Sports betting continues to grow in the state of Pennsylvania. Official data was released this week for the month of January, showing $348.4 million in wagers were placed. This broke the previous month’s record of $342.6 million. It was a huge increase from the previous year, when only $32 million in bets were made. The opportunity for growth is still there, so analysts expect the industry will only continue to grow from here.
Record-setting Gross Revenue:
Along with the record-setting bets, the state also recorded a new monthly gross revenue figure, $31.6 million. This was a huge jump from the $17.5 million earned the previous month. Since launching sports betting in November 2018, the state has generated $116.4 million in total gross revenues.
The market leader is FanDuel Sportsbook, which operates via the Valley Forge Casino. In January, the operator took in $153.1 million, generating just over $8 million in revenues. DraftKings, which operates via The Meadows, saw an increase in January, earning $58.7 million. This was much more than the $35.9 million earned in December.
The only other operator to see an increase for the month was Presque Isle Downs. The venue earned $1.2 million in wagers which was much higher than the previous $129,556. Revenues came in at $44,717.
According to a recent press release…
The remaining operators saw a decrease in handle, even though some only dipped slightly. Rivers Philadelphia saw just over $28 million in beets which was lower than December’s $30 million. Rivers Pittsburgh dropped as well, going from $28.3 million in December to $25.8 million in January.
Parx Casino, Fox Bet and Unibet all saw decreases as well, however, everyone’s revenues were up when considering the month prior.
The online sports betting market in the state could be growing, which would lead to even more to the betting handle and revenues of the state. Penn National Gaming just announced they now have a stake in Barstool Sports. It is expected that an online casino and sportsbook will be launched via the brand later on this year.