Sports Betting Weekly Update: Increase in Nevada Betting Revenue, Bally's Active Engagement, and Other Highlights
In the dynamic world of US sports betting, October saw some significant milestones and changes. Nevada sportsbooks reported a record-breaking month, handling a staggering $659 million in wagers, surpassing the previous high set in September. This marks the third consecutive month of year-over-year growth for Nevada's sports betting industry.
Meanwhile, mobile betting accounted for over half of all bets in Nevada, with $377 million in mobile handle. The hold for all sports betting in Nevada was 6.4%, slightly above the yearly average of 5.3%.
New Jersey operators continued their dominance, handling $803 million in sports bets in October, more than Nevada. Pennsylvania, the third-largest sports betting state in the U.S., reported $526 million in October revenue. Indiana, in fourth place, recorded $231 million in October revenue.
The sports betting landscape is not just about numbers, though. There have been several strategic partnerships announced. BetMGM has partnered with the Pittsburgh Steelers, and Bally's Corporation has gained market access in Iowa via a partnership with Elite Sportsbook.
In Illinois, Kambi Group and Bally's Corporation have applied for sports betting market licenses at Jumer's Casino in Rock Island. Bally's Corporation has also recently acquired Bet.Works and Sinclair media, further solidifying its presence in the gaming industry.
Maverick Gaming will enter Colorado through an IGT deal, becoming a new player in the state's gaming industry. Bally's Corporation, another new player, should not be underestimated, given its recent acquisitions and strategic partnerships.
However, the industry has not been without its challenges. More than 100 casinos have closed during Thanksgiving due to COVID-19 spread. The situation has prompted operators and professional teams to urge Massachusetts lawmakers to legalize sports betting to help revitalize the industry.
On a sad note, two iconic figures have passed away. Argentine soccer legend Maradona and legendary bookmaker Lem, known for his knack for picks and promotions, left indelible marks in their respective fields.
Lastly, President-elect Joe Biden is reportedly considering federal oversight of sports betting, which could potentially reshape the industry in the coming years. As always, the sports betting landscape continues to evolve, and we'll be watching these developments closely.
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