Delaware Online Casino Revenue Drops in May

Dover, DE — Delaware's online casino revenue for May 2024 fell to $3.9 million, continuing a monthly downward trend, while showing a significant year-over-year increase. The Delaware Lottery’s latest figures indicate a 12.2% decline from April's $4.4 million, marking the second monthly decrease this year. Despite the recent dip, the state's online gaming sector has grown 216% compared to May 2023, reflecting a robust expansion over the past year.

Monthly Decline Amidst Yearly Growth

The total online casino win for May 2024, at $3,896,433, represents a decrease from April's $4,438,542. This decline comes after a similar drop in April, disrupting the early-year momentum where Delaware's iGaming sector had reported consecutive monthly gains:

• January: $3,408,944 (+192.2%)
• February: $3,869,853 (+13.5%)
• March: $4,631,369 (+19.7%)
• April: $4,438,542 (-4.2%)
• May: $3,896,433 (-12.2%)

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Delaware Park Casino continued its lead in the online gaming market, reporting a win of $2,271,888 in May, up from April’s $2,000,093. This marks Delaware Park's third monthly increase this year, reinforcing its dominant position in the state’s online casino market.

Conversely, Bally’s Dover and Harrington Casino & Raceway experienced declines in their monthly wins. Bally’s win dropped to $776,191 from $1,040,439, while Harrington's revenue fell to $848,354 from $1,398,010 in April. Despite these setbacks, all three casinos have shown significant improvements from their May 2023 earnings, reflecting overall market growth.

Market Monopoly Under Legislative Scrutiny

The landscape of Delaware's online gambling sector might soon face a significant shift due to recent legislative developments. House Bill 365, currently under consideration, proposes to end Rush Street Interactive’s (RSI) monopoly on online sports betting through its BetRivers platform. BetRivers has been Delaware's sole online casino operator since December 2023, following a transition from 888 Holdings.

HB365 aims to introduce a more competitive environment by allowing up to six sports betting operators within the state. This legislation, if enacted, could invite major players like DraftKings and FanDuel into the market, increasing competition and potentially enhancing state revenues.

Delaware and Rhode Island are unique in the U.S. for having a single online casino operator. In Rhode Island, Bally’s holds the monopoly due to its local operations and ownership of the state’s two brick-and-mortar casinos. Delaware's agreement with BetRivers, lacking a similar local connection, has prompted debates on the efficacy and financial impact of a single-operator model.

Advocates for HB365 argue that expanding the market to multiple operators could unlock additional revenue streams and foster a more dynamic competitive environment. Opponents, however, raise concerns about regulatory complexities and the challenges of managing a more diversified operator landscape.

“Delaware's online casino revenue fluctuations and potential legislative changes underscore broader economic and social implications for the state’s iGaming sector.”

Economic and Social Implications

The ongoing fluctuations in Delaware’s online casino revenue and potential legislative changes underscore the broader economic and social implications of the state’s iGaming sector. As Delaware navigates these changes, the impact on local communities, responsible gambling practices, and state revenue will be closely monitored.

The debate surrounding HB365 highlights the delicate balance between fostering economic growth through increased competition and ensuring a well-regulated and fair market environment. If passed, the bill could set a precedent for other states considering similar moves away from single-operator models in their online gambling markets.

As Delaware's online casino market adapts to its current revenue trends and potential legislative shifts, stakeholders remain vigilant about the future landscape of the state’s iGaming sector. The passage of HB365 and its implications will be critical to shaping the market’s competitive dynamics and financial prospects. The state’s approach to managing this transition will likely influence regulatory practices and market structures in the broader U.S. online gambling industry.