Pennsylvania’s sports betting market was hit hard by the coronavirus pandemic in March
According to figures from the Pennsylvania Gaming Control Board (PGCB) bettors in the state wagered $131.3m on sporting events in March, representing a 60% drop on the $329m wagered in February.
More than 90% of Pennsylvania’s sports betting handle came from online and mobile platforms, a first for any US jurisdiction with legal sports betting.
Sports betting revenue dropped to $8.6m a 25% decrease on the $10.8 generated the month prior.
The drop in betting handle and revenue can be attributed to the lack of sporting events to bet on. In March, all major US sports leagues, and several other sports leagues around the globe, decided to cancel or postpone events as a result of the coronavirus pandemic.
Breaking down the figures
Looking closer at the figures, Valley Forge and its online partner FanDuel Sportsbook continued to lead the market after processing $54.5m in sports bets and holding onto $3.1m in revenue. Online betting accounted for $53.7m of the venue’s handle and $3.2m in revenue.
Meadows and its online partner DraftKings came in second place after generating a combined revenue of $2.1m in revenue from $29.2m in sports wagers. Bettors wagered $28.6m online with DraftKings which accounted for all of the licensee’s revenue.
Rush Street Interactive’s Rivers Philadelphia and Rivers Pittsburgh sportsbooks, which are powered by Kambi, processed a combined $24.3m pushing the operators into third place. Both venues generated a combined revenue of $1.7m from sports betting operations.
Parx Casino, which is also powered by Kambi, generated $1.3m in betting revenue after bettors wagered $25.7m with the operator. The Mount Airy Casino, and its partner Fox Bet, followed close behind with $15m in betting handle and $732,747 in revenue.
Sports betting in Pennsylvania
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.
Currently, Pennsylvania bettors have access to a handful of online betting options, which include Unibet, DraftKings, FanDuel, SugarHouse, Rivers, Parx and Fox Bet.