In Delaware, the sports betting arena experienced varied performances in September, as depicted by the contrast between a year-on-year decline and a significant monthly increase. The state reported a sports betting handle of $7.6 million for the month, which marked a 14.6% reduction compared to the $8.9 million recorded in September 2022. Despite this downturn, the handle saw a remarkable leap of 216.7% from August 2023's $2.4 million. This fluctuation underscores the volatile nature of the betting industry, influenced by seasonal sports events and market dynamics.
The revenue generated from sports betting did not abide by the handle's upward trend from August, as it underwent a sharp 65.6% fall from the previous year, settling at $958,547. However, in alignment with the handle's month-over-month recovery, revenue in September surged by 208.9% compared to August, evidencing the substantial influence of short-term factors on betting activities. Despite the year-on-year downturn, the substantial month-over-month increase in both handle and revenue accentuates the cyclical peaks and troughs typical in the betting landscape.
Performance of Key Players
Delaware Park led the market in terms of sports betting revenue and handle. The facility generated $130,379 in revenue from a $1.9 million handle, positioning itself at the forefront among its peers. Bally’s Dover followed, with earnings of $71,880 derived from $1.0 million in bets. Harrington Raceway, although trailing with $30,707 in revenue and a $434,662 handle, contributed to the market's dynamics. Additionally, a significant portion of revenue came from bets placed at retailers, totaling $725,583 from $4.3 million in wagers, highlighting the contribution of non-casino betting avenues to the state's sports betting economy.
Insights into the iGaming Sector
The iGaming sector in Delaware presented a mixed picture in September, with spending on online gaming platforms rising to $39.3 million, a 3.4% increase from the previous year and 21.3% higher than in August 2023. This surge in betting activities encompassed $22.3 million on video lottery games and $17.0 million on table games, depicting a diverse interest among participants in various forms of virtual gaming.
Despite the uptick in spending, iGaming revenue did not mirror this growth, as it decreased by 15.4% year-over-year to $1.1 million from $1.3 million. The revenue for September remained consistent with that of August 2023, reflecting stability in the context of monthly fluctuations. The revenue distribution saw video lottery games contributing the largest share with $856,402, followed by table games at $219,505 and poker rake and fees adding another $33,043. This spread illustrates the varied preferences of the gaming community in Delaware and the relative profitability of different iGaming offerings.
In the competitive iGaming market, Delaware Park emerged as the leader, amassing a total revenue of $534,015 from $22.2 million in wagers. Bally’s Dover and Harrington Raceway followed with revenues of $356,861 and $218,074 from $10.3 million and $6.8 million in bets, respectively. Their performances are indicative of the significant role these establishments play in the state's iGaming ecosystem.
In a strategic move to bolster its iGaming offering, Delaware has partnered with Rush Street Interactive (RSI), selecting it as the state vendor to power the Delaware State Lottery’s iGaming service. This collaboration is set to enhance the user experience and potentially elevate the iGaming sector to new heights, reflecting Delaware’s commitment to maintaining a vibrant and competitive online gaming environment.
The contrasting trajectories observed in both the sports betting and iGaming sectors in September underline the complexity and dynamism of Delaware's gambling landscape. As the state continues to navigate through the ebbs and flows of market demands and regulatory developments, these sectors offer intriguing insights into consumer behaviors and the economic implications of legalized gambling.