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Montana is currently the smallest market in the United States in terms of sports betting revenue. While Montana is unlikely ever to be a top market based on its small population, the sports betting industry in Big Sky Country has not yet reached its ceiling.

Sports Betting Dime provides up-to-date data and analysis of monthly Montana sports betting revenue reports. Below you can also scroll back in time to see the growth of sports betting in the Treasure State.

Read on for an in-depth look at the business of sports betting in Montana.

Montana Sports Betting Revenue: Month-By-Month Data

Sports Betting Dime monitors the growth of legal sports wagering by analyzing monthly financial reports provided by each state.

The table below shows key figures from Montana’s launch in March 2020 to date.

For clarity, here’s what each column represents:

  • Handle is the total amount wagered on sports.
  • Revenue reflects the gross gaming revenue kept by sportsbooks after paying out winnings.
  • Hold percentage shows how much revenue sportsbooks kept as a function of the handle.
Month/Year Total Handle Revenue Hold Percentage
March 2020 $8,051 $3,063 38.04%
April 2020 $434 -$275 -63.36%
May 2020 $113,283 $28,953 25.56%
June 2020 $346,600 $57,753 16.66%
July 2020 $1,554,924 $120,177 7.73%
August 2020 $2,606,465 $253,747 9.74%
September 2020 $2,452,738 $320,800 13.08%
October 2020 $2,935,271 $438,364 14.93%
November 2020 $2,813,968 $573,018 20.36%
December 2020 $4,947,596 $655,169 13.24%
January 2021 $5,799,090 $742,008 12.80%
February 2021 $3,854,628 $495,957 12.87%
March 2021 $4,093,444 $587,916 14.36%
April 2021 $3,093,769 $525,172 16.98%
May 2021 $4,387,731 $522,620 11.91%
June 2021 $3,470,134 $344,709 9.93%
July 2021 $2,349,130 $470,395 20.02%
August 2021 $3,350,000 $475,000 14.2%
September 2021 $3,020,000 $560,000 18.5%
October 2021 $4,400,000 $568,000 12.9%
November 2021 $4,530,000 $879,000 19.4%
December 2021 $4,920,000 $643,000 13.1%
January 2022 $5,117,000 $670,000 13.1%
February 2022 $3,632,000 $706,000 19.4%
March 2022 $3,982,000 $672,000 16.9%
April 2022 $3,243,000 $389,000 12.0%
May 2022 $3,237,000 $382,000 11.8%
June 2022 $2,912,000 $275,000 9.4%
Total (since launch) $88,051,368 $11,888,057 13.5%

This table will be updated monthly with the latest Montana sports betting revenue figures provided by the state lottery.

Latest MT Revenue News

Let’s start with a quick recap of the latest updates from Montana sports betting revenue reports.

June 2022 – As the summer sports betting slowdown approached, Montana is beginning to see declines in sports betting revenue. The state collected less than $3 million in total handle for the first time since July 2021.

May 2022 – Montana sports betting financial figures were virtually identical in May 2022, as the state collected $3,237,000 in total wagers. Meanwhile, sportsbooks profited $382,000 from an 11.8% hold rate.

April 2022 – Montana sports betting revenue dipped in April despite the handle holding strong, with $389,000 in sportsbook profits from a $3,243,000 handle total and 12% hold rate.

March 2022 – With $3,982,000 in total sports wagers in Montana through March 2022, sportsbooks in the state have now collected over $10 million in total revenue since sports betting launched two years ago.

February 2022 – Despite the monthly sports betting handle dipping in February, Montana sports betting revenue increased to $706,000 from a massive 19.4% sportsbook hold rate.

January 2022 – Montana nearly set a new record for monthly sports betting handle in January 2022, with over $5 million in total wagers, and sportsbook revenue was strong with $670,000 in sportsbook profits from a 13.1% hold rate.

December 2021 – The Treasure State saw another huge haul from sports betting in December, as $4,920,000 in total wagers were placed in the final month of the year. This strong performance to round out the year brings Montana’s all-time handle above the $65 million mark.

November 2021 – Montana’s monthly sports betting handle continued to rise in November 2021, totaling $4,530,000.

October 2021  The monthly sports betting handle in Montana continued to recover in October 2021, hitting a $4,400,000 total.

September 2021 – Montana’s monthly sports betting handle continued to stay above $3 million in September, although it saw a slight dip from the $3,350,000 figure in August. Montana sports bettors placed $3,020,000 in wagers through September, and this figure should increase as the NFL season rolls along.

August 2021 – The state of Montana saw their sports betting handle bounce back above $3 million for the month. In a month where many states saw their handle dip, Montana went the other way.

July 2021 – Montana bettors wagered $2,349,130 in July, a 32 percent drop from June. The sportsbooks kept $470,395 in gross gaming revenue, reflecting a 20 percent hold rate for the month.

June 2021 – Montana reports $3,470,134 in sports wagers for June, and the state’s hold rate drops below 10 percent for just the third time ever. Unless the sportsbooks are charging less juice, bettors are picking more winners. Either way, a lower hold rate is something for MT bettors to celebrate.

May 2021 – Montana declares a betting handle of $4,387,731 for May, its third-best month ever and 42 percent more than the previous month. The good news for MT bettors? Sportsbooks kept under 12 percent of this, the lowest hold rate since August 2020. A lower hold means more winnings back in bettors’ accounts, and it would be great to see Montana’s hold rate dip into single digits – something the state has done just twice since launching.

April 2021 – Montana reports $3,093,769 in sports betting handle for the month of April, its lowest total since November 2020. The state generated $525,172 in gross gaming revenue, reflecting a hold rate of approximately 17 percent.

March 2021 – Montana surpasses $4 million in sports betting handle for just the third time, reporting $4,093,444 wagered in March.

February 2021 – Montana’s betting volume takes a dip in February with just under $4 million wagered on sports. Bettors in the Treasure State wagered a total of $27,433,048 in the first 12 months of legal sports betting.

January 2021 – Montana kicks off 2021 with new state records in monthly sports betting handle and revenue. Sports bettors wagered $5,799,090, resulting in $742,008 in gross revenue after paying out winning bets.

Montana Market Overview

Context is crucial to understanding the data provided in sports betting revenue reports. Here’s some important information to keep in mind as we evaluate the Montana market.

State Population (2020 Census):1,084,225

In-state Pro Teams: None

Launch Date: March 9, 2020

Biggest Monthly Handle: $5,799,090 (January 2021)

Regulator: Montana Lottery Commission

Platforms: Retail only

Tax Rate: 100 percent

Montana Revenue Insights & Market Analysis

Montana is a small state with no professional sports teams. The honest truth is it will never be a top sports betting market. Still, there’s plenty of room for the industry to grow in Big Sky Country, especially if it were to open up a statewide online betting market with multiple operators.

Let’s look at a couple of themes that stand out when analyzing Montana’s financial reports and how they impact sports bettors.

Unlucky Timing

Montana’s sports betting industry barely got off the ground, launching just a couple of days before the COVID-19 pandemic shut the sporting world down. As a result, less than half a million dollars was wagered on sports through Montana’s first four months.

That said, Montana’s current law permits gambling and sports betting at any establishment with a liquor license, so sports bettors can place wagers at countless kiosks in bars and restaurants. There are roughly 1,400 locations that could be approved to offer sports betting in the state. The sheer number of possible retail locations should mean increased potential for sports betting in Big Sky Country as the pandemic subsides.

State Monopoly

Montana opted to implement a single-source, state monopoly system for sports betting. Essentially, rather than imposing taxes on sportsbook operators, as most other states do, the state government collects all of Montana’s sports betting revenue minus expenses. The first $12.4 million collected annually goes to the state’s general fund, and any excess is directed to a STEM scholarship fund.

At the current rate, don’t expect sports betting revenue to contribute much to the STEM scholarships. Montana’s betting handle appears to have plateaued somewhat, and (re)opening of retail locations can only help so much. Considering the rapid growth of sports betting in America, we anticipate Montana will eventually allow fully mobile betting and create a more open market to keep revenue from flowing out of state.

Market expansion would be welcome news for MT sports bettors who would see juicier promotions with an open, competitive online market. The Treasure State would have to give up some of its current revenue share, but easier access for consumers would likely still mean more money flows back into state coffers.

High Hold Percentage

Montana finished 2020 with the fourth-highest annual hold rate (13.78 percent). This is nearly double the national average of approximately seven percent.

A high hold percentage effectively means sportsbooks are keeping more money out of every dollar wagered. Hold rates are variable and not entirely within the realm of control for sportsbooks or governments. That said, Sports Bet Montana offers an underwhelming product with over-juiced odds. Factors such as bet balance or bettors flocking towards futures markets can also drive up the amount that sportsbooks profit.

But, at the end of the day, a high hold percentage is bad news for sports bettors. Through 13 months of legal sports betting, Montana’s monthly hold percentage has only been in the single digits twice. Opening up a statewide online sports betting would increase competition in the Montana market, and likely bring the hold rate down below 10 percent.

Learn More About Betting on Sports in the Treasure State

Sports Betting Dime will keep you up to speed with the latest Montana sports betting news. In the meantime, you can check out where to be on sports in Montana, with all the most common FAQ’s answered.

To see how MT compares to other states in terms of betting volume, check out our state-by-state sports betting revenue tracker.

Have fun and enjoy the action out there!

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A lifelong athlete and sports fan who’s worked in sports for over ten years, Natalie brings a firsthand perspective and keen interest in sports business to her work. She’s excited to observe and analyze the future of the sports betting industry as it heats up.