Nevada Sees Fall in July Sports Betting Handle; not Concerned Going Forward

The July sports betting numbers are in for the state of Nevada, and the slight momentum that was built up in June has ended. After June saw a jump in the handle and revenue for May, things went the other direction in July. 

The total sports betting handle for July was still 409.6 million, but that was a drop of almost 25 percent from July. This was a massive improvement from the July numbers in 2020, but COVID-19 was still affecting the industry at that time. 

Sportsbooks in Nevada brought in more than $33 million in revenue in July, and that was actually a big improvement from June. This is a much more important number to the sportsbooks and the entire state of Nevada. 

One of the biggest reasons for an overall lack of handle was that mobile sports betting saw a significant drop. The handle from online sportsbooks or mobile apps was just $241.9 million last month. 

While most states in the United States see mobile make up at least 90 percent of the entire handle, that isn’t the case in Nevada. Online sports betting represented less than 60 percent, and there was a drop of nearly 25 percent from June. 

Sportsbooks and the state of Nevada are not concerned as there should be a bounce-back coming soon when football begins. 

Closing the Gap on New Jersey

Even though the total sports betting handle in Nevada fell during the month of July, the state was still able to close the gap on New Jersey. Every state that has announced its July sports betting numbers has seen a drop, but Nevada’s drop wasn’t as large as other markets.

Nevada trailed New Jersey by over $221 million in June, but the gap was just $169 million in the month of July. New Jersey has posted better sports betting numbers than Nevada for each of the last 12 months, and that trend is not going to be changing anytime soon. 

Illinois has not yet announced its sports betting totals for the month of July, but it is typical right around Nevada as well. Closing the gap on Nevada is always a step in the right direction, but there is still a ways to go. 

Baseball Brings the Action

Baseball is not usually one of the biggest betting markets in the United States, but it has been attracting plenty of attention in Nevada. For the month of July, baseball accounted for $227.6 million, which made it the most popular sport to wager on.

The NBA was still going on at the beginning of July, and it was a popular betting market as well. The basketball betting handle fell by more than $100 million, but that sport still brought in close to $78 million. 

Other sports helped the state of Nevada put up respectable figures in July as it accounted for nearly $95 million. Football betting handle nearly doubled from the month of June, but that real jump is set to take place in August.  

Ravens and DraftKings Reach Official Deal

The Baltimore Ravens and DraftKings Inc. announced a deal earlier this week that should have massive benefits to both of the partners. DraftKings is now the official sports betting, Daily Fantasy Sports, and Free-to-Play Partner of the Baltimore Ravens. 

The National Football League season is set to begin on September 9, and teams are continuing to look for new ways to get involved in the sports betting industry. DraftKings is a major sports betting operator in the Eastern portion of the United States, and partnering with the Ravens should provide a big boost to the company.

This is the fifth different partnership with an NFL team for DraftKings, and more could be on the way in other states. The NFL has allowed its teams to seek out these partnerships, and it should lead to legal sports betting being offered inside of an NFL stadium at some point.

Ezra Kucharz, Chief Business Officer of DraftKings, said:

“The newly penned relationship offers something for every kind of sports fan and will allow them to engage with DraftKings’ digital content, free-to-play product, daily fantasy sports and, perhaps soon, sports betting, to ultimately bring them closer to the action alongside one of the top teams from the AFC North.”

The Baltimore Ravens play their home games at M&T Bank Stadium, and DraftKings signage will now be visible in and around that field. There will also be a DraftKings suite for each home game this year. 

The free-to-play portion of this deal is set to go into effect immediately, and fans of the Baltimore Ravens can find those games on the team app. DraftKings will be working with the Ravens to provide unique gameday experiences for the most loyal fans. 

The Baltimore Ravens currently host a weekly podcast called, “The Lounge,” and DraftKings will have a huge presence on those airwaves. DraftKings will be in charge of creating unique content, and the company will also be given the naming rights to the Baltimore Ravens pregame show. 

This partnership will continue to grow in the coming years, especially when sports betting is launched in the state. 

Maryland Sports Betting Coming Soon

Sports betting is legal in the state of Maryland, but DraftKings won’t be able to take any bets when the 2021 NFL season starts. The state of Maryland does remain on track to launch sports betting at some point this season.

DraftKings has confirmed that it has applied for a sports betting license in Maryland, and that will be the 15th state in which it operates. The Maryland Lottery is one of the agencies that are in charge of reviewing applications, and that process is currently underway.

M&T Bank Stadium is expected to be authorized for a sports betting license as well, and that should then be transferred to DraftKings. There could be up to 60 different online sports betting licenses available in Maryland, but it’s unclear how many companies will apply for one. 

Maryland is expected to become a large sports betting market, especially in that part of the country. 

Connecticut and Rush Street Partner for Deal

Connecticut continues to move forward with its plans to launch sports betting, and the industry is starting to take shape. There will be three online sports betting platforms available upon launch, and all three of those operators have now been chosen.

The Mashantucket Pequot and the Mohegan Indian tribe have already been approved for a sports betting license by the state. Those two tribes have the ability to partner with an online sports betting operator, and those deals are taking shape.

The Connecticut Lottery has also been given a chance to offer online sports betting, and it has been looking for a sports betting partner. The search is now over as the Connecticut Lottery has reached an agreement with Rush Street Interactive.

Rush Street Interactive is a company that is based out of Chicago, but it is one that has been making some big noise in the US sports betting industry. BetRivers and SugarHouse are two of the biggest names under the Rush Street platform, and this company should become a leader in the Connecticut market.

This deal will span the next 10 years, and it will come with some financial guarantees to the Connecticut Lottery. Rush Street Interactive has agreed to pay at least $170 million over the duration of the agreement, but that number could increase depending on the success of the partnership.

Not only will Rush Street have access to online sports betting in Connecticut, but it can create a monopoly of the retail betting scene. There will be 15 retail locations set up throughout the state, and Rush Street now has the rights to 10 of these spots.

Rush Street is no stranger to the US sports betting industry having already launched in 10 states with legal sports betting. It operates in both New Jersey and Pennsylvania, and that should help as it looks to launch again in the Eastern part of the US. 

Sportech is also a part of this agreement as it will be the company that powers sports betting at the retail locations. 

When is the Launch Date?

Lawmakers in the state of Connecticut have been pushing for a launch date this Fall, and there was hope that it could come before the start of the 2021 NFL season. That season is slated to begin on September 9, and that date is no longer a realistic goal.

Bettors in the state of Connecticut should be able to place a bet on the Super Bowl in February, but that might be the only NFL game that is available to them. There are still a number of steps that need to take place, and the Connecticut Lottery wants to do the launch in a proper manner.

The US Department of Interior has not yet given the final approval to the two tribal gaming compacts, and sports betting rules have yet to be finalized. Both of these steps should occur in the next few weeks, but it will still take some time before everything is launched.

Wyoming Looks to be Ready for Sports Betting in September

Wyoming could be the next state that is ready to launch sports betting as a target date has been set for September 1. Several states are targeting a launch date of September 9, but Wyoming could benefit from getting to the finish line a bit earlier.

The Wyoming Gaming Commission (WGC) has been put in charge of regulating sports betting in the state, and that group has been working quickly. The WGC unanimously voted to approve two sets of rules on Monday, keeping the state on a path to launch in September.

The first set of rules was initially announced back in June, but then the WGC allowed for a 45-day public comment period. That period ended on Saturday, and the WGC didn’t make any changes to what was previously announced.

If the state is able to get the industry up and running on September 1, it would be one of the fastest timelines in the United States. Wyoming would become just the third state in the US to launch the industry within five months of making it legal.

The House of Representatives in Wyoming initially voted against House Bill 133, but that group decided to hold a reconsideration vote. The next day, HB 133 was approved by a vote of 32-4.

The Senate in Wyoming didn’t waste any time approving this bill as 24 of the 29 voters agreed to send the bill to the governor. Governor Mark Gordon signed the bill into law on April 5, and the WGC immediately went to work. 

All of the sports betting in Wyoming will be done online, making it the second state in the United States to go this route. Tennessee was the first online-only sports betting market back in November 2020, but this has proved to be the most popular way to bet on sports.

What Will Sports Betting Look Like?

Outside of all of the betting is done online, there are some other pieces of information leaking out as to how this market will be set up. For one, Wyoming is going to attract some of the top sportsbooks in the US despite not being a state known for its sports.

Barstool, BetMGM, DraftKings, and FanDuel already submitted a letter of interest to the WGC, and those four operators should be among the first to receive a license. Wyoming must approve at least five online operators, but there is no cap as to how many licenses can be awarded. 

The cost of a license in the state of Wyoming is set at $100,000, and that permit is good for the first five years. The renewal fee will cost $50,000, and that will also allow the sportsbook to operate for a five-year period.

The sports betting revenue will be taxed a rate of 10%, which is right around the average in the US. All of these factors could lead to close to $4 million in revenue each year for the state of Wyoming.