Montana’s Sports Betting Handle Increases Year-Over-Year

Montana’s sports betting market showcased significant growth in November 2024, with the betting handle reaching $7.4 million. This marked a 7.25% increase from November 2023, when the handle stood at $6.9 million, according to the Montana Lottery’s latest report. However, the month-to-month figures saw a slight drop of 2.1%, compared to the $7.6 million handle recorded in October 2024.

The modest month-over-month decline contrasts with the strong annual growth, emphasizing a steady upward trajectory for sports betting in the state. As Montana’s market matures, trends in wagering behavior reveal shifting priorities among bettors, particularly during the football season.

Football Wagers Lead the Pack

NFL and college football betting continued to dominate the Montana sports betting scene. These wagers ed for over 65% of the handle in November 2024, a notable increase from 57% in November 2023. Football’s growing popularity as a betting category underscores its enduring appeal among sports enthusiasts and the strong seasonal influence of the NFL and college football schedules.

While football thrived, basketball betting saw a notable year-over-year decline. Basketball’s share of the handle fell from 34% in November 2023 to slightly over 20% in November 2024, amounting to $1.5 million. The shift reflects changing bettor preferences and seasonal dynamics, with football taking center stage during the latter part of the year.

In addition to a growing handle, Montana experienced a substantial year-over-year increase in gross gaming revenue (GGR). November 2024 recorded nearly $1.6 million in GGR, representing a staggering 122% growth from November 2023. This impressive figure highlights the industry’s resilience and capacity for revenue generation despite fluctuations in handle.

This positive development follows a challenging October, during which Montana’s sportsbooks collectively reported a loss of nearly $27,000 in statewide revenues. October’s underwhelming performance stemmed from unfavorable outcomes across major sports, including football, baseball, and MMA. Even with a robust handle of $7.6 million that month, bettor-friendly results led to diminished GGR.

November’s Rebound Offers Encouragement

November’s remarkable recovery underscores the volatile nature of sports betting markets. Month-over-month revenue soared by an extraordinary 6,016.3%, fueled by successful operations across key sports categories. Football emerged as the top contributor, generating over $940,000 in GGR, while MMA recorded the most dramatic month-on-month growth, surging by more than 2,700%.

The rebound is not only a relief for operators but also indicative of the market’s potential for sustained growth. November’s results stand in stark contrast to October’s struggles, aligning with broader trends observed in neighboring states like South Dakota. These states also faced similar challenges in October, with strong handles offset by lower-than-expected revenues.

Montana’s sports betting market continues to demonstrate resilience and adaptability. The year-over-year increases in both handle and GGR point to a growing consumer base and heightened interest in sports wagering. At the same time, the fluctuations in month-to-month figures serve as a reminder of the unpredictable nature of the industry.

With NFL and college football maintaining their dominant roles and basketball facing seasonal challenges, Montana’s sports betting landscape remains dynamic. As operators refine their strategies and bettors adapt to market conditions, the state’s upward trend signals a promising future for the industry.

Source:

”Montana sports betting handle up more than 7% year-over-year in November”, cdcgaming.com, December 03, 2024.