Pennsylvania’s Sports Betting Revenue in February Plummets by 79.4%

As far as the figures disclosed by the Pennsylvania Gaming Control Board (PGCB) reveal, overall gambling revenue in the state went up to $304.3m in February. This represents a minimal growth by 0.5% from $304.2m in January and 13.8% from $267.6m in February 2019.

These stats encom entire terrestrial (table games and slots) and online business (online casino, sports betting, fantasy sports, and video gaming terminals). Land-based slot revenue rose 4.9% to $199.7m and table games revenue grew by 6.6%.

In of online gaming revenue for February…

…this amounted to $19.5m, up 35.3% on $14.0m in January. Digital one-armed bandits were responsible for $9.6m of the overall amount, followed by table games on $8.0m and poker with $1.8m in revenue.

Not so Bright Times for Sports Wagering

However, the figures encoming sports betting vertical are not quite encouraging, with 79.4% month-on-month decline in the sports betting vertical. $4.7m was collected in February, which is much lower than $22.8m in January, but 147.4% higher than February last year.

Handle amounted to $329.8m…

… which is down 5.3% sequentially but still it’s a significant improvement from the $31.5m generated in February 2019. Of this sum, $294.1m was taken online, a 4.7% drop from January, with $35.6m, wagered over-the-counter, down 10.4% month-over-month.

Meadows and DraftKings as Dream Team

The main source of income were online platforms again, acquiring $4.1m in revenue compared to just $628,524 from retail sportsbooks.

Meadows, in collaboration with FanDuel on $1.1m.

Parx Casino took the third place…

…with $946,048 in revenue for the month, while Rivers Casino Pittsburgh saw revenue reach $809,858 and the Mount Airy Casino Resort $519,307.

However, both Harrah’s Philadelphia and the Hollywood Casino at Penn National posted a loss for the month.

Valley Forge as Leader in iGaming Segment

Despite losing the dominating title in the sports betting market, Valley Forge Casino led the way in iGaming with $6.1m in revenue. The venue was ahead of Rivers Casino Philadelphia on $4.8m and Mount Airy Casino Resort at $3.2m.

Fantasy sports revenue slipped 19.1% month-on-month…

…to $1.7m in February, with DraftKings leading this area of the market on $835,461 in revenue, ahead of main rival’s $793,122.

Elsewhere and gross revenue from video gaming terminals totaled $1.3m in the month. This represents an improvement of 1.3% from $1.1m in January, with players wagering $14.2m in the process.

Source:

“Pennsylvania sports betting revenue slips to $4.7m in February”, Rob Fletcher, igbnorthamerica.com, March 19, 2020.