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Sports betting revenue remains strong amid nationwide drop in June handles

While inflation and gas prices continue steadily to negatively affect the lives of Americans, states round the country continue steadily to report sizable revenue in sports betting.

Although handles dipped over the board in June, bettors remain seeking investments on sports instead of the declining values of 401K portfolios.June was highlighted by action involving MLB, the NBA Finals, NBA draft betting, the NHL Stanley Cup Final, UFC and the Belmont Stakes.

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May 7, 2022; Louisville, KY, USA; Trudy Bates, Churchill Downs mutual clerk, speaks to Eric Riedesel, of Wisconsin, about a bet on the day of the Kentucky Derby at Churchill Downs.

June 2022: Top States in Reported Sports Betting Handles

1. NY: $1,056,694,012

2. NJ: $633,184,861

3. Nevada: $490,310,834

4. Pennsylvania: $393,494,222

NY

NY is still the only real reported state with a billion-dollar handle.

The Empire State, despite witnessing its worst revenue generating month of 2022, still earned $72,441,500 off $1,056,694,012 altogether sports betting handle in June.

The success of theYankees, who went 22-6 in the month of June, had not been enough to propel NY bettors to an absolute month on the sportsbooks. As the excitement of the Yankees and theMetsboth boosted handles, the first summer sports weren’t enough to transport bettors to a financial win as sportsbooks posted an extraordinary hold percentage above 5.0% for the fourth consecutive month.

NJ

NJ saw a reduction in total sports betting handle for the 3rd consecutive month, falling from $926,946,780 in April to $39,245,213 in June.

The Garden State earned $39,245,213 in sports betting revenue for June, which displays a substantial 44.9% drop from June of 2021 posted figure of $71,267,544.

However, NJ enjoyed its second-best hold percentage (6.2%) of the entire year behind May (8.0%) despite witnessing its second-lowest revenue generating month since August of 2020.

While bettors cannot wager on the NBA draft in NY, they might in NJ. ESPNs Adrian Wojnarowskis tweet of Jabari Smith going No. 1 overall was perhaps followed too strongly by those in the Garden State who have been on the incorrect side of the late sharps swing that the very best honors would participate in Paolo Banchero.

Although schools are on break, family trips to Atlantic City beaches and casinos didn’t result in increased handle for sportsbooks in the initial month of summer.

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Nevada

Nevada sportsbooks will probably fallout of the very best three once Illinois releases its numbers soon. NEVADA sportsbooks directors continue being reluctant to adjust to how many other operators are providing which is negatively affecting handle and revenue.

Nevada earned $23,833,068 (4.9% hold percentage) in sports betting revenue from $490,310,834 in handle in June.

Those figures revealed a 18.3% decline from the $29,186,000 in revenue in June 2021.

The Silver State, which witnessed a boom in strip tourism because of the World Group of Poker, didn’t start to see the spike result in sports betting success. Nevada witnessed its lowest sports betting handle of 2022, dropping below the $500 million mark for the very first time since August 2021.

Even though many states round the country offered intriguing markets round the NBA draft, Vegas stubbornly refused to provide patrons similar investment opportunities. The unwillingness to complement markets is leading to bettors contacting friends or family beyond your state for the required action.

Pennsylvania

Pennsylvania reported its worst handle ($393,494,222) of 2022, which represented a 20.2% drop from the prior month of May ($493,350,519).

The Keystone State still were able to post $22,889,554 in revenue, which led to a hold percentage of 5.8%.

It would appear that bettors still didn’t yield a victory on the sportsbooks regardless of the hometownPhilliesgoing 19-8 June, including a nine-game winning streak.


Frankie Taddeo is really a successful high-stakes fantasy football player who created the first-ever DFS program ever offered in a NEVADA sportsbook. Frankie is SI Betting’s Senior Analyst and his significant experience and resources in the sports betting scene. It is possible to follow Frankie on Twitter @Frankie_Fantasy for his latest betting and fantasy insights from NEVADA.

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