Pennsylvania’s online and retail sportsbooks generated more than $200 millionin bets in a single month for the first time, as the state’s bettors increasingly turned online in October. And with DraftKings joining the online market in November, and with hockey, basketball, and football all in season, much bigger months lie ahead, according to analysts for PlayPennsylvania.com.
“Pennsylvania’sonline market is finally maturing, and that is certainly the most important reason for the growth in the state’s handle,” saidJessica Welman, sports betting analyst for PlayPennsylvania.com. “The path for more growth is clearer now. A major brand like DraftKings coming online, coupled with intense interest in the Sixers, Flyers, and Penguins, will almost certainly give a boost to the already steady growth we’ve been seeing.”
Pennsylvania’ssportsbooks hit a new high in October by accepting$241.2 millionin bets in October, up 24% from September’s$194.5 millionhandle, according to official data released Monday. Those bets generated$19.1 millionin revenue, down slightly from September’s$19.3 millionwin, leading to an injection of$5.1 millioninto state coffers.
Pennsylvania’sfive online sportsbooks generated$198.7 millionin October, representing 82% of the state’s total handle. That putsPennsylvaniain line withNew Jersey, where about 85% of all bets originate online.
Pennsylvaniabettors have quickly adopted online sports betting — growing from 65% of all bets in July.
“Online betting will unquestionably be the driver to future growth inPennsylvania,” saidDustin Gouker, lead analyst for PlayPennsylvania.com. “Most encouraging is thatPennsylvania’sonline market is still expanding with new brands, including DraftKings. That should only encourage more growth.”
FanDuel Sportsbook at Valley Forge Casino continues to dominate the online market, accepting a record$113.9 millionin October bets, up from$85.1 millionin September. FanDuel generated$8.1 millionin revenue, up from$7.1 millionin August.
Rivers-Pittsburghcontinued to lead the retail market, accepting$7.7 millionin bets in October, up from$7.3 millionin September. That yielded$699,611in revenue, down from$957,791.
“FanDuel’s grip on the online market could loosen with increased competition from Fox Bet and DraftKings,” Gouker said. “Overall, though, the increased competition will be a benefit to bettors, giving them more choices and spurring product innovation.”
Online casinos
Pennsylvania’sfour online casinos combined to generate$4.9 millionin gross revenue in October, up 20% from$4.1 millionin September. Online casino wagers grew 42% to$200.2 million, from$140.8 millionin September, and generated$1.5 millionin state taxes.
Rivers-Philadelphiatook the market lead with$2.5 millionin revenue on$85.6 millionin bets, which was up from$1.1 millionin September revenue on$57.3 millionin wagers.
Significantly, PokerStars Casino launched in November, which helped usher in online poker toPennsylvania. And a fifth online casino, Unibet, also joined the mix.
“The online casino market is rapidly changing, and it should continue to grow,” Welman said. “Online poker is worth watching. It has largely been forgotten inNew Jersey, soPennsylvaniacould buck that trend if it can sustain interest.”
For more,www.playpennsylvania.com/revenue.
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