Clicky

Pa. Sports Betting Handle and Revenue Drop in February - PennsylvaniaCasinos.com News : PennsylvaniaCasinos.com News
  • 101 views
  • 2 minutes read
Published on
Update on

February may have included a number of high-profile sporting events including the Super Bowl but none of them seemed to be enough to sustain a revenue bump in the Keystone State. The state’s nascent sports betting market recorded drops on handle and revenue despite the fact that there was a total of 6 operation sportsbooks last month as opposed to the three that were operating in January.

According to the figures that were released by the Pennsylvania Gaming Control Board, all the operational casinos in the state only handled wagers worth $31.5 million in February. Betting revenue from this totaled to just $1.95 million. These are fairly significant drops from the previously recorded $32 handle and $2.6 million that the casinos reported in January with just three sportsbooks.

Winners and Losers

Casino Handle Gross Revenue Tax
SugarHouse Sportsbook $7,091,933.11 $522,308.00 $188,030.88
Rivers Sportsbook $8,147,558.96 $627,520.99 $225,907.56
Parx Sportsbook $6,965,511.90 $369,995.89 $133,198.52
Hollywood Sportsbook $3,742,819.85 $13,914.20 $5,009.11
South Philadelphia Turf Club $2,601,650.62 $275,876.90 $99,315.69
Harrah’s Philadelphia $2,951,267.50 $137,200.52 $49,392.19
Total $31,500,741.94 $1,946,816.50 $700,853.95

As for these casinos’ non-sports betting verticals, their market-wide gaming revenue came in just below $264 million – this represented a modest 0.4 percent year-over-year increase. Table game revenue went up 0.33 percent to a whopping $74 million while slot machine revenue increased by 0.5 percent to a whopping $190 million. Daily fantasy sports, on the other hand, reported $1.63 million in revenue last month – DraftKings reported $906,451 while FanDuel earned a rather modest $622,815.

As mentioned earlier, the revenue and handle drops were recorded despite the fact that there were a number of high-profile sporting events going on. The Super Bowl is perhaps the main highlight of that period and it was therefore expected to contribute significantly to the sports betting industry’s bottom line. In the neighboring state of New Jersey, this is exactly what happened with the state recording a handle of $35 million. However, this has been attributed to the fact that the sportsbooks lost a number of these bets hence the significant disparity in the state’s relative decline in February handle and revenue.

Is Online Gambling the Solution?

Sports betting has grown rapidly over the past few months but if the February revenue report is anything to go by, the industry is beginning to stagnate. As it stands, the only remedy seems to be the launch of online and mobile sports betting. This is expected to go live sometime this year. It should not be long before that happens but until then, the sportsbooks might need to go back to the drawing board and re-strategize.

Latest Headlines

Wind Creek Casino Bethlehem Welcomes New General Manager

Nine months after it acquired a casino in Bethlehem, Wind Creek Hospitality is shaking up the property’s leadership as part of a slew of changes that are set to be implemented. Brian Carr, the former Executive Vice President and General Manager of the property is leaving after leading the Bethlehem-based casino since mid-2017. Appointed to […]

PGCB Seeks to Join Lawsuit Against Skill-Based Machines

After months of being partial to the issue of the legality of the controversial skill-based gaming machines, the Pennsylvania Gaming Control Board (PGCB) has recently decided to weigh in on the matter. The Keystone State’s gambling regulator has petitioned to join the lawsuit against the machines and they have pretty hard-hitting claims that will certainly […]

Pennsylvania Gambling Industry Posts 17 Percent Revenue Increase in January

Things definitely took off on a high note for the Keystone States gambling industry and this is now evident from a recently released revenue report. Pennsylvania’s gambling industry which consists of 12 licensed casino operators, daily fantasy sports as well as video gaming terminals posted a 17 percent increase in revenue in January 2020. This […]

PokerStars’ Bounty Builder Series Coming to NJ and Pa.

PokerStars is not slowing down in its bid to dominate the poker market in Pennsylvania and New Jersey which are two of its latest ventures. To spice its already mind-blowing offerings in both states, the world-renowned poker operator will be bringing it very popular Bounty Builder Series to the United States. As such, as from […]

Sean Sullivan Appointed as General Manager for Upcoming Live! Casino

Plans for the upcoming $150 million Live! Casino in Westmoreland County, Pennsylvania are beginning to pick up the pace as the launch of the property draws nearer. On Tuesday, the Cordish Gaming Group which is a division of The Cordish Companies announced that they had appointed Sean Sullivan as the General Manager of the yet-to-be-launched […]

Similar Stories in Gambling

Wind Creek Casino Bethlehem Welcomes New General Manager

Nine months after it acquired a casino in Bethlehem, Wind Creek Hospitality is shaking up the property’s leadership as part of a slew of changes that are set to be implemented. Brian Carr, the former Executive Vice President and General Manager of the property is leaving after leading the Bethlehem-based casino since mid-2017. Appointed to […]

PGCB Seeks to Join Lawsuit Against Skill-Based Machines

After months of being partial to the issue of the legality of the controversial skill-based gaming machines, the Pennsylvania Gaming Control Board (PGCB) has recently decided to weigh in on the matter. The Keystone State’s gambling regulator has petitioned to join the lawsuit against the machines and they have pretty hard-hitting claims that will certainly […]

Pennsylvania Gambling Industry Posts 17 Percent Revenue Increase in January

Things definitely took off on a high note for the Keystone States gambling industry and this is now evident from a recently released revenue report. Pennsylvania’s gambling industry which consists of 12 licensed casino operators, daily fantasy sports as well as video gaming terminals posted a 17 percent increase in revenue in January 2020. This […]

The XFL Warms Up to Sports Betting

On February 8, the XFL made its long-awaited return and this time it is embracing sports betting for the upcoming season. Owned by WWE chief executive Vince McMahon, the XFL kicked off back in 2001 before going on hiatus for a while. However, it has returned just in time to fill the void that remains […]