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Pennsylvania Wagering Crosses $300mn for the First Time

The handle of the sports betting market in Pennsylvania has grown beyond the $300mn for the very first time in November. The mobile contribution has increased by a considerable amount and the table game stakes have also increased.

In November, the wagered amount across all channels is $316.5mn. This is an improvement of 31.5% as compared to October. The online betting accounted for 84.3% of the total wagering and the wagering amount is $266.7mn. The data has been received from the Pennsylvania Gaming Control Board.

As far as the Retail market is concerned, it isn’t doing too bad either. The contribution has increased on a month on month basis and now is $49.7mn. However, if a comparison is drawn between the Retail and Online market then the earlier is still lagging behind.

However, this hasn’t translated into revenue gain. The total revenue gain for the operators for this month is $20.6mn. The operators have used $5.9mn on the promotional credits. Hence, the total profit before the tax for the operators is just $14.7mn. The profit before tax in November is actually lesser than October.

The Valley Forge Casino has partnered with the Fan Duel. They have actually raced ahead of many others in the competition. The stakes have been totaled to $153mn for Valley Forge Casino in November. The casino has witnessed a growth of 29.6%. However, the most interesting part of it is the amount of online wagering. As per the Pennsylvania Gaming Control Board, the Valley Forge Casino has witnessed 97.9% of online wagering. The total online wagering amount for the casino is $149.7mn. This clearly establishes the contrast between the online and retail wagering.

The Valley Forge also held $5.8mn of Taxable revenue after setting aside the promotional credit. This is also the highest among the casinos. So, the Valley Forge has made a difference not only in the wagering but also in the revenue for the month of November.
Rivers Philadelphia Casino has also made its mark. The casino was previously known as the SugarHouse casino. The wagered amount for the casino has been totaled to $41.3mn for both retail and online offerings.

The higher player winnings, however, resulted in a month on month decline. The higher player winnings have fallen down by 41.3% to a mere $1.6mn.

Parx Casino had good times as well in the wagering and earning revenue. The casino saw an aggregated wagering of $30.5mn. The casino held $2mn Taxable Revenue after eliminating the promotion credits. This is second only to the Valley Forge Casino in terms of revenue. In terms of revenue, River Philadelphia and Pittsburgh followed Parx Casino.

Source: https://www.igamingbusiness.com/news/pennsylvania-betting-handle-passes-300m-november

About the author

Debopom Sanyal

Debopom Sanyal

Debopom is a web journalist and news enthusiast. He has been writing about world politics, science, health, finance, and technology. An avid sports enthusiast, Debopom has done his Masters in Finance and Bachelors in Engineering.

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