Delaware just completed its first fiscal month with legal sports betting in place, and figures from the state’s three authorized racetracks are now publicly viewable at the DE Lottery website. In all, state racetracks took in $7 million in total wagers and collected total revenue just north of $1 million.
Last month, Delaware became the first state in the US other than Nevada to legalize sports betting and begin taking wagers. Delaware even beat New Jersey to the punch thanks to an old law on the books that lawmakers were able to revive after the Supreme Court ruled the federal sports betting prohibition unconstitutional.
Delaware moved quickly after the Supreme Court decision and granted authorization to Delaware Park, Dover Downs and Harrington Raceway to begin taking wagers. The first wagers were placed on June 5th and the fiscal month ended on June 24th.
Over that time, Delaware Park, Dover Downs and Harrington Raceway booked a combined $7,003,725 in sports wagers. Of that amount, customers won back $6,003,478 via payouts from successful wagers. In all, the net revenue from sports betting in Delaware worked out to $1,000,247 over the state’s first fiscal month since sports betting was legalized.
How the Racetracks Made Out Over Their First Month
Delaware counts net proceeds by subtracting the total amount won by players from total betting handle and then taking off another 12.5% for the vendors who assist the racetracks in running their sportsbook operations.
In June, the racetracks took more than $7 million in wagers and paid out just a little more than $6 million in winning wagers to end up with $1,000,247. The vendors got 12.5% of that for a total payment to them of $125,031. What was left over after that was divided up by giving 50% to the state, 40.2% to the racetrack and 9.8% to increasing purses.
Delaware Park accounted for the lion’s share of wagers over the first month, but all three tracks saw a boost in revenue after their first fiscal month of sports betting. Here’s how those numbers worked out for each track in June:
- Wagers placed: 50,934
- Total betting handle: $5,232,878
- Net proceeds: $653,277
- Track commission: $263,924
- Purse increases: $62,715
- Wagers placed: 11,657
- Total betting handle: $1,180,447
- Net proceeds: $143,592
- Track commission: $57,293
- Purse increases: $14,683
- Wagers placed: 7,107
- Total betting handle: $590,400
- Net proceeds: $77,987
- Track commission: $31,039
- Purse increases: $7,955
Overall, those are not bad numbers at all for the first full month of sports betting in Delaware considering the state does not have online sports betting and that it all took place during the slow season of sports betting.
Delaware Thoroughbred Horsemen’s Association Executive Director Bessie Gruwell told Thoroughbred Daily news that this was a good month all things considered:
“Any time we can add money to our purse account, we are happy. I’m glad this started when it did, at a time when there aren’t a lot of sports to bet on, because they have some kinks to work out.
“They shut down at 11 PM, so they had to, on one occasion, turn everyone away in the middle of one of the NBA finals game. There’s also been long lines. But hopefully, they should have everything working much better by the time the NFL and college football games start. If they do, and with the popularity of those sports, I would imagine that $62,000 figure would grow quite a bit.”