More time needed to determine the Success or Failure of Virtual Sports in PA
The Pennsylvania Lottery executive director expected ardent public interest in the virtual games that involve Xpress Football and Xpress Car Racing. The product was considered valuable since its inception and expected to work as that of Keno. “We expect that our Xpress Sports games will also be a big hit with our players”, Svitko asserted last year.
Virtual sports still have a lot to do with the Pennsylvania market in various means and several virtual sports providers are accentuating patience. “ Like any new things,” said Lap Gaming CEO Yariv Lissauer, “any new type of product especially in an industry that has experienced a kind of rebirth. We need some patience to really measure and evaluate success.”
Virtual sports fame lags behind keno
During the 2018-19 fiscal year, the Pennsylvania Lottery generated more than $4.5 billion in sales. The combination of Keno and Xpress Sports accounted for $46.7 million which includes a $10 million profit.
Keno brought about some $10 million in sales since the end of February whereas Xpress Sports effected only $6,00,000 in sales during the same period. “We are excited about the future growth potential of Virtual Sports lottery games,” Pennsylvania lottery spokesman Jeffrey Johnson informed the newspaper. “The lottery’s mission is to grow sales and profits for older Pennsylvanians and in order to grow sales responsibly, it is important for the lottery to continue to try new games that may appeal to new players.”
Virtual sports enhances sports betting
The rescinding of the PASPA act back in 2018 allowed the sports betting to flourish across the states. The report indicates that regulated wagering has accounted for nearly $3.5 billion in the handle and $220 million in revenue. “The way we look at it, said Lissauer, “is virtual sports is a complementary element of real sports betting.” He continued,” It’s traditionally the same audience. It complements real sports. It’s especially attractive when there’s no real sports available. If it is attractive if the market endorses real sports betting, then we don’t see any reason why it would not endorse virtual sports.”
Virtual sports will do wonders in the US
“The mere effect of sports betting can be very popular in the US,” Lissauer said. “The whole stir and excitement around real sports betting in the US, by nature, implies there’s a lot of room for growth and adoption for virtual sports in the US.”
Lissauer understands that patience is predominant for such a new product and it cannot always attain popularity The industry is still fresh and a lot of adoption is required for virtual sports.
Success demands enormous time
Virtual sports can act as a filer product one that could become popular on slow sports days or during the mornings and afternoons. The product had started to lure new players and it captivated the existing players. “ We are seeing good crossover,” Joe Asher, CEO of bookmaker William Hill US said, “from our regular pari-mutuel customers as well as traditional sports bettors.”
Making games available online may be the suer key to success. One year of virtual sports in Pennsylvania is not enough to determine if it will be a success or failure and more time is needed to attain massive hit in the US market.
SummaryName: More time needed to determine the Success or Failure of Virtual Sports in PA
Author: Erik Linask
Published Date: 12/06/2019