far outpaced sports betting, emphasizing the burgeoning popularity of igaming in the state. DraftKings and its partner, Foxwoods operator the Mashantucket Pequot Tribe, led in revenue, contributing $21.6 million out of the total, ahead of FanDuel and Mohegan, which generated $17.7 million.
Total betting revenue in Connecticut was also up by 14.8% year-on-year, reaching $17.1 million. The lion’s share of this amount, $16.2 million, came from the online market, with the remaining sum originating from retail betting. FanDuel and Mohegan emerged as the top sports betting operators with a combined unadjusted revenue of $8.4 million, outpacing DraftKings, which brought in $6.2 million. Meanwhile, Fanatics, which replaced Rush Street Interactive as the Connecticut Lottery’s sportsbook provider, added another $1.1 million to the overall figures.
Total handle in Connecticut surged 49.6% year-on-year to reach $163.6 million, with online betting making up $155.6 million of the total.
South Dakota, while smaller in scale, also reported gains in May. Total gambling revenue in the state increased by 2.4% to $12.8 million. Handle for the month stood at $140.6 million, reflecting a 1.7% increase from last year.
Slot machine spending in South Dakota rose slightly by 1.2% to $132.1 million. Table game wagering also climbed significantly, up by 10.3% to $7.8 million. However, sports betting, which is limited to in-person wagers, saw a 6.3% decrease, with the handle for May standing at $495,490.
In conclusion, May proved to be a pivotal month for the US gambling industry. With different states reporting strong performances across various sectors, the industry seems poised for continued growth and evolution.
