Sports betting revenues reached a total of $3.33 billion in the country in the first quarter of 2024. That’s a quarterly record and it represents a 22% increase nationwide compared to the first quarter of 2023. The months included in the analysis include January, February and March.
Operators generated a record revenue number despite some unfavorable results. The Kansas City Chiefs won the Super Bowl as the betting favorite. UConn, the No. 1 overall seed, cut down the nets in the NCAA Tournament. Top ranked golfer and favorite Scottie Scheffler won the green jacket at the Masters.
DraftKings, FanDuel continue dominance
To no surprise, DraftKings and FanDuel led the way for the industry in the first quarter of 2024.
FanDuel posted $1.4 billion in revenue in the first quarter of the new year, which is up from $1 billion in the same quarter last year. DraftKings reported a revenue amount of $1.2 billion over the first three months of 2024. This is an improvement of $405 million, or 53%, year-over-year.
Caesars had a strong improvement as well, generating a 23% net revenue growth. Other sportsbooks didn’t have as great of a quarter. BetMGM remained relatively stagnant, raising revenues just 2%. ESPN Bet actually posted lower numbers than Barstool Sportsbook did in the first quarter of 2023.
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New York leads the way in handle, revenue
New York continues to prove that it is the runaway powerhouse when it comes to states active in the betting industry. The Empire State led the country in both betting handle ($5.6 billion) and sports betting revenue ($496 million) in the first quarter of the year.
As mentioned earlier, North Carolina made a splash in its first month by accepting more than $657 million in bets and generating more than $66 million in revenue. However, with March being the first month of the Tar Heel State accepting bets, they didn’t qualify for the leaderboards.
States with the highest betting handle and revenue
These states had the highest betting handle in the first three months of the year
New York ($5.6 billion)
New Jersey ($4.1 billion)
Illinois ($3.6 billion)
Pennsylvania ($2.32 billion)
Ohio ($2.29 billion)
Nevada ($2.28 billion)
Arizona ($2.1 billion)
Massachusetts ($1.9 billion)
Virginia ($1.8 billion)
Colorado ($1.7 billion)
In terms of revenue generated, the results are similar but slightly different:
