Delaware’s New Sports Betting Industry Booming

In May, the US Supreme Court decided to strike down PASPA, which effectively opened up sports betting to every state in the nation that created legislation legalizing the activity. Delaware was the first state to get started, passing legislation quickly and now reaping the rewards. So far, the state has already earned $1 million in revenues with a total of $7 million in total bets made within a 20 day time frame.

More than 69,000 wagers were placed in less than three weeks in the state, with the three racinos seeing a nice stream of activity within their sports books. The new market started on June 5th with the Governor of the state, John Carney, placing the first wager at Dover Downs.

With the reports provided by the Delaware Lottery, it showed that $1,000,247 was earned during the 20 day time frame. The state offers sports betting via partnerships with top companies including William Hill and Scientific Games. The three gaming venues of the state, Harrington Raceway, Dover Downs and Delaware Park, must pay the state 12.5% of revenues with 40% going to their pockets and the remaining given to other areas of the state.

For June operations, Delaware Park was able to earn the most, taking in $263,924 in revenues after paying taxes. Dover Downs earned much less at $57,293 while Harrington Raceway came in last with $31,039 in earnings. The horse racing industry will benefit from the sports betting offerings, with just over $85,000 going to the industry from last month to be used to build purses for races.

Delaware was the first state to get started with sports betting with New Jersey close behind. Other states are looking to pass legislation and it won’t be long before we will see a full market of states offering sports betting services across the US.

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