Pennsylvania’s sports betting market continued to grow in January.
According to figures from the Pennsylvania Gaming Control Board (PGCB), residents wagered $348m on sports in January up from the $342.5m wagered the month prior.
Sports betting revenue also saw a massive increase in January with sportsbook operators generating $31.6m in revenue, up from the $14.5m generated in December.
Once again, online betting was the most popular way to bet in January with online betting accounting for $308.6m of the state’s total handle while land-based sportsbooks processed $39.8m in sports wagers.
Breaking down the figures
Looking closer at the figures, Valley Forge Casino, which is partnered with FanDuel, established itself as the market leader. In January, bettors wagered $153.1m with FanDuel Sportsbook, generating $11.9m in online betting revenue. The venue’s land-based sportsbook processed $2.9m in bets and held onto $391,012.
Penn National’s Meadows Casino, and its online partner DraftKings, saw the most growth in January after total betting handle jumped from $37.6m in December to $60.2m in January. Revenue also increased to $5.8m in January up from $2.2m in December. The majority of the licensee’s handle came from DraftKings online sportsbook which processed $58.7m in sports bets.
Rush Street’s Rivers Casino Philadelphia processed $35.8m in wagers and held onto $3.8m in revenue, making it second-highest performing venue in terms of betting revenue in January. Rush Street’s other venue, Rivers Casino Pittsburgh, took fourth place after generating $2.5m in revenue from $32.5m in wagers.
Sports betting in PA
Since its launch, Pennsylvania’s betting market has seen tremendous growth and shows no signs of slowing down. In just over half a year of online wagering, Pennsylvania sportsbooks appear to be mirroring the success seen by the New Jersey sports betting market.
Although the figures posted so far are incredibly positive, the state’s tax rate of 36% still poses an issue for operators hoping to maximize profits.
There are currently 10 land-based and seven online sportsbooks operating in the Keystone State.
Mobile and online sports betting officially went live in Pennsylvania in May 2019, when SugarHouse Casino launched its online betting platform, PlaySugarHouse.
Currently, Pennsylvania bettors have access to a handful of online betting options, which include Unibet, DraftKings, FanDuel, SugarHouse, Rivers, Parx and Fox Bet.