Unfiltered Insight into the Sports Betting Game Across the USA 💰
Gambling Scene: New York's Sports Betting expansion, Rate Changes on Las Vegas Strips, Revenue Projections for New Jersey's Gaming Industry
Let's delve into the world of sports betting and take a closer look at the current landscape in the United States, focusing on New York, and some hotspots like Atlantic City, Las Vegas, and New Jersey. We're gonna keep it real, no sugarcoating.
Sports Betting in New York 🗽
Joseph Greff from J.P. Morgan checked out the sports betting scene in New York on March 14, 2025. The numbers don't lie: Quarter-to-date Online Sports Betting Gross Revenue (GGR) is up 19% year-over-year, while handle is up 22%, with an 8.9% hold rate. Weekly figures for March 9, 2025, showed GGR was up 12% year-over-year, handle was up 29%, and a 7.4% hold rate.
Taking a look at the operators:
- FanDuel: Quarter-to-date GGR is up 10%, handle is up 8%, with a 10.9% hold rate.
- DraftKings: Quarter-to-date GGR is up 5%, handle is up 28%, with a 7.8% hold rate.
- BetMGM: Quarter-to-date GGR is up 121%, handle is up 29%, with a 7.9% hold rate.
- Caesars: Quarter-to-date GGR is up 15%, handle is down 18%, with an 8% hold rate.
- ESPN BET: Quarter-to-date, GGR share is at 2%, while handle share is at 2%.
Las Vegas Strip Report 🌃
Truist Securities' Barry Jonas checked out the Las Vegas Strip room rates on March 13. The survey shows that Q1 2025 has been solid, overcoming a tough Super Bowl comp. April is also up year-over-year, with week-to-week rates holding steady. While recession fears have risen, the survey isn't yet showing any fundamental change.
New Jersey Gaming Revenue 🇳🇱
J.P. Morgan's Greff also looked at New Jersey's February gaming revenue. The numbers for the month of February were as follows:- Casino revenues: $203.5 million, down 3.8% year-over-year and up 3% versus 2019.- Sports betting revenues: $72.7 million, up 12% year-over-year.- Igaming: $207.8 million, up 14% year-over-year.- Sports betting handle: $950 million, down 9% year-over-year, while hold was 7.7%.
As for specific properties, MGM's Borgata had GGR of $49.9 million, down 7% year-over-year, with tables down 15.5% and slot win down 4%. Caesars properties (Caesars AC, Harrah's, and Tropicana) had a GGR of $48.3 million, down 6% year over year for the month.
- The report on online sports betting in New York revealed that Caesars had a 15% increase in Quarter-to-date Gross Revenue (GGR), but a 18% decrease in handle.
- In the world of casino-and-gambling, Joseph Greff from J.P. Morgan examined the finance of Atlantic City, Las Vegas, New Jersey, and York, noting that online sports betting handle in New York was up 22% year-over-year.
- The sports betting landscape in York, as reported by Greff on March 14, 2025, showed that BetMGM had a 121% increase in Quarter-to-date GGR, with handle up 29%.
- Despite concerns over financial recession, Truist Securities' Barry Jonas found that in Las Vegas, the weekly rates for April were holding steady, outperforming the tough Super Bowl comp of Q1 2025.
