Pennsylvania Records Increase in Revenues; Betting and Online Gambling Drive the Profits

Pennsylvania is making some record-breaking results these days. Its online gambling and sportsbook sector have reached a peak in January and land-based slot machines exceeded table games figures.

More About Result

The Pennsylvania Gaming Control Board (PGCB) has just released a report showing the figures for this past January. According to the numbers, statewide gaming revenue reached $300.8m, which is 17% better result than the year before and about $9m superior result than in December 2019.

Regarding the revenues from land-based Parx Casino was the best slot organizer with over $35.8m (+8%) in revenues. Table games marked a decreasing effect while falling 2.5% to $72.5m.

Online Gambling Figures

Pennsylvania’s seven online gambling providers recoded a total income of nearly $14m in January which is better than last December’s result of $10.6m. The state has taken $7.2m from slots, with $4.6m coming from table games while the rest of $2.16m came from the single poker provider – The Stars Group’s PokerStars.

Pennsylvania introduced two online gambling brands during January, the Valley Forge Casino Resort and the Presque Isle Downs’ sites, which launched on January 24 and January 30 respectively.

Sports Betting Performance

Sports betting results in Pennsylvania were also satisfying. Only in January, the entire sportsbook sector recorded $348.4m in the betting handle which is a slight improvement over December’s $342.6m.

Regarding the betting revenues, the state managed to get $8.2m in taxes thanks to the doubled amount of profits reaching $22.84m. At the same time, online gambling marked $308.6m which was 88.5% better result compared to the January figures. The betting handle was higher 78.4% reaching $17.9m.

If we take into consideration results from single operators, we can see Valley Forge and FanDuel generated $156m of the month’s entire handle. The same month saw Meadows Racetrack & Casino and DraftKings generated $60.2m while Rivers Philadelphia turned in the third position with $35.7m. The best results in revenues have also been recorded by Valley Forge with $8.1m.

After the finalization of NFL season and serious loss during the Super Bowl, Pennsylvania doesn’t expect to see optimistic figures in February…As a reminder, only during the Super Bowl the state recorded a net loss of $3.3m…

Additional Figures

It is also worth noting that video gaming terminals across the state generated revenue of $1.1m in the first month of the year, or 27% more compared to the past December. Fantasy contests made $2.06m, falling 2.4% on year-on-year level.

Regarding the all-source revenues, Parx used to have the best month with $57.5m, Wind Creek was in second place with $38.2m, followed by Rivers Pittsburgh ($34.5m), Rivers Philadelphia ($31.9m) and Valley Forge ($21.7m).

Source:

“Betting, online gambling boost Pennsylvania casino revenue“, calvinayre.com, February 19, 2020.