U.S. Internet Casino Revenue Totals $629 M for July

Operator winnings were up 30.8% compared to July 2023, boosted by New Jersey recording its second-highest monthly total of $195.4 million. That led the seven states for July, edging out the $191.4 million claimed by Michigan iGaming platforms.

Taxable revenue surpassed $600 million for the third time this year, reaching $603.3 million. That represented an increase of 31% from 12 months prior. State tax revenue totaled more than $127.7 million, an increase of close to $32.2 million from last July and just over $6 million from June.

Pennsylvania accounted for the bulk of the known $7.62 billion wagered across the seven states, with the Keystone State reporting $5.74 billion in action. New Jersey and Michigan do not report monthly handle figures for internet casino gaming.

The Garden States Makes Another Run at $200 Million

When it comes to casino gaming in July for New Jersey, the talk is usually about the Atlantic City boardwalk and attracting tourists to the area's nine casinos.

The iGaming platforms tethered to those venues, however, they stole the show in July with a 25.9% year-over-year increase in winnings as the total finished behind only the $197.2 million reported for March.

DraftKings and FanDuel ranked 1-2 in revenue, with the former the only operator to surpass $40 million in revenue at $41.7 million and the latter landing at $37.8 million. The Golden Nugget, which had a year-best $8.7 million in iGaming winnings, was the only casino licensee to place three online skins in the top 10 for operator revenue.

Michigan, which remains the only state to surpass $200 million in monthly internet casino revenue, topped $190 million for the fourth time in the last five months with a gross revenue haul of $191.4 million. That was an increase of 24.5% from July 2023 as BetMGM continued to rebuild its status as the top platform in the Wolverine State.

BetMGM, which ceded the No. 1 spot for revenue to hard-charging FanDuel in March and April, has been atop the rankings for the last three months and widened the gap between the two since reclaiming the throne.

The two were separated by $4 million in July as BetMGM's winnings increased 3.5% year-over-year to $50.7 million. FanDuel, though, is within $10 million of BetMGM for year-to-date revenue and has topped $40 million in winnings for nine straight months.

Pennsylvania operators combined for $174.3 million in winnings, pushing all-time iGaming revenue in the state over $6 billion in just five years since launch. Revenue was up 31.2% from 12 months prior and also climbed 8.5% from June.

The trio of books powering Hollywood Casino at PENN National — DraftKings, BetMGM and its own internal platform — combined for $20.5 million in revenue from table games as part of its $64 million overall haul.

FanDuel and DraftKings combined for close to $42 million in gross winnings in Connecticut, the seventh time in the last eight months the online superpowers cleared $40 million in the Nutmeg State.

DraftKings had the better month of the two, claiming $22.5 million as statewide revenue was up 48.8% and all-time operator winnings surpassed $1 billion in 34 months since launch in October 2021.

Small States, Big Numbers

Delaware and Rhode Island both recorded record monthly revenue totals, with the former enjoying a renaissance with new platform provider BetRivers and the latter still in the honeymoon phase with Bally's.

Delaware gross revenue narrowly missed $6 million in July, and the $34.7 million in total winnings since BetRivers took over at the start of the year is more than double the $14.1 million accumulated from the same period last year by predecessor 888 Holdings.

Bally's, meanwhile, posted another incremental month-over-month gain in the Ocean State as the $2.6 million in winnings was up 11.3% from June. Both gaming disciplines — tables and slot — had all-time highs for handle contributing to the bounce in revenue.

Table games drop exceeded $30 million for the first time and led to a record haul of $809,700 in winnings. Slot drop climbed over $35 million, while revenue — which gets taxed at 61% — hit an all-time high of nearly $1.8 million.

Rhode Island has already received more than $5 million in tax revenue through the first five months of business and looks well-poised to absorb any year-over-year drops in receipts generated from sports betting.

West Virginia rounds out the group of seven with $17.8 million in revenue, a 70.1% year-over-year increase as the $425.6 million wagered was up 32.6% from July 2023. Hollywood Charles Town was a key driver to the surge in operator winnings, with its $7.2 million more than double the $3.2 million claimed 12 months prior.

By Chris Altruda