Huge sports and casino fan
Huge sports and casino fan
The latest revenue report by the Pennsylvania Gaming Control Board (PGCB) shows that the Keystone State did not fare any better than other states that were affected by the slow sports schedule in July.
According to the report published on Wednesday, PA sportsbooks took in a combined $304.4 million in wagers in July, down 27.6% from June’s $420.2 million handle.
The state’s sport betting revenue also saw a significant decline month-on-month, with operators reporting a hold of $19.9 million in July, down by 41.8% from the $34.2 million reported in the previous month. However, when compared to the $8.1 million won by operators in the same month last year, there was a massive increase of 144% in revenue year-on-year.
The report further shows that $6.8 million of the revenue generated by sports betting went to the state coffers, representing 34% of the operators’ hold. In addition to the state tax, PA sportsbooks remitted an additional 2% or $397,124 to the host communities of the licensed facilities, as is required by the state’s gaming law.
Just like in the previous months, more than 90% of Pennsylvania’s sports betting handle in July came in via online sportsbooks.
According to the report, online wagering accounted for 90.5% of the total handle for the month, at $275.4 million. The mobile handle for June was $379.3 million, indicating a 27.4% decline month-on-month.
The revenue posted by online operators in July was $17.2 million, a 41% decrease from the $29.3 million won in June.
Retail venues, on the other hand, took in about $29 million in wagers in the month, down from $40.9 million in June. The total amount won by physical sportsbooks dropped from $4.9 million in June to $2.7 million in July, translating to a 44.8% dip.
The numbers published by the PGCB place Valley Forge Casino far ahead of the competition in the Keystone State when it comes to betting handle and sports betting revenue.
The King of Prussia-based facility and its online partner, FanDuel Sportsbook, reported a total betting handle of $108.5 million in July. Of the total handle, $106.7 million came in via the FanDuel app and website, while the retail venue took in $1.8 million in bets. The operator’s total hold was $9.6 million, with $9.5 million coming from online customers.
Meadows Racetrack and Casino in North Strabane, which partners with Boston-based DraftKings Sportsbook, came a distant second after reporting $67.2 million in total betting handle and $2.9 million in revenue. The DraftKings app was responsible for the lion’s share of the handle and revenue, at $66.2 million and $2.8 million, respectively.
The third highest handle in the state was posted by Hollywood Casino Morgantown, which processed $29.0 million worth of wagers in the month. The venue, which is yet to launch onsite wagering, partners with BetMGM for online betting.
It’s sister casino, Hollywood Casino at Penn National Race Course followed closely with a handle of $24.5 million. $23.4 million of the total handle reported by the facility was processed by its online partner, Barstool Sportsbook.
Both venues are operated by Penn National Gaming.
The RSI-operated BetRivers Sportsbooks at Rivers Casino Pittsburgh and Philadelphia took in $17.9 million and $14.2 million in bets during the month, respectively.