{"id":774,"date":"2019-04-04T08:38:48","date_gmt":"2019-04-04T13:38:48","guid":{"rendered":"https:\/\/www.pennsylvaniacasinos.com\/news\/?p=774"},"modified":"2019-04-04T08:38:48","modified_gmt":"2019-04-04T13:38:48","slug":"sports-betting-revenues-falling-short-of-premarket-forecasts","status":"publish","type":"post","link":"https:\/\/www.pennsylvaniacasinos.com\/news\/sports-betting-revenues-falling-short-of-premarket-forecasts\/","title":{"rendered":"Sports Betting Revenues Falling Short of Premarket Forecasts"},"content":{"rendered":"<p><br \/><br \/><!--StartFragment--><\/p>\n\n\n<p><\/p>\n\n\n\n<p>Since the United States Supreme Court lifted the federal ban on sports betting in May last year, a total of eight states have operational sports betting industries. All of these states had very high hopes for sports betting, but <a href=\"http:\/\/www.canyon-news.com\/sports-betting-from-being-legalized-to-states-going-on-full-scale-legalization\/90708\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\"things are not looking so good (opens in a new tab)\">things are not looking so good<\/a> for some of the state&#8217;s \u2013 officials in four of the states where legal and regulate sports betting are ongoing have reported that the revenues from their respective industries have fallen short of most premarket forecasts.<\/p>\n\n\n\n<p>According to recent Associated Press reports, Pennsylvania, Rhode\nIsland, Mississippi, and West Virginia,\nthe four states, have found that the sports betting revenues have failed to\nmeet projections by some rather significant margins. West Virginia, for\ninstance, is roughly 75 percent short of its premarket forecasts \u2013 with four\nmonths left in its fiscal year, the state&#8217;s sports betting market has managed\nto rake in just $862,000 in sports betting taxes compared to the $5.5 million\nthat was projected in the inaugural campaign.<\/p>\n\n\n\n<p>Mississippi and Pennsylvania, on the other hand, have realized just a little over half of the forecasted sportsbook wins while<strong> Rhode Island seems to have taken the hardest hit, bringing in just about $50,000 which is just about 2 percent of the projected $1 million.<\/strong><\/p>\n\n\n\n<h2 class=\"wp-block-heading\" class=\"wp-block-heading\" id=\"what-does-this-mean\">What Does This Mean??<\/h2>\n\n\n\n<p>A number of explanations have been forwarded to explain why <a href=\"https:\/\/www.pennsylvaniacasinos.com\/news\/pa-sports-betting-handle-and-revenue-drop-in-february\/\">sports betting has not been a cash cow<\/a> in the states where it has been legalized and is regulated. However, some of the speculated reasons for the performance seem to make sense \u2013 they include slow rollouts, poor hold on handles as well as the exclusion of mobile betting.<\/p>\n\n\n\n<p>As it turns it out, the exclusion of mobile betting in the states\nwhose sports betting industries have been\nhit the hardest seems to be the root cause of the problem. Needless to say,\nsports bettor these days prefer online and mobile sports betting as opposed to having\nto queue at land-based sportsbooks and bookmakers. Fortunately, the Keystone State\nis preparing to launch online and mobile betting in the course of the year\nwhich implies that there might be hope for the industry. Unfortunately, sports\nbettors in the other three states do not have the same amount of optimism.<\/p>\n\n\n\n<p>Still, it might also be important to <a href=\"https:\/\/www.forbes.com\/sites\/darrenheitner\/2017\/09\/27\/how-legalized-sports-betting-could-bring-in-6-03-billion-annually-by-2023\/\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\"take all of the revenue projections with a grain of salt (opens in a new tab)\">take all of the revenue projections with a grain of salt<\/a>. While they are certainly very useful and necessary, some of their historical inaccuracies cannot be dismissed. Across the whole of the United States, overall revenue for the new casinos almost always fall below projections. As such, there might not need to be any cause for alarm, at least not yet.<\/p>\n\n\n<p><!--EndFragment--><br>\n<br>\n<\/p>","protected":false},"excerpt":{"rendered":"Since the United States Supreme Court lifted the federal ban on sports betting in May last year, a total of eight states have operational sports betting industries. All of these states had very high hopes for sports betting, but things are not looking so good for some of the state&#8217;s \u2013 officials in four of [&hellip;]","protected":false},"author":3,"featured_media":775,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[3],"tags":[78,88,97,108],"class_list":["post-774","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-industry","tag-pennsylvania","tag-projections","tag-revenue","tag-sports-betting"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v23.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Sports Betting Revenues Falling Short of Premarket Forecasts - PennsylvaniaCasinos.com News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.pennsylvaniacasinos.com\/news\/sports-betting-revenues-falling-short-of-premarket-forecasts\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Sports Betting Revenues Falling Short of Premarket Forecasts - PennsylvaniaCasinos.com News\" \/>\n<meta property=\"og:description\" content=\"Since the United States Supreme Court lifted the federal ban on sports betting in May last year, a total of eight states have operational sports betting industries. All of these states had very high hopes for sports betting, but things are not looking so good for some of the state&#8217;s \u2013 officials in four of [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.pennsylvaniacasinos.com\/news\/sports-betting-revenues-falling-short-of-premarket-forecasts\/\" \/>\n<meta property=\"og:site_name\" content=\"PennsylvaniaCasinos.com News\" \/>\n<meta property=\"article:published_time\" content=\"2019-04-04T13:38:48+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.pennsylvaniacasinos.com\/news\/wp-content\/uploads\/sites\/5\/2019\/04\/revenue-projection.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"907\" \/>\n\t<meta property=\"og:image:height\" content=\"500\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Jordan Tevez\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@JordanTevez\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Jordan Tevez\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.pennsylvaniacasinos.com\/news\/sports-betting-revenues-falling-short-of-premarket-forecasts\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.pennsylvaniacasinos.com\/news\/sports-betting-revenues-falling-short-of-premarket-forecasts\/\"},\"author\":{\"name\":\"Jordan Tevez\",\"@id\":\"https:\/\/www.pennsylvaniacasinos.com\/news\/#\/schema\/person\/9f702fb4a6fde949d388f2d9c0f1fd20\"},\"headline\":\"Sports Betting Revenues Falling Short of Premarket Forecasts\",\"datePublished\":\"2019-04-04T13:38:48+00:00\",\"dateModified\":\"2019-04-04T13:38:48+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.pennsylvaniacasinos.com\/news\/sports-betting-revenues-falling-short-of-premarket-forecasts\/\"},\"wordCount\":438,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\/\/www.pennsylvaniacasinos.com\/news\/#organization\"},\"image\":{\"@id\":\"https:\/\/www.pennsylvaniacasinos.com\/news\/sports-betting-revenues-falling-short-of-premarket-forecasts\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.pennsylvaniacasinos.com\/news\/wp-content\/uploads\/sites\/5\/2019\/04\/revenue-projection.jpg\",\"keywords\":[\"Pennsylvania\",\"projections\",\"Revenue\",\"Sports betting\"],\"articleSection\":[\"Industry\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.pennsylvaniacasinos.com\/news\/sports-betting-revenues-falling-short-of-premarket-forecasts\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.pennsylvaniacasinos.com\/news\/sports-betting-revenues-falling-short-of-premarket-forecasts\/\",\"url\":\"https:\/\/www.pennsylvaniacasinos.com\/news\/sports-betting-revenues-falling-short-of-premarket-forecasts\/\",\"name\":\"Sports Betting Revenues Falling Short of Premarket Forecasts - 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