Latest Sports Betting News: Nebraska Launch; IN, NJ May Revenue
Nebraska, New Jersey and Indiana headline the latest developments in sports betting news around the country. In Nebraska, the first local sportsbook in the state launch Thursday at WarHorse Casino in Lincoln. Meanwhile, New Jersey sportsbooks brought in $82.2 million in gross gaming revenue in May, with Indiana sportsbooks generating $35.5 million in GGR in the same month. Read on for more details on the latest sports betting news.
Nebraska Enters Sports Betting Industry
Nebraska Governor Pete Ricketts signed sports betting into law on May 27, 2021. This came after the passage of LB 561 by resident vote. The market had been regulated but not launched ever since the Governor’s signature.
The launching at WarHorse Casino signifies the beginning of the Nebraska betting industry. The law indicates that sports wagering is only permitted on-site. Locals are able to build their wagers on the WarHorse app and then place them at a betting kiosk or the main sportsbook window.
“Nebraskans have been asking for the opportunity to wager on sports since the ballot initiatives were passed in 2020,” said Lance Morgan, CEO of Ho-Chunk, Inc., the parent company of WarHorse Gaming, LLC, in a statement. “We’re thrilled to be the first casino in the state to offer sports betting.”
Nebraska law prohibits wagering on home games for collegiate teams. Away games are allowed under LB 561. There are no restrictions for professional teams.
“Bettors will be able to place wagers on a wide variety of sports and events, much more than just the major sports,” continued Morgan.
New Jersey Report Shows YOY Growth
The official report released by the NJ Department of Gaming Enforcement shows that sportsbooks saw $778.9 million in wagers for May 2023. This is a 1.6% increase in bets year over year compared to May 2022.
The $82.2 million in revenue also showcases growth year over year. Revenue is up 33.4% compared to this time last year. Revenue is also a 13.7% increase month over month compared to April 2023.
The market was dominated by some of the best sports betting sites in New Jersey. Mobile apps raked in $741.1 million of the total wagers for May while retail locations saw the remaining $37.8 million. That’s 95.2% of the total market coming from online sportsbooks.
FanDuel was the dominating sportsbook yet again with $43.9 million of the total revenue (more than 50% of the market). DraftKings came in second with $18.9 million in revenue with BetMGM rounding up the big three with $6.8 million.
Indiana Grows In Some Areas, Shrinks In Others
Looking at the Indiana sports betting industry in May, the market saw a dip in activity. Sportsbooks saw a total of $284 million in betting handle for May 2023. This is a 12% decline in activity month over month and an 8.1% decline year over year.
When looking at the $33.5 million in revenue, however, the market saw a 14.5% increase month over month and a 5% increase year over year. This was due to a much stronger hold rate in May 2023. The result was more taxes allocated to the state with $3.2 million in May.
Just as in NJ, Indiana was dominated by online sportsbooks. In particular, FanDuel raked in $96.6 million in wagers and $13.5 million in revenue. The gap between DraftKings and FanDuel is smaller in Indiana, with DK seeing $95.6 million in wagers and $10.9 million in revenue.
Overall, despite the decline in activity, the Indiana market is celebrating growth where it matters. The state seeing more tax revenue is a clear indicator of how strong the local betting market is.