Big surprises in Pennsylvania’s Gambling Revenue report
The numbers in Pennsylvania’s gambling revenue report are simply stunning. It is evident from the report that PA experienced more than a 6% increase in total gambling revenue compared to August 2018. The revenue upsurged from $275,954,421 last August to $293,434,082 this year.
The increase in numbers came as a result of legalizing sports betting and online gambling. The state’s first retail sportsbook went live in November 2018. PA online and mobile sports betting were launched in May. The first PA online casinos went live in July.
The casino revenue constitute of $3,428,640 and sports betting revenue of $6,115,016. There was also a 2.25% upturn in August slot machine revenue from $201,729,431 to $206,260,869. Furthermore, table games faced a 4% ascend in revenue from $73,281,370 to $76,184,709.
Retail sportsbook pushes sports betting revenue
The sports betting numbers were simply spectacular that came as a result of the retail sportsbook. Pennsylvania sports betting operators achieved more than $6.1 million in revenue from marginally more than $109 million in bets. Retail sportsbooks were accounted for $3.5 million of total revenue and online operations were $2.5 million.
In PA, online and mobile sports betting operators are currently bringing about 40% of the revenue. This clearly indicates that either online or mobile bettors in PA are extremely brisk. But online betting is sure to create a storm in the coming sessions.
Parx generates massive revenue in online table games
The second surprise in the report is the massive revenue upswing generated by Parx Online Casino. Parx managed to produce an online gambling revenue of $1,095,761. The most unexpected fact arise when online casino table games revenue figure is slightly higher than its online slots revenue.
The whole $1 million in revenue was enough to place Parx next to SugarHouse Online Casino in entire August 2019 revenue. However, SugarHouse’s $1,648,427 in total online gambling revenue came from $1,362,585 on slots and only $285,841 on table games.
SugarHouse Online Casino is undoubtedly leading the gambling market in NJ for the past few years but the only surprise is that Parx achieved massive table games number when compared to SugarHouse. The state taxes online table game revenue at 16% and online slots at a hefty 54%. This helps Parx Casino to keep only around $2,00,000 less after taxes even though it produced $650,000 less than SugarHouse.
Fanduel is 92% of online and mobile betting
The final surprise is that the dominant sportsbook in the state derived most of its revenue from online and mobile betting irrespective of 60% of the state’s total sports betting revenue generated from retail operations.
FanDuel Sportsbook at Valley Forge Casino Resort was the crowning sportsbook in the state in August 2019 with $2,217,754 in total revenue achieved from $37,822,688 in total bets. A tremendous $2,042,424 of that revenue total came from the FanDuel Sportsbook PA website and mobile sports betting app. Just $175,330 came from the retail sports betting operation at the casino.
This shows that FanDuel is producing an incredible 92% of its sports betting revenue from mobile and online operations. NJ sports betting substantiates that as the US betting market grows, it will become increasingly online and mobile-driven.
SummaryName: Big surprises in Pennsylvania’s Gambling Revenue report
Author: Erik Linask
Published Date: 12/06/2019