Pennsylvania generates betting revenue of $2m in December
New figures from the Pennsylvania Gaming Control Board (PGCB) reveal that the state’s three licensed retail sports betting venues generated total revenue of $2.0m in December 2018.
Revenue generated from sports betting soared in the first full month of legal wagering, with handle growing to $16.2m in December. This suggests a total market hold of 12.4%.
The month saw the Penn National Gaming-owned, William Hill-powered sportsbook at Hollywood Casino joined by Rush Street-operated, Kambi-powered products at Rivers and SugarHouse Casino.
The two venues only launched on December 14, but accounted for the vast majority of new revenue. Rivers – just a short walk from the Pittsburgh Steelers’ Heinz Field arena – generated $1.1m, accounting for 53% of all state sports betting revenue for the month, with total handle of $5.6m.
SugarHouse, meanwhile, posted revenue of $641,167.11, from amounts wagered of $5.5m.
The Penn National offering, which generated revenue of $508,996.60 from the first two weeks of legal wagering in November, saw gross revenue drop 41% to $299,222.07 in December. Customers wagered $5.1m at the venue.
The state received $682,225.55 from its 34% tax on gross revenue, with a further $40,130.92 paid to the local authority in which each venue is located.
Coupled with November’s $508,996.60 revenue total, Pennsylvania generated revenue of $2.5m from its first six weeks of legal wagering, from handle of $17.6m. Total taxes of $855,284.39 were paid to the state, with an additional $50,310.85 paid through the local share assessment tax.
The market is set to continue to grow in the coming weeks, following the launch of a Kambi-powered sportsbook at Greenwood Gaming and Entertainment’s Parx Casino last week. Another Greenwood-owned venue, the South Philadelphia Turf Club, is to officially launch sports betting later today (January 17) following a two-day test.
Online betting in Pennsylvania is likely to launch in Q1 2019.