Sports Betting Industry News & Market Updates

The Ohio Casino Control Commission reported a November sports betting handle of $1.03 billion, surpassing $1 billion for the first time since January 2023. The impressive month generated over $23 million in tax revenue, the second-highest amount in the market’s history.

Cryptocurrency giant Crypto.com has launched a new Super Bowl prediction market across all 50 states, inspired by the success of its election prediction market. Users can buy “contracts” for a team to win or lose the Super Bowl.

A pair of Democratic representatives have introduced a House bill that would ban sportsbooks from offering odds on elections. The goal is to protect the integrity of US elections and avoid the betting scandals seen across pro and college sports.

The Illinois Gaming Board has approved an application from bet365 Sportsbook to launch its online platform in the state, making it the market's tenth platform. The approval continues bet365's impressive growth, as it is now available in 12 markets.

The Pennsylvania Gaming Control Board reported an all-time high sports betting handle of $935.5 million, crushing the previous record set last November. NFL betting drove the impressive numbers, which led to a revenue jump of almost 500% for operators.

The New York State Gaming Commission has reported a record-high monthly handle of $2.26 billion for November, resulting in $118 million in tax revenue. The state’s 51% tax revenue remains the highest in the county, leading to massive revenue for the Empire State.

The Iowa Gaming and Racing Commission reported the sports betting market saw a record $315.2 million in wagers and $2 million in tax revenue in November. The handle was 6% higher than the month before and 9% higher than November 2023.

FanDuel emailed customers this week to request that they contact their local lawmakers and oppose a bill raising the tax rate on sports betting operators. While the proposed hike is minimal, the operator believes it is meant as a conversation starter for lawmakers.

The Kentucky Horse Racing and Gaming Corporation has announced it has approved Prime Sports' application to become the state’s ninth online sports betting operator. The sportsbook doesn’t have a firm launch date but hopes to be live ahead of March Madness.

The Missouri Board of State Canvassers has formally certified the results of Amendment 2 from November’s election, paving the way for legal sports betting. With opponents not planning to request another recount, the state hopes to have its new market launched this summer.