Pennsylvania Sports Betting Has Seen The State’s Record-Breaking Revenue in July 2019

Pennsylvania’s online sports betting is increasing every day, according to the statistics. Last week, the Pennsylvania Gaming and Control Board (PGCB) announced its July Sports Wagering Revenue Report, which showed the evident impact of online sports betting.

During this month, internet gaming wins amounted to $2.9 million, which is an increase of 100.7% compared with the $1.4 million in June. July saw approximately $39.0 million of Total Internet Sports Wagering Handle, while that number in the past month was $19.3 million.

Pennsylvania sportsbooks had a total revenue of $59 million for July, with about 66% (nearly about $39 million) arriving via online wagers.

Even though July is typically a slower month when it comes to sports betting, the total handle was a record for the state’s sportsbooks.

A substantial increase in this month’s numbers is expected from the football season.

Sportsbook Promotions Responsible for Record Numbers

The total handle for July did break the state’s record in sports betting, but some operators didn’t benefit from that.

In fact, many sportsbooks issued promotional credits with the launch of their online sites that adversely affected their revenues.

Operators SugarHouse and Rivers handed out nearly a million each in credit. FanDuel gave away about $120,000 and Parx followed closely with $90,000.

The promotions are exactly the reason the Pennsylvania retail sportsbook revenue finished ahead of the monthly online total at nearly $2.2 million.

When promotions are subtracted, the online revenue total was $665,798.

The end result was over $2.8 million in combined revenue, with approximately $1 million going to the state in taxes.

SugarHouse Dominating Competition in PA Online Sports Betting

In of online handle, PlaySugarHouse is way above the competition on the Pennsylvania gaming market. This operator was the first online site to market and has also been drawing traffic with a number of generous promotions. Taking in an impressive total of more than $22 million, it’s still at the top.

With $9.9 million in an online handle, BetRivers is tthe second runner up, although it took a total revenue loss for the month ($250,941) due to its promotions.

Both PlaySugarHouse and BetRivers are operated by Rush Street Interactive, which continues to establish itself as a major player in the sports betting scene.

Coming in third is Parx Sportsbook in an online handle with $3.6 million, while FanDuel’s online sportsbook with $3.25 million was fourth.

Keeping in mind that FanDuel was only up and running for roughly one-third of the month, the venue has extraordinary success that launched it right into the big league.

While Pennsylvania’s sports betting market continues to grow…

… it still didn’t reach the level of neighbor, New Jersey.

During the month of July, that state recorded $251.3 million in total handle, which is a decrease comparing to the previous month. With that number, Nevada’s sports betting is falling short, but it is four times Pennsylvania’s total. A big contribution to NJ success is the earlier start in sports betting and a much greater online presence.

However…

… Pennsylvania has a larger population which gives it a chance to catch up with its neighbor. As more sportsbooks and online apps spread across the Keystone State, many estimates that this state will close numbers with NJ quite fast.

Football season might provide a few indicators, but one thing is for sure – with the NFL preseason underway and college football starting this week, both states will see increased inactivity.

Source:

“PA Online Sports Betting es Retail After Record July”, Frederick Nathan, pennsportsbooks.com, August 22, 2019.