Pennsylvania sports betting revenue slumps in February
Sports betting revenue in Pennsylvania fell by 25.4% month-on-month in February despite the state’s handle only falling slightly, according to the latest figures released by the Pennsylvania Gaming Control Board (PGCB).
Pennsylvania’s sports wagering handle totalled $31.5m (£23.7m/€27.7m) last month, compared to January’s record figure of $32m and almost double the $16.2m posted in December.
However, sports betting revenue slumped from $2.61m in January to $1.95m in February as a result of player winnings. Pennsylvania was able to take $700,850 in tax from sports wagering activities during the month.
The decline in both revenue and handle, albeit the latter only being a slight drop on the previous month, comes despite the NFL’s showpiece Super Bowl event taking place in February.
Rivers Casino claimed top spot in the state’s market in terms of both handle and revenue. Sports betting handle hit $8.15m, down from $9.54m in January, while revenue dipped from $641,000 to $627,520.
SugarHouse Casino, active in the market since December 2018, saw its handle drop from $10.8m in January to $7.09m, but revenue rocketed from $104,000 to $522,300.
Elsewhere, Parx Casino, which only began sports betting operations in January, reported an improved handle of $6.97m, compared to $5.38m in the previous month, but revenue plummeted from $1.17m to $370,000.
Hollywood Casino, supported by a William Hill-powered sportsbook, posted the lowest revenue of the six venues that were fully operational during February. The operator reported revenue of just $13,900 off a handle of $3.74m, a stark contrast to January’s figures of $641,000 off $5.54m.
Meanwhile, Greenwood Gaming and Entertainment’s Parx South Philadelphia Turf and Harrah’s Philadelphia in Delaware County, both enjoyed growth in their first month of full operations in the state.
Parx South posted revenue of $275,900 from a handle of $2.60m, compared to $92,000 on handle of $858,000 in January. Harrah’s Philadelphia generated revenue of $137,200 from $2.95m, up from $104,000 on a handle of $616,000 in the previous month.
However, despite the overall decline in both revenue and handle in February, Pennsylvania can expect a boost in March after Paddy Power Betfair’s FanDuel opened a sportsbook at Boyd Gaming's Valley Forge Casino Resort near Philadelphia on March 13.
The 1,800sq ft sportsbook will feature seven teller windows, 29 video displays, two sports tickers and a seating area, with customers able to bet on major US sporting events and collegiate sports.
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