Things seem to be shaping up quite well for some sectors of the Keystone States gambling market despite the ongoing pandemic. Thanks largely to the rather dramatic surge in online betting traffic, the state recorded a double-digit revenue gain in October. This is the third consecutive record month for sports wagering since the launch of legalized and regulated sports betting in the Keystone State.
Great Month for Sports Betting
According to the figures that were released by the Pennsylvania Gaming Control Board (PGCB) earlier this week, the state’s gambling industry recorded up to a whopping $525.8 million in both online and retail sports bets. This was an impressive 13.6 percent rise from the previous record of $462.8 million.
From the $525.8 million, the gaming operators generated a record $47.8 million in revenue which was more than double what was recorded during the same period last year. That figure also significantly shuttered the previous revenue record of $31.6 million which was recorded back in January 2020. A total of $12.5 million went to state coffers in form of taxes and the revenue further yielded $735,539 in local share assessments.
Here is a breakdown of the sports betting revenue for the state’s gaming operators:
Sports Wagering Revenue
Sports Wagering Revenue
|Valley Forge Casino Resort||$15,642,025||$5,800,924||169.65%|
|The Meadows Casino||$6,847,709||$178,682||3732.34%|
|Hollywood Casino at Penn National||$3,423,797||$350,083||877.99%|
|Mount Airy Casino Resort||$1,168,890||$509,253||129.53%|
|Presque Isle Downs and Casino||$598,964||$194,829||207.43%|
|South Philly Race & Sportsbook||$477,047||$402,272||18.59%|
|Mohegan Sun Pocono||$391,487||$305,697||28.06%|
|Mohegan Sun Lehigh Valley||-$317,835||—||N/A|
|Oaks Race & Sportsbook||—||$162,127||N/A|
Unsurprisingly, mobile sports betting contributed the lion’s share of the sports bets that were placed in the Keystone State. Online betting traffic increased significantly due to the pandemic, that is, 89.8 percent of the market. Online betting, in general, accounted for $472.3 million in online sports betting handle.
Overall Gaming Performance
While year-over-year comparisons of most of the gambling verticals in the states showed some losses, the sectors that showed some strength amid the pandemic helped to elevate total gaming revenues in the state. Retail betting venues were, by far, the biggest casualties.
To put this into perspective, here is a table of gaming revenue by game-type:
|Type of Gaming Revenue||Oct 2020||Oct 2019|
|Retail Slots Revenue||$154,725,850||$186,921,921|
|Retail Tables Revenue||$63,335,846||$73,162,270|
|I-Gaming Slot Revenue||$40,349,548||$3,977,208|
|Sports Wagering Revenue||$36,776,926||$14,948,249|
|I-Gaming Tables Revenue||$16,988,378||$965,726|
|Fantasy Contests Revenue||$3,203,005||$3,264,361|
|Video Gaming Terminals Revenue||$2,416,180||$466,389|
|I-Gaming Poker Revenue||$2,422,505||—|
|Total Gaming Revenue||$320,218,237||$283,706,124|