BetRivers Makes Dynamic Internet Casino Debut In Delaware
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Online casino bettors in Delaware quickly took a liking to BetRivers as their new gaming platform, setting all-time monthly highs in both handle and revenue, according to January figures released by the Delaware Lottery on Monday.
BetRivers won the Delaware Lottery’s bidding process last August, replacing 888 Holdings and signing a five-year agreement to run the state’s iGaming platform and first online sports betting platform. It had a soft launch during the final week of last year before going live Jan. 3 through the state’s three horse racetracks: Delaware Park, Bally’s Dover, and Harrington Racetrack.
BetRivers generated $103.4 million handle, with table games drawing $50.7 million worth of play and slot drop totaling $52.6 million. The January table drop was more than 30% of the $159.6 million generated all of 2023, while slot handle accounted for 18.3% of the $287 million bettors wagered.
The result was a record monthly internet casino revenue haul of $3.8 million in gross winnings and $3.4 million in adjusted gross revenue (AGR). That was more than double the previous standard of $1.4 million set last March and does not include sports wagering, which finally launched after the state accepted its first bets in that discipline in 2018.
Delaware operators had not generated more than $3 million in online casino revenue in an entire calendar year until 2019 — six years after being the first state to accept such wagers in November 2013. The state was able to keep 100% of the AGR as tax revenue and has claim to the first $3.75 million in operator revenue before taxing table games winnings at 20% and slot revenue at 52.5%.
Delaware Park remains top draw for bettors
Along with the new operator, the Delaware Lottery provided an expanded glance at its internet casino gaming figures. In addition to handle being broken out by table drop and slot drop, the amount of promotional credits and bonuses were displayed for each gaming discipline.
The three horse betting venues combined for $1 million-plus in net table revenue, with the $86,288 in promotional deductions amounting to 7.7% of the $1.1 million gross revenue. The promotional outlay was far greater when it came to slot action, with the $330,996 in credits resulting in a 12.2% deduction against $2.7 million in gross revenue.
Delaware Park retained its status as the First State’s bell cow, while each racetrack posted all-time bests in revenue and handle. Delaware Park accounted for nearly two-thirds of the 24,703 registrations in January and totaled $2.2 million in gross revenue.
Delaware Park’s $33.2 million table drop was more than one-third the $98.4 million it handled all of 2023, and the $58.8 million in total handle was 2.6 times more than its previous high of $22.4 million set in the first month of last year. Its $223,718 in promotional spend was the most of the three platforms.
Bally’s Dover posted $710,408 in gross revenue as it set an all-time high in slot drop at $19.7 million. The $5.2 million table drop was its highest since $9.3 million to close out 2022, while the $14.5 million slot drop easily outpaced the previous mark of $10.6 million set last May.
Harrington Racetrack may prove to be the biggest mover in terms of year-over-year improvement. Its $12.3 million table drop was a four-fold increase from January 2023, and the $251,230 in gross revenue marked its first six-figure monthly haul for table games. The $12.5 million slot drop was its first eight-figure monthly action, and the $672,715 in gross winnings was 21% of the $3.2 million in full-year 2023 revenue.
