- Sports betting revenues in May have been rising in different states.
- Iowa sports betting revenues skyrocketed from April to May by 344%.
- With sports returning, sports betting revenues should continue to rise.
CHARLESTON, W. Va. — After a disappointing month of April, sports betting revenues increased in May for the early reporting states. As sports around the world slowly start to return, the revenue numbers can expect to keep rising.
Sports returning is clearly the answer to the increase in revenue as in different states have all seen a rise in numbers from April to May.
Some states have seen a 50% increase while others reach as high as 344%.
West Virginia Sports Betting
In West Virginia, they are enjoying a 100% increase from April to May having gone from a $2.5 million handle to a $5 million handle.
Compared to the 2019 numbers, sports betting in West Virginia did decrease from an $8.6 million handle but there also was not a pandemic going on. The fact that the numbers are in fact rising gives off a sense of normalcy.
Being that half of the land-based sportsbooks do not offer online betting applications, some residents had to rely on other state-regulated online sportsbooks to make their bets in May.
Oregon Sports Betting
Oregon sports betting should also be happy with their figures as well since they saw an increase across the board.
Their sports betting handle rose 64.5% to $7.3 million in the month of May while they also saw an increase in total bets placed as well with a 59.9% jump with 223,325 bets made.
With both of those increasing numbers, the Oregon sports betting revenue saw a 52.3% rise to $598,061.
With sports returning, the revenue numbers should expect another increase as the Portland Trail Blazers get ready for a run in the NBA Playoffs.
Iowa Sports Betting
Iowa sports betting enjoyed one of the biggest jumps in their sports betting handle 344% increase to $6.9 million.
With their increased handle, the Iowa sports betting revenue also took a leap going from $150,331 om April to $501,062 in May.
All in all, it is safe to say that sports betting handles and revenues across the country will start to see a spark as different sports begin to finalize their returns.
While these are only a few of the reporting states thus far, the gambling giants in New Jersey, Pennsylvania, and Nevada should present a clearer picture of US sports betting handles and revenue in 2020.