Pennsylvania’s Sports Wagering Revenue Declines in April
Another state has seen a drop in sports betting revenue.
Pennsylvania fell 23.5 percent in April from the previous month, accounting for the eight sportsbooks in the state. The revenue added up to $4.2 million in the state from the sportsbooks in April.
Much like other states in the country, the NCAA Men’s Basketball Tournament or “March Madness” was a key reason why March was so successful in Pennsylvania. On top of that, April tends to be a slower month with just NBA and NHL playoffs gearing up for the long run.
A Look at Keystone State’s Numbers
The total money wagered in the state for the month of April was reported as $36.8 million, according to the Pennsylvania Gaming Control Board.
Rivers Casino had the largest handle at $8.159 million with a revenue of $871,753, falling from the $1.344 million number from March. SugarHouse Casino was close behind with a handle of $7.92 million and a revenue of $781,163. The March revenue came in at $1.23 million, the largest dropoff of any of the sportsbooks at 36.9 percent.
Other sportsbooks in Pennsylvania, comparing March to April:
- Parx (Handle - $6.85 million, April revenue - $907,298, March revenue - $984,339).
- Hollywood (Handle - $3.92 million, April revenue - $361,249, March revenue - $521,864).
- Valley Forge Casino (Handle - $3.05 million, April revenue - $379,731, March revenue - $449,597).
- Harrah’s Philadelphia (Handle - $2.72 million, April revenue - $282,740, March revenue - $326,752).
- South Philadelphia Race and Sportsbook (Handle - $2.603 million, April revenue - $441,692, March revenue - $534,253)
- Valley Forge Race and Sportsbook (Handle - $1.54 million, April revenue - $195,856, March revenue - $120,836)
The Valley Forge Race and Sportsbook was the lone sportsbook to see an increase in revenue at 62.1 percent. However, the Valley Forge officially opened in the middle of March.
The state as a whole made $1.3 million less than the previous month, a 23.5 percent dropoff. The handle totaled $36.76 million. Pennsylvania made more off its taxes ($1.51 million) than any of the eight legal sportsbooks.
Online Bets Coming to Pennsylvania Soon?
As of now, online legal gambling is not in place. The Pennsylvania Gaming Control Board made an announcement in the middle of April that showed progress in that front. It was said to be less than three weeks out, but now we are in late May and nothing has happened regarding online sports betting or sports betting apps.
The online sports market isn’t coming that soon and it would be bad if it missed out on the extensive action that comes with the NHL Stanley Cup Playoffs and NBA Playoffs. So, we might not see anything official until early or mid June.
The expansion of an online and mobile sports betting market will be vital to the growth that would come to Pennsylvania. We’ve seen New Jersey rise up to even Nevada numbers due to the tremendous asset of the online sports betting realm. It will give people an alternative to traveling for sports wagering and would help the ones who are at home place bets more often.
We will see how this plays out for Pennsylvania.
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