PA Sportsbooks Slip in February; Online casino revenues remain high

Promotions result in negative state tax revenue, but online casinos contribute record daily volume, according to PlayPennsylvania.

(LAS VEGAS) – Pennsylvania’s online and retail sports betting slowed to less than $600 million in wagers in February, an expected post-football hangover leading to the state’s lowest monthly handle since September . Meanwhile, a short month prevented online casinos from hitting another monthly revenue record despite setting a high state for revenue per day, according to PlayPennsylvania, which tracks regulated online gaming and betting. athletes in the state.

“The Super Bowl is the single most bet game in the United States, but it alone cannot replace a full schedule of football games,” said Dustin Gouker, analyst for the PlayUSA.com network, which includes PlayPennsylvania. .com. “The February lull is expected and still short-lived. March Madness is expected to bring sports betting back to record or near-record territory.

Boosted by $68 million in Super Bowl wagers, Pennsylvania sportsbooks drew $597.1 million in wagers in February, according to official data released Thursday. This represents a 17.2% increase from $509.5 million in February 2021. But the February handle was the lowest since $578.8 million in September, and down 24.8% from compared to the record of $793.7 million wagered in January.

Punters also did well in February. Betting generated $22.2 million in gross sports betting revenue, down 33.2% from $33.2 million in February 2021 and down 58.5% from 53, $4 million in January. With $22.6 million in promotional spend, Pennsylvania Sportsbook resulted in a loss of $442,847 in taxable income, which put tax revenue in negative territory at -$268,976.

Super Bowl betting is vital to sports betting, and the game’s heavy promotion shows just how much operators view it as an opportunity. But even with the big game, there wasn’t enough betting inventory in February to extend a four-month streak of $750 million or more in bets.

“The Super Bowl is a great opportunity for sportsbooks to expand their customer base, which is why they promote it so much,” said Katie Kohler, analyst for PlayPennsylvania.com. “It took a significant chunk of tax revenue. But the industry is in excellent shape for the future and ready to continue growing. »

Online sports betting generated $558.1 million, or 93.5% of the state’s management in February. FanDuel led the state with $213.2 million in wagers. These bets brought $6.0 million in revenue to FanDuel.

DraftKings followed with $140.1 million in wagers, which generated $4.9 million in gross revenue. BetMGM was third in the state with a handful of $72.3 million, which generated $4.3 million in gross revenue. Penn National’s Barstool-branded app finished fourth with $46.8 million in online bets, which generated $2.0 million in gross revenue.

Retail sports betting took $39.0 million in wagers in February, compared to $56.3 million in January. Those bets produced $1.0 million in taxable income, compared to $5.8 million in January. Parx topped all retailers with $6.4 million wagered.

“The biggest concern for sportsbooks was whether or not they would lose a significant portion of the baseball season, which is a relatively small part of the annual handful but is the main betting generator during the winter months. been slow,” Kohler said. “With the Phillies and Pirates now set to play full schedules, sportsbooks can expect the first normal sports schedule since 2019.”

Online casinos and poker

Online casino and poker room business remained buoyant in February with $123.7 million in gross revenue, down 4.8% from $130.0 million in gross gaming revenue in January . Revenue was still up 36.6% from $90.6 million in February 2021.

Ultimately, online casinos and poker rooms saw record gross gaming revenue of $4.4 million per day in the 28 days of February, down from $4.2 million per day in of the 31 days of January. February earnings created $102.4 million in taxable income, which generated $42.3 million in state taxes and local assessments.

“Online casinos aren’t subject to the same seasonal changes as sports betting, which is a big reason why it’s a better revenue generator,” Kohler said. “When states see the success of online casinos in states like Pennsylvania, one wonders why we haven’t seen the same wave of legalization that we’ve seen with sports betting in recent years.”

Other February highlights:

  • Online casino games alone generated $120.9 million in revenue from $4.1 billion in wagers.
  • Poker generated $2.9 million in revenue. PokerStars leads poker operators with $1.6 million in revenue, despite being one of two operators in the state to slump for an entire weekend.
  • Penn National, which includes DraftKings, BetMGM, Barstool, PointsBet and Hollywood Casinos, topped online casinos with $51.6 million in gross revenue.
  • Rivers Philadelphia, which includes PlaySugarHouse, Borgata and BetRivers casinos, was second with $30.8 million.

Pennsylvania sports betting revenue, February 2022

Licensed Online brand Full handle Total revenue Online handle Online income detail handle Retail revenue
Valley Forge FanDuel $215,047,108 $5,978,636 $213,152,290 $5,969,187 $1,894,818 $9,448
meadows DraftKings $141,468,879 $4,891,694 $140,065,075 $4,860,626 $1,403,804 $31,068
HollywoodMorgantown BetMGM $72,901,730 $4,319,501 $72,320,602 $4,268,610 $581,128 $50,891
Hollywood National Penn Stool $48,075,172 $1,979,664 $46,772,593 $1,986,789 $1,302,579 -$7,124
Pittsburgh Rivers Bet Rivers $29,087,513 $1,349,434 $23,969,096 $1,170,536 $5,118,416 $178,898
parx parx $20,631,548 $1,250,365 $14,196,354 $915,911 $6,435,194 $334,454
Philadelphia Rivers Sugar House $18,866,338 $628,438 $14,598,213 $258,269 $4,268,125 $370,169
Mount Airy fox bet $9,595,656 $554,038 $9,124,518 $551,961 $471,137 $2,077
Hollywood York PointsBet $9,587,010 $945,733 $7,915,820 $855,495 $1,671,190 $90,239
Mohegan Sun Pocono Unibet $7,620,222 $526,968 $6,618,459 $484,594 $1,001,763 $42,374
Long live Philadelphia Bet $6,194,220 -$417,139 $2,213,325 -$122,637 $3,980,895 -$294,501
Almost Isle TwinSpires $6,133,574 $312,527 $2,893,234 $155,063 $3,240,340 $157,464
Harrah’s Philadelphia Caesars $5,712,260 -$297,993 $3,250,975 -$173,263 $2,461,284 -$124,730
South Philly OTB $2,250,137 $73,143 $0 $0 $2,250,137 $73,143
wind stream wind stream $2,146,784 -$43,744 $1,018,495 -$48,426 $1,128,288 $4,682
Lehigh OTB $922,294 $42,900 $0 $0 $922,294 $42,900
Live Pittsburgh $644,514 $7,883 $0 $0 $644,514 $7,883
Parx Malvern $179,091 $58,503 $0 $0 $179,091 $58,503
Total $597,064,049 $22,160,553 $558,109,050 $21,132,714 $38,954,999 $1,027,839

For more news and updates on legal betting in PA, visit PlayPennsylvania.com/news.

Contact: Zack Hall, Catena Media, [email protected]

Main image credit: AP Photo/Adam Hunger

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