Parx Took the Lead in Pennsylvania Sports Betting Market Last Month

It looks like the past month wasn’t that good for Pennsylvania’s sports wagering market. Gambling regulator of the state of Pennsylvania has officially reported that there was a 23.5% decline in sports betting revenue for the month of April.

This time, Rush Street’s Rivers and SugarHouse venues didn’t make such great results…

…so Parx got the opportunity to get to the top in the state when it comes to a total revenue coming from sports betting.

More Details on the Revenue

Total sports wagering revenue fell to $4.2 million, while the handle was down 17.4% to $36.8 million, for a hold of 11.5%. This is quite odd, considering that in April two more venues ed the market, so now there is a total of eight sportsbooks in PA.

Parx and its sportsbook powered by Greenwood Gaming and Entertainment saw a 7.8% fall in revenue to $907,298…

…while staggering $6.9 million was wagered in this venue.

The casino’s South Philadelphia Race & Sportsbook generated revenue of $441,692 which came from a handle of $2.6 million.

On the other hand, Parx’s Valley Forge Race & Sportsbook’s revenue came to almost $200k, or $195,856 to be more specific.

A Drop in Revenue

So, Parx managed to take the lead after the Kambi-powered, Rush Street-operated Rivers and SugarHouse Casinos both had a major drop in revenue.

Rivers’ sports betting revenue fell from $1.3 million in March to $871,753 during April…

…while SugarHouse’s revenue was down 36.9% to $781,163.

Also, the FanDuel-powered sportsbook at Boyd Gaming’s Valley Forge Casino Resort generated revenue of $379,731, which is a drop comparing to the March revenue of $449,597.

Hollywood Casino at Penn National Race Course, which collaborates with William Hill, had a 30.8% decline in revenue to $361,249…

…while Caesars’ Harrah’s Philadelphia had a revenue of $282,740.

Additional Effects of Revenue Drop

But, casinos weren’t the only ones that suffered from the sports betting revenue drop. The state’s tax also saw a 23.5% decline during the month of April and dropped to $1.5 million.

Out of this, a total of $1.4 million actually went to the state wallet…

…which came from a 34% tax on sports betting revenue.

An additional $84,430 went to the local authorities of the counties where each casino is positioned.

Pennsylvania Launches Online Gambling

Currently, PA operators are actually in the preparation phase of launching online wagering /pennsylvania-online-gambling-market-to-launch-july-15/ in this state.

It was expected to start somewhere during the month of May, but that date is postponed once again to July.

The state lawmakers already approved the necessary legislation for the launch of online gambling back in October 2017, but haven’t officially launched the market up until now.

There are already 10 land-based casinos in Pennsylvania that are licensed and authorized iGaming certificate holders…

…while there are also three online iGaming operators, and they will all go live on the same day in July.

By launching the online gambling market, the state will Delaware, Nevada and New Jersey, which have already regulated iGaming.

Source:

“Parx leads the way in Pennsylvania sports betting market in April”, Robin Harrison-Millan, igbnorthamerica.com, May 16, 2019.