CASINO

Betting, online gambling boost Pennsylvania casino revenue

TAGs: Pennsylvania, sports betting

pennsylvania-january-casino-sports-betting-online-gamblingPennsylvania’s online gambling and sports betting operators were in record form in January, while land-based slots solidly outperformed casino table games.

Figures released Wednesday by the Pennsylvania Gaming Control Board (PGCB) show statewide gaming revenue of over $300.8m, a nearly 17% improvement over the same month last year and nearly $9m higher than December 2019’s total.

Starting with the boring stuff, the state’s 12 brick-and-mortar casinos reported slots revenue rising 5.8% year-on-year to $190.3m, with Parx Casino the top slots dog with over $35.8m (+8%) and Rivers Casino Pittsburgh well back in second with $25m (+7.1%).

Table games had a less impressive month, with revenue falling 2.5% to $72.5m, led by Wind Creek Bethlehem ($18.3m, +1.3%) and Parx in second with $16.5m (+1%).

ONLINE GAMBLING
The state’s seven licensed online gambling operators generated total revenue of just under $14m in January, up from $10.6m in December. The state’s oppressively high slots tax meant the state’s share of this online bounty came to nearly $5m.

Online slots accounted for nearly $7.2m of January’s take, table games added $4.6m and the state’s lone poker site (The Stars Group’s PokerStars brand) chipped in the remaining $2.16m, which was down from nearly $2.5m in December.

The state welcomed two new online gambling operators in January, although the Valley Forge Casino Resort site didn’t launch until January 24 and the Presque Isle Downs’ site didn’t follow until January 30. Valley Forge generated a respectable $2.1m in its first week while Presque Isle Downs earned less than $10k in its 48-hour debut.

SPORTS BETTING
The state’s sportsbooks reported wagering handle of $348.4m in January, a modest boost on December’s $342.6m but a new monthly high nonetheless. Betting revenue more than doubled from December to $22.84m, from which the state claimed $8.2m in taxes. Online betting generated $308.6m (88.5%) of January’s betting handle and over $17.9m (78.4%) of revenue (after deducting $8.74m in promotional credits).

Valley Forge and its FanDuel partner claimed nearly half ($156m) of the month’s total handle, while Meadows Racetrack & Casino and its DraftKings partner jumped into second place with $60.2m and Rivers Philadelphia ranked third with $35.7m. Valley Forge also led the revenue chart with $8.1m, while Rivers Pittsburgh claimed second with $3.34m, narrowly beating Meadows’ $3.05m.

February’s betting numbers will likely take a serious hit due to the end of another NFL season, and that was expected well before Pennsylvania’s sportsbooks booked a net loss of $3.3m on this year’s Super Bowl.

OTHER VERTICALS
The state’s new video gaming terminals business generated revenue of $1.1m in January, up 27% from December. Fantasy contests brought in $2.06m, down 2.4% year-on-year.

In terms of all-sourced revenue, Parx won the month with $57.5m, with Wind Creek second with $38.2m, Rivers Pittsburgh ($34.5m) edging out Rivers Philadelphia ($31.9m) and Valley Forge rounding out the top-five with $21.7m.

Comments

views and opinions expressed are those of the author and do not necessarily reflect those of CalvinAyre.com