Odds.com rounds up November’s sports betting revenues across the US

Odds.com provides CasinoBeats with a round-up of sports betting revenues from across the US in November. 

Various states across the US have begun releasing their sports betting revenue reports for November this week, and there is a lot to be impressed with. A majority of states have seen increases in revenue since October, some even hitting record highs.

Of the states to have recorded sports betting revenues for November, New Jersey has taken the lead with a $931.6m betting handle. This is the largest handle any US state has seen for a single month and now allows them to hit the $1bn mark. Jersey has seen four straight months of increase and has a chance to close out 2020 with a $1bn monthly.

In addition to New Jersey, Iowa and Indiana all hit record betting handles for the month. Other states to have recorded sports betting revenues for November include Michigan, Mississippi, Washington D.C. and West Virginia.

Football was the biggest driver with another full month of NFL and college football, the Pac-12 and MAC conferences started playing in November, bringing more betting options. 

College basketball also returned for the final week of the month, which helped November reports. In addition, US and European soccer made a noticeable appearance in reports, despite not being as popular in the states or during football seasons.

UFC also held weekly events, which also gave boost to November numbers. December will bring more football and college basketball, and the NBA will begin December 22 to help finish off the year strong. 

States by the Numbers

The US has already seen $1.44bn bets in November, with only seven states including Washington D.C. currently reporting numbers. A majority of this is New Jersey, with 64 percent of the US betting handle for November.

As more states begin reporting numbers, New Jersey’s share will go down, but it tells how strong the Garden State is with close to a $1bn share of the entire US betting market.

With Indiana reporting a betting handle of over $250m for November, which is up just over $20m from October’s $230m handle. It now puts the Hoosier State at $924.2m for the year.  The state should be able to get over the $1bn mark for 2020. 

Despite a global pandemic shutting the sports world down for many months, Indiana rebounded nicely and became one of the top betting states in the Midwest. Even with the Illinois betting market growing, Indiana is still reporting great numbers as the fall months brought more sports. 

Staying in the Midwest, Iowa had a great November as well. The Hawkeye State hit a record of $87.1m for November and collected $549.7k in taxes. Even with limited sports betting Iowa, is continuing to show strong growth and should continue in 2021 when Iowans can register for sports betting accounts at home instead of in-person.

Not every state saw growth into November. Mississippi, Washington D.C., and Michigan all saw dips from October to November. 

Washington D.C. sports betting is unique, with more people willing to place bets in-person instead of online with GameBet DC. A lot of it has to do with the taxes and sportsbooks have to pay. 

This juices the lines from a standard -110 to -118, which discourages bettors from using mobile sites, and could also fluctuate the betting reports each month instead of consistent growth.

Michigan had its sportsbooks closed on November 18 due to spikes in coronavirus cases. The state did not have a full month of betting, which is a big reason for the dip. The Great Lake State is still a month away from mobile betting, so the reports are limited to the three Detroit casinos. However, Michigan should see huge growth in 2021 with online wagering. 

West Virginia did see an increase in November but is still down over 30 per cent from its all-time high in September. There was a huge dip in October with a slight rebound last month. However, with more football and the NBA returning in December, West Virginia should get back to its all-time high.

Over the weekend, Tennessee reported for their first month handle at $131m and Tax Revenue at $2.4m which exceeded expectations and broke records for the highest handle reported to date for an opening month. Indiana came in second with $35.2m.

Colorado reported their November handle at $231m.

What’s Next For the US?

Expect to see more growth in the US betting market. Six states and Washington D.C. have reported in November, and the overall betting handle has hit $1.44bn. Nevada, Colorado, and Pennsylvania have yet to report numbers, which will give a huge boost to the country

Also, Illinois is becoming a huge player in sports betting as the state reported $430m for its betting handle in October and has yet to report November. Expect Illinois to be competing with Pennsylvania for the third-largest betting market behind New Jersey and Pennsylvania.

In 2019, the US saw $13bn wagered for the year, which doubled 2018’s $6.6bn betting handle. Since August, the US betting handle sits at $8.2bn, and October was the first month saw over $3bn bet in a single-month. 2020 will have more money bet than 2018 and 2019 combined.

New Jersey saw a 16 per cent increase from October to November in its betting handle. Nevada, Colorado, and Pennsylvania have yet to report for November, and could see similar increases. Conservatively projecting the three states at 12 per cent increase, Nevada will see $791.9m this month – up from $659.9m in October. 

Colorado could hit the $250m mark with a 12 per cent increase, while the state had $210m the month prior. Pennsylvania could hit $630.6m compared to $525.8m in October.

It will be no surprise if the overall U.S. betting handle is close to $3bn for November when all states have reported. Expect to see a continual upward trend over the next few months.