Delaware Internet Casino Revenue Hits Record in February

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Delaware Internet Casino Revenue Hits Record in February
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The Delaware Lottery reported a monthly all-time record of $4.3 million gross internet casino revenue for February as the switch to BetRivers Casino continues to provide early impressive year-over-year growth versus predecessor 888 Holdings.

Overall slots and table drop totaled $117.2 million, also an all-time monthly high, and an increase of 208.1% compared to the $38 million reported for the previous February. The $220.5 million wagered in the first two months of the year is nearly half the $446.6 million online patrons bet for all of 2023.

The Delaware Lottery tabbed Rush Street Interactive to be its online gaming vendor last August and also added online sports betting to its suite of offerings when the changeover took effect in January.

The state was eligible to levy taxes on $3.9 million in adjusted gross revenue. The total amount of tax receipts for February reached $2.4 million as the state reached its first benchmark of taxation — 100% on the first $3.75 million in AGR.

The state then taxed the balance of February’s AGR — $3.5 million — at 57%, which will be the rate going forward for the remainder of the year. The $3.75 million threshold was not reached last year until April. Delaware has collected $5.8 million in taxes through the first two months of 2024 compared to $9.6 million in all of 2023.

Table games revenue ticks higher despite decline in drop

Delaware was the first state to offer internet casino gaming back in 2013, but it finally crossed the $1 billion threshold for table drop with the $48.8 million wagered in February. Perhaps more impressive is that BetRivers accounted for nearly 10% of that total — $99.5 million — in its first two months in the First State.

February’s table drop was over three times more than the $15 million wagered versus 12 months prior, though the two fewer days of wagering compared to January contributed to a slight decline from the $50.7 million in bets placed in the first month of action.

The $1.1 million in adjusted gross revenue for table games was nearly four times that of February 2023 and $36,300 shy of the total revenue generated for that month.

Slot drop, however, jumped noticeably from January to $68.4 million — an increase of 25.2% from the previous month. Gross revenue rose at a lesser pace of 17.5% to $3.2 million, as the 4.7% hold for slot wagering in February was down nearly one-half of a percentage point from January.

Delaware Park was the top track of the three, totaling $63.2 million drop and $2.4 million in gross revenue.

Bally’s Dover accounted for $826,900 in gross winnings off $27.3 million wagered, but Harrington Raceway pipped the No. 2 spot for gross revenue, claiming $930,000 from $15.2 million drop.