Pennsylvania sportsbooks set a new handle record after surpassing $1bn in lifetime wagers as the state’s industry celebrated its first birthday in November.
Accepting $316.5m in wagers in November, up 31.2 per cent from October’s $241.2m, as reported by figures from the Pennsylvania Gaming Control Board.
The industry is also gaining ground as its online products mature, boosted by the recent online launch of DraftKings, under The Meadows license, and Unibet, under Mohegan Sun Pocono, according to PlayPennsylvania.com analysts.
The launch of poker and two new online casinos in November helped boost Pennsylvania’s gross revenue to a new record as the five entities generated $9.7m, up 98 per cent from $4.9m in October.
The recent debuts, combined with the poker addition, brought wagers of $316.8m, up 58 per cent from $200.2m in October, with poker accounting for $2m in bets. In total online casinos generated $2.4m in state taxes during the month.
Rivers Philadelphia held on to the market lead with $3.2m in revenue on $148.7m in bets, up from $2.5m in October revenue on $85.6m in wagers.
“The online casino industry is finally gaining momentum, but Pennsylvania’s tax structure has definitely slowed its development,” states Dustin Gouker, analyst for PlayPennsylvania.com.
“Still, with poker showing promise, especially compared to New Jersey, and new operators coming online, Pennsylvania’s market should really begin to take off.”
The Keystone State’s sportsbooks generated $20.6m in revenue, up from October’s $19.1m win, and yielded $3.9 million in state taxes. This follows the industry launching a year ago with one sportsbook, Hollywood Casino, generating $1.4m in bets and $508,997 in gross revenue.
The seven online sportsbooks generated 84.3 per cent of the state’s November handle, bringing a total of $266.7m, up from $198.7m in October.
FanDuel Sportsbook at Valley Forge Casino remains dominant in the online market, despite fresh competition. FanDuel accepted $149.7m in November bets, up from $113.9m in October, yielding $9.2m in revenue, up from $8.1m.
“Pennsylvania has come a long way in a year,” added Gouker. “Plagued with relatively high gaming taxes and early hurdles to its online launch, Pennsylvania’s future as a legal sports betting jurisdiction was murky at the beginning. But despite the issues in its infancy, the state has proven to be attractive for operators and the market is truly beginning to flourish.”