Gross gaming revenue at online casinos in Pennsylvania topped $100m for the fourth consecutive month in June, even though it fell compared to May, according to PlayPennsylvania.
Coming in at $100.8m, down from $110.8 the previous month, June’s GR produced $88.9m in taxable revenue, down from $101.3m in May, and $37.2m in state and local taxes.
For fiscal year 2020-21, Pennsylvania’s online casinos and poker rooms generated $1.1bn in GGR, up 259.8 per cent from $297.3m in FY 2019-20. In addition, $897.2m in taxable revenue, up 272.5 per cent from $240.9m in FY 2019-20 and $372.7m in state and local taxes, up 283.4 per cent from $97.2m in 2019-20.
“The growth of online casinos over the past 15 months has forever altered the landscape of Pennsylvania’s gaming industry,” commented Valerie Cross, analyst for PlayPennsylvania.com. “The potential of Pennsylvania was obvious from the start. But the expansion over the last year to the cusp of becoming the largest online gambling market in the country, capable of generating more than $1bn in revenue in a single year, has been remarkable.”
Wagering at Pennsylvania’s online and retail sportsbooks dropped for a third consecutive month, but that didn’t stop sportsbooks from making significant revenue gains as the summer offseason trudged on.
The month closed a dramatic fiscal year that saw more than $5.5bn in sports wagers and an online casino gaming market that continues to compete with New Jersey as the nation’s largest, according to PlayPennsylvania.
“Betting volume typically falls over the summer, but sportsbooks tend to win more per bet on sports like golf and tennis,” explained Dustin Gouker, lead analyst for the PlayUSA.com network, which includes PlayPennsylania.com. “That really helped sportsbooks in June and will help them to continue to weather the offseason even as bettors engage less.”
Online and retail sportsbooks in Pennsylvania combined to take in $420.2m in wagers in June, down 6.1 per cent from $447.5m in May, according to official data released Monday. Sportsbooks’ GGR jumped to $42.5m, which was up 13.6 per cent from $37.4m in May. The month’s gross receipts produced $34.2m in taxable revenue, which yielded $11.6m in state taxes and $684,510 in local share assessments.
“By any measure, Pennsylvania’s entry into sports betting has been an unqualified success, and the market has yet to fully mature,” added Cross. “Importantly, with more than $111m in state and local taxes over the fiscal year no state takes in more in tax revenue from sports betting than Pennsylvania. That is where the state truly stands out.”