Pennsylvania Regulator Announces Surging Revenue For Sports Betting in March

Ever since sports wagering officially entered Pennsylvania, revenue has been experiencing its ups and downs from month to month. As far as the current situation looks, March was undoubtedly the strongest regarding revenue increase. Total market revenue grew 183.5% month-on-month to $5.5m (£4.2m/€4.9m) …

… with a handle up 41% from February’s $31.5m to $44.5m. The overall generated revenue was $2.0m, with $1.9m of this sum went to the state, and the rest of the amount is allocated to local authorities where each venue is based. This is in huge correlation with launching of additional sportsbook venues in March.

The overall benefit on an entire month basis came from 6 establishments, with a noteworthy contribution from Boyd Gaming’s Valley Forge Casino in King of Prussia and Greenwood Gaming’s Valley Forge Race & Sportsbook, both opened in the middle of March.

The Top List of Contributors

According to last month’s reports, the revenue in February showed a disappointing decline compared to previous months. This was more than surprising, having in mind that in January there were only three parlors, whereas in February six of them officially operated. However, the trends seem to have turned…

…in a positive direction as the 6 venues altogether gave more than the enormous contribution for revenue. As far as numbers go, the biggest contributor and the leader of the month was Rush Street-operated, Kambi-powered Rivers Casino in Pittsburgh. The venue ed for $11.9m (26.7%) of the handle and $1.3m (24.4%) of state’s sports wagering revenue for the month. The next in line are:

• Philadelphia’s SugarHouse Casino, another Rush Street property, with acquired revenue of $1.2m from $9.2m of handle
• Greenwood Gaming’s Parx Casino gain of $984m from the handle of $8.0m

New-Comers With Great Potential

Though operating for quite a short period of time, the venues that set their foot only recently still gave more than a valuable contribution to the surging revenue. The South Philadelphia venue generated a revenue of $534,253, while the Valley Forge property generated $120,836 in its first 18 days from opening. Besides this, the FanDuel-powered Valley Forge Casino sportsbook ed for a further $449,597 of revenue, from $2.0m in stakes, over 19 days live. As for the first hub launching legal wagering in Pennsylvania…

…Penn National Gaming’s William Hill-powered sportsbook at Hollywood Casino at Penn National Race Course, they reported revenue of $521,864 from $5.3m in stakes. And the last one, but not the least important- Caesars Entertainment’s Harrah’s Philadelphia added stakes of $3.8m, and revenue of $326,752.

Turbulences With Truck Stop Gambling

In the meantime, there has been lots of discussion on the status of truck stop gambling. The initial idea with such establishments was to make it possible for suppliers to deliver their content to a wider audience. However, the increasing expansion…

…of application for video gaming popping up led to growing concerns of the community. As the Senator points out, each municipality should have the right to accept or decline this on their own. The bill proposing this is still under consideration.

Source:

“Pennsylvania sports betting market hits new heights in March”, igamingbusiness.com, April 16, 2019.