After a hot January, Wyoming sports betting cooled in February.
Handle (total amount bet) fell almost 23.5% while revenue declined nearly 26.9%, trends that match the struggles sportsbooks in other states had this past month with the end of the NFL season.
DraftKings dominates, BetMGM makes up ground on FanDuel in Wyoming
The February flu that plagues sportsbooks across the country hit three of four Wyoming operators hard.
| Sportsbook | February 2024 Handle | January 2024 Handle | Growth | February 2024 Revenue | January 2024 Revenue | Growth |
|---|---|---|---|---|---|---|
| BetMGM | $2,652,544.73 | $3,101,234.03 | -14.47% | $396,425.92 | $548,111.73 | -27.67% |
| Caesars | $711,421.51 | $415,933.97 | 71.04% | $69,853.37 | $11,169.08 | 525.42% |
| DraftKings | $8,926,992.01 | $11,391,203.67 | -21.63% | $1,061,628.85 | $1,427,029.66 | -25.61% |
| FanDuel | $3,220,327.50 | $5,364,180.37 | -39.97% | $418,685.80 | $676,239.09 | -38.09% |
| Total | $15,511,285.75 | $20,272,552.04 | -23.49% | $1,946,593.94 | $2,662,549.56 | -26.89% |
DraftKings, FanDuel, and BetMGM saw double-digit declines in handle and revenue. Caesars Sportsbook was the lone bright spot. Its handle lept over 71% and revenue grew more than five times its January total.
While BetMGM’s handle and revenue totals didn’t measure up to January 2024 sports betting figures in Wyoming, there was some positive news: it closed the handle gap on FanDuel. The sportsbook was less than $600,000 behind FanDuel in February. That same gap was more than $2.2 million in January.
February sports betting struggles to end two-month growth streak
Wyoming sports betting has enjoyed a solid eight months. Since July, monthly revenue growth has dipped only twice: November and February. Handle has grown in five of the past eight months, too.
| Month | Handle | Handle Growth | Gross Revenue | Revenue Growth |
|---|---|---|---|---|
| February | $15,511,285.75 | -23.49% | $1,946,593.94 | -26.89% |
| January 2024 | $20,272,552.04 | 6.56% | $2,662,549.56 | 43.95% |
| December | $19,023,733.72 | 2.69% | $1,849,623.90 | 18.36% |
| November | $18,525,419.66 | -12.76% | $1,562,756.41 | -31.21% |
| October | $21,234,828.26 | 10.26% | $2,271,665.01 | 48.87% |
| September | $19,259,607.23 | 84.05% | $1,525,986.13 | 26.34% |
| August | $10,464,584.46 | 28.47% | $1,207,821.13 | 20.93% |
| July | $8,145,480.25 | -14.11% | $998,740.08 | 28.81% |
| June | 9,483,450.25 | N/A | $775,389.20 | N/A |
February’s handle drop of almost 23.5% was the biggest such drop since June, and the month’s revenue decline was the second-highest during that time. Looking at the Wyoming Gaming Commission’s February 2024 Wagering Activity report, this past month’s struggles ended a two-month growth streak, in which revenue enjoyed double-digit gains in December and January.
