Delaware Sports Betting Expansion Bill Progresses

Delaware Sports Betting Expansion Gains Momentum with New Legislation

Imagine a thriving sports betting market poised for significant growth and legislative expansion.

Delaware’s sports betting industry is experiencing remarkable growth, and new legislation aims to capitalize on this momentum by expanding the online market.

Learn how House Bill 365 could reshape Delaware’s sports betting landscape, driving economic benefits and providing more options for bettors.

Stay informed about the latest developments in Delaware sports betting and its potential impact on the state’s economy and gaming enthusiasts.

Delaware Sports Betting Expansion Gains Momentum with New Legislation

Delaware’s sports betting industry continues to flourish, reporting significant year-on-year growth in both handle and revenue for April. As the market shows promising trends, a new bill, House Bill 365, is progressing through the legislative process, aiming to expand the state’s online betting market beyond its current monopoly.

House Bill 365: A Game Changer for Delaware’s Betting Market

Introduced in April, House Bill 365 seeks to open up Delaware’s online betting market to multiple operators. This move comes just months after the Delaware Lottery launched its first online sportsbook in partnership with Rush Street Interactive and BetRivers. The sportsbook, which went live in January, has already had a significant positive impact on the state’s sports betting market, with higher monthly handle and revenue totals continuing into April.

Recognizing this early success, lawmakers are keen to explore further growth opportunities. HB 365 has recently been assigned to the House Appropriations Committee after initial assignment to the House Administration Committee in mid-April.

Key Provisions of HB 365

The bill incorporates recommendations from a legislative study group, approved last year, which highlighted the potential for increased state tax revenue if the online market were to expand. The study’s findings suggested that a competitive market would significantly boost state earnings. Current market estimates project a handle of $186.1 million for FY25 and $223.5 million for FY26, with a 5% growth in 2027. To provide context, the handle for FY23, including only four months of one online operator, was $65.3 million, up from just $19.5 million in FY22, which had no online betting.

Expanding Market Opportunities

HB 365 aims to enhance these projections by allowing additional online brands into the market. Under the bill, each Delaware racetrack could partner with up to two betting operators, potentially introducing six new online operators to the current market. Licenses would cost $500,000 each and be valid for five years, with operators paying an 18% tax rate on sports betting revenue. An additional 1.5% revenue charge would be allocated to the Delaware Thoroughbred Racing Commission or Delaware Harness Racing Commission to support the state’s horse racing industry.

Impact of New Legislation

If approved, HB 365 could take effect shortly after its passage, though a specific date has yet to be determined. The bill’s progress and potential approval are highly anticipated by industry stakeholders and betting enthusiasts alike.

Delaware’s April Betting Performance

In April, Delaware’s total sports betting handle reached $15.5 million, marking a 400% increase from April last year. This follows a consistent growth trajectory since the beginning of the year, though April’s total handle was down 18% from March’s $18.9 million. The introduction of the new online sportsbook powered by Rush Street Interactive and BetRivers has significantly boosted the market’s performance.

Revenue Insights

Sports betting revenue in April amounted to $1.0 million, up 171% year-on-year and consistent with March’s revenue. Delaware Park led the market with $622,160 in revenue from $10.7 million in total bets. Harrington Raceway followed with $114,792 from $2.9 million in bets, and Bally’s Dover generated $77,115 from $1.3 million in bets. Retailers across the state contributed an additional $86,049 in revenue from $715,036 in bets.

iGaming Market Growth

Delaware’s iGaming sector also demonstrated robust growth in April, with total revenue reaching $4.4 million, up 238.5% from the same month last year and just slightly below March’s $4.6 million. Online slots accounted for $3.3 million of the total revenue, while table games generated $1.1 million. Players wagered $134.5 million on iGaming in April, a 240.5% increase from $39.5 million last year and 1.1% lower than March’s $136.0 million.

Leading iGaming Operators

Delaware Park again claimed the top spot in iGaming revenue, reporting $2.0 million in total revenue. Harrington Raceway followed with $1.4 million, and Bally’s Dover reported $1.0 million. Each operator launched new online casino platforms in January, coinciding with the Delaware Lottery’s internet sportsbook launch.

Conclusion

Delaware’s sports betting and iGaming markets are on a strong growth trajectory, supported by legislative efforts to expand the online market. House Bill 365 represents a significant opportunity to enhance the state’s betting landscape, potentially driving substantial economic benefits and providing more options for bettors. As the bill progresses, stakeholders and industry observers will be keenly watching its impact on Delaware’s gaming industry.

The post Delaware Sports Betting Expansion Bill Progresses appeared first on Gamingo News.

Delaware Sports Betting Expansion Gains Momentum with New Legislation Imagine a thriving sports betting market poised for significant growth and legislative expansion. Delaware’s sports betting industry is experiencing remarkable growth, and new legislation aims to capitalize on this momentum by expanding the online market. Learn how House Bill 365 could reshape Delaware’s sports betting landscape,
The post Delaware Sports Betting Expansion Bill Progresses appeared first on Gamingo News.