Analyzing Montana Sports Betting Revenue Insights of 2025

Since March 2020, Montana’s sports betting market has been growing steadily under the state-run model.

The betting handle from Montana bettors went from $18.77 million in 2020 to $66.47 million in 2024, with increasing interest in legal sports betting. Gross Gaming Revenue (GGR) followed the same trend, from $2.37 million in 2020 to a high of $8.45 million in 2023, then down to $7.19 million in 2024.

Montana’s tax revenue has also increased over the years. In 2020, sports betting brought in $201,319.36 in tax revenue. That rose to $717,961.94 in 2023 and declined to $610,885.99 in 2024.

2024 Year-to-Date
In 2024, Montana’s sports betting market continued to chug along despite its smaller size. Bettors staked a total of $66.47 million, generating $7.19 million in gross gaming revenue (GGR) and contributing $610,885.99 in tax receipts. As you’d expect, the biggest spikes occurred around the NFL playoffs and March Madness, with quieter stretches during the summer months.

Q1 2025
Montana opened 2025 with steady activity across January, February, and March:

• Total handle: $5,750,903 + $3,743,225 + $6,200,119 = $15,694,247
• Total GGR: $1,289,383 + $185,245 + $685,025 = $2,159,653
• Effective hold rate: 2,159,653 ÷ 15,694,247 ≈ 13.8%
• Total tax revenue: $109,597.56 + $15,745.83 + $58,227.13 = $183,570.52

Month by month:

• January: $5.75 M handle, $1.29 M GGR (22.42% hold), $109,597.56 tax
• February: $3.74 M handle, $185,245 GGR (4.95% hold), $15,745.83 tax
• March: $6.20 M handle, $685,025 GGR (11.05% hold), $58,227.13 tax

Historical Growth and Future Outlook

Montana’s sports betting has grown under the Sports Bet Montana platform, but its state-run, retail-only model limits competition compared to more open markets like New York or New Jersey. 

Going forward, Montana’s growth will depend on user engagement and potentially more betting options. While the market is smaller than states with multiple sportsbooks, the steady year-over-year growth suggests there’s still revenue to be had within the current framework.

• January 2025 - Montana State reaching the FCS National Championship Game drives betting surge in the state. (KTVH, 2025)
• October 2024 - Montana Lottery took a rare loss on sports betting in the month of October as payouts to winning bettors ($7.62 million in winning bets) exceeded total wagers ($7.59). (CDC Gaming, 2024)
• February 1, 2024 - Two Montana tribes, the Assiniboine and Sioux Tribes of the Fort Peck Indian Reservation, are given approval to offer retail sports betting at Silver Wolf Casino. (SBC Americas, 2024)

Montana’s sports betting market under Sports Bet Montana has been steady even if it's relatively modest in size, with annual handle and revenue up year-over-year.

While the state’s model is different from more open-market states, with a population far below the national average, Montana is also incentivized to do things a little differently.

Here are some key factors that will shape the future of sports betting in Montana:

• Steady Year-Over-Year Growth: Montana has reported an increasing total handle, from $18.77 million in 2020 to $66.47 million in 2024. Despite being a single-operator state, the growing interest in sports betting indicates the heavily regulated market isn't hamstringing consumers too much.
• Retail-Only Market: Unlike states with mobile betting, Montana’s system is all about in-person wagering at licensed kiosks in bars, restaurants and casinos. This keeps the betting activity tied to local businesses and supports the state’s economy.
• Tax to Public Services: Montana’s 8.5% tax rate on gross gaming revenue has generated over $2.68 million for state programs since 2020. That is a relatively low rate on gross revenue that could be revised in the years to come.
• Seasonal Fluctuations: Like all sports betting markets, Montana experiences seasonal swings, with more betting during big events like the NFL playoffs, Super Bowl and March Madness. Since there are no pro sports teams in the state, there are fewer tentpole events that drive massive increases in wagering.
• Limited Expansion: As a state-controlled market, Montana doesn’t allow online sports betting with private sportsbook operators. While that model provides sturdy regulatory oversight, it also means no competition and potentially limited future growth compared to open-license states.