Pennsylvania Sports Betting Soars in JulyPublished August 25, 2020 by Elana K
In July, Pennsylvania's sports betting handle hit $164.8 million, an 85% increase from June 2020. Gross revenue totaled $8.1 million, a 22% increase from the previous month.
July saw an improvement for Pennsylvania sports betting operators, according to the Pennsylvania Gaming Control Board (PGCB). The sports betting handle in the Keystone state hit $164.8 million in July, an 85% increase from June 2020. Gross revenue totaled $8.1 million, a 22% increase from the previous month. July’s revenue also showed a 177% year-on-year increase, certainly a reason to be hopeful.
Unsurprisingly, the majority of sports bets were placed online, even though the state’s land-based sportsbooks reopened. According to the PGCB, 94.3% of the handle and 80.4% of the actual revenue came from online sports betting.
The Meadow Casino and its online partner DraftKings came in first with a $39.6 million handle and $1.9 million in revenue. The operator showed a $1.3 million increase from June revenue.
Valley Forge Casino and its online partner FanDuel came in second with a $69.7 million handle and $1.4 million in revenue. Valley Forge’s land-based sportsbook suffered a loss of about $50,000.
Rivers Philadelphia came in third with a $14.3 million handle and $1.3 million in revenue, while Parx Casino came in fourth with a handle of $11.3 million and revenue of $1.1 million. The state’s other operators didn’t manage to break the $1 million mark, though Rivers Pittsburgh came close with nearly $999,000.
Pennsylvania Online Gambling
Pennsylvania online gambling accounted for nearly 22% of all gaming revenue in the state, or $61.2 million, in July. In the same month of 2019, online gambling generated less than $4 million, so it’s easy to see how online operators are progressing. On the other hand, land-based gambling has decreased from last year, slots by 17% and table games by 32%. The reason for the decrease is clearly the COVID-19 pandemic, which has necessitated strict distancing protocols. Even though casinos have reopened, people are hesitant to go.
Fortunately, Pennsylvania is one of the few states to have legalized both online sports betting and gambling, making it easier to recoup the losses they suffered due to the pandemic.