August 17, 2020

Pennsylvania Sportsbooks Surge With Return of Major Sports While Online Casinos Continue Momentum, According to PlayPennsylvania

LAS VEGAS, Aug. 17, 2020 /PRNewswire/ — Pennsylvania’s sportsbook capitalized on the return of major sports to nearly double the handle…

LAS VEGAS, Aug. 17, 2020 /PRNewswire/ — Pennsylvania’s sportsbook capitalized on the return of major sports to nearly double the handle from June to July, and the state’s online casinos built momentum as the Keystone State’s market continued to rebound in July, according to PlayPennsylvania analysts.

“The return of baseball and the NBA were seminal moments for Pennsylvania’s sportsbooks, obviously,” said Dustin Gouker, lead analyst for PlayPennsylvania.com. “There is no making up for what was lost during the shutdowns. But with online casinos sustaining incredible growth, major sports back in play, and retail casinos gradually reopening, the industry is thankfully moving forward.”

Retail and online sportsbooks generated $164.8 million in wagers in July, up 85.1% from $89 million in June, according to official data. July’s wagers were up 177.7% from $59.3 million in July 2019, when online gaming was still in its infancy in Pennsylvania.

Gross revenue surged to $8.1 million, up 22.3% from $6.7 million in June and up 185.7% from $2.9 million in July 2019. July’s revenue produced $2.8 million in state taxes. Sportsbooks have now produced $51.6 million in state taxes and local share assessments since launching in November 2018.

“Even just over a week of baseball and a few days of the NBA was enough to unleash pent-up demand for wagering on major sports,” Gouker said. “August should be a huge month, with NBA and NHL playoffs drawing bets that aren’t typical in the late summer. That should help Pennsylvania’s sportsbooks make up a little of the revenue lost this spring.”

Online betting accounted for 94.3%, or $155.4 million, of July’s handle. FanDuel Sportsbook at Valley Forge Casino led the online market with $68.8 million in bets, up from $32.9 million in June, generating $1.4 million in taxable revenue.

Retail sports betting remained relatively slow in July with $9.4 million in bets, up from $689,534 in June and yielding $1.3 million in revenue.

“The key for sports betting going forward is obviously the health of the various major sports leagues in the U.S.,” said Valerie Cross, analyst for PlayPennsylvania.com. “We saw with the Phillies that the pandemic can abruptly alter the sporting landscape. And with college football in jeopardy this fall, and the NFL still working through its plans, the fall remains quite uncertain.”

Online gambling

Online gambling generated $54.4 million in gross operator revenue, or $1.8 million per day in the 31 days of July. That was up from $50.1 million in June, or $1.7 million per day, in the 30 days in June. July’s revenue generated $15.5 million in state taxes.

Online table games and slots produced $1.8 billion in wagers, up from $1.7 billion in June, resulting in $51.4 million in revenue. Rivers-Philadelphia led the online casino market with $15.4 million in revenue on $612.1 million in wagers, up from $15 million in revenue on $567.3 million in wagers in June.

“The pandemic has accelerated the maturity of Pennsylvania’s online gaming market dramatically,” Cross said. “By comparison, it took New Jersey more than six years to top $50 million of online gambling revenue in a month. Pennsylvania managed to do it in less than a year. That growth has been vital to the stability of Pennsylvania’s gaming industry.”

For more, www.playpennsylvania.com/news.

About the PlayUSA.com Network:

The PlayUSA.com Network and its state-focused branches is a leading source for news, analysis, and research related to the market for regulated online gaming in the U.S.

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SOURCE PlayPennsylvania.com