The Coronavirus disease 2019 (COVID-19) has negatively affected all sectors in the world, including sports. Due to the lockdown, the international sports tournaments had to be canceled while some national events were organized without spectators. The cancellation has hurt the sports betting industry, especially in the United States, which is home to a wide range of wagers.
After the COVID-19 pandemic has been gradually curbed, major sports leagues have been resumed, leading the recovery for the U.S. sports betting sector. The market has seen a wide range of new operators and states releasing handle/revenue figures.
In West Virginia, the sports betting handle reached $40.4 million in August, marking a new record high for the state. The figure is more than two-and-a-half times of the $16 million in July. Meanwhile, the online handle of West Virginia hit $31.1 million in August, doubling the total in July. The figure is expected to grow larger in September as new operators go live. The betting revenue of the state increased by 25% to $2 million in August.
Customers in the online casino market in West Virginia spent $39.6 million in August, from $555,000 of revenue was held. Notably, September’s figures would increase as BetMGM ended DraftKing’s online casino monopoly in August.
In Iowa, the betting handle doubled m/m to $50.3 million in August, including $35 million from the online transactions. The state’s betting revenue rose about one-third to $3 million in the month, including $1.6 million from digital channels.
This week, Iowa welcomed UK bookmaker Betfred’s US subsidiary into the online betting market.
Meanwhile, the betting operators in Indiana handled $169 million worth of wagers in August, including $144 million from online wagering transactions. The total betting handle increased 47.6% m/m in August, while the state’s betting revenue rose from $3.1 million in July to $9.8 million in August.
Notably, FanDuel and DraftKings continue dominating Indiana’s betting market with their land-based casinos handling $50.7 million and $78.6 million, respectively, in August.
In the most recent fiscal year ending June 30, the betting handle of Indiana was $1.2 billion and its revenue was $95 million.