Pennsylvania Sports Betting Revenue Records a Drop in February
The Pennsylvania Gaming Control Board has posted the latest figures for February, revealing that sports betting recorded a drop of 25.4% when compared to the first month of the year.
According to the latest information, the six sportsbooks that offer their services to customers in the Keystone State, generated combined revenue of $1,946,816 last month.
A Decrease from January
That’s quite a drop when compared to January when the state’s sportsbooks recorded a little over $2.6 million in revenue. The results should have been better, especially since February was the first full month of operations of all six sportsbooks, as Parx Casino, Parx South Philadelphia Turf Club and Harrah’s Philadelphia went live in January and made only a partial contribution to the monthly results.
A total of $31.5 million in bets was handled during February, which is a drop of 1.6% from January, while it almost doubled when compared to December ($16.2 million). Although this is a slight decline, the fact the Super Bowl took place in February certainly changes the perspective, as one of the biggest sporting events of the year had little impact on the overall results.
Pennsylvania’s best performing sports betting facility was Rivers Casino in Pittsburgh, with a handle of around $8.2 million, and revenue of $627,521.
The worst performing sportsbook, in terms of revenue, was Hollywood Casino at Penn National Race Course, the state’s first sportsbook, which recorded just $13,914 in revenue. In terms of placed bets, the South Philadelphia Race and Sportsbook, with a handle of $2.6 million in February.
A boost is expected this month, after Paddy Power Betfair’s FanDuel opened a sportsbook at Boyd Gaming’s Valley Forge Casino Resort on March 13.
The Future Looks Brighter
Although the last month’s results were disappointing, the sports betting industry is still in its development, so it would be early to make any long-term estimates over its future in the coming months and years.
First of all, Pennsylvania is a big market, as the state is the fifth most populous in the country. But that’s not all, as more sportsbooks will be opened in the next couple of months, while the biggest boost is expected to come with the launch of online and mobile wagering services, whose launch is expected in the coming period.
Digital vertical was the main driving force behind sports betting growth in New Jersey, and experts believe that online betting would have a similar effect in Pennsylvania as well. According to the Pennsylvania Gaming Control Board, online wagering should be up and running by mid-2019.
And although players in Pennsylvania will have to wait at least couple of months before being able to place their bets online, the state’s gambling industry is sure to feel the impact of the upcoming March Madness, the men’s NCAA basketball tournament.
The March Madness offers 63 games for bettors to choose from, and such a number of events will surely lead to an increase in betting activity, as 63 separate events draw more attention that one sporting event, namely the Super Bowl, did last month.