PennsylvaniaOnline and retail sportsbooks saw stakes decline for the third straight month in June, but achieved significant revenue growth despite a decline in sports activity during the summer off-season.
The down month ended a dramatic fiscal year with over $ 5.5 billion in sports betting and an online casino gaming market that continues to compete with the largest New Jersey in the United States. PlayPennsylvania, Track regulated online games and sports betting in the state.
Combined Pennsylvania online and retail sportsbooks, June stakes were $ 420.2 million, down 6.1% from $ 447.5 million in May. Sportsbooks’ total game revenue jumped to $ 42.5 million, an increase of 13.6% from $ 37.4 million in May.
This month’s total revenue generated $ 34.2 million in taxable income, with state taxes of $ 11.6 million and local tax assessments of $ 684,510.
“Usually the amount of bets decreases in the summer, but sportsbooks tend to win more for each bet in sports such as golf and tennis,” he said. Dustin Gouker, Lead analyst PlayUSA.com Networks including PlayPennsylania.com. “It really helps the June sportsbook and helps us survive the off-season, even with less bettor involvement.”
The sportsbook, still hampered by pandemic-related shutdowns, generated only $ 89 million in bets and $ 8 million in total game revenue in June 2020. From $ 2.5 billion in 2019-20.
In addition, total game revenue was $ 440.7 million, an increase of 169.9% from $ 163.3 million in 2019-20. Taxable revenue was $ 308.8 million, an increase of 128.0% from $ 135.5 million in the year-ago quarter. State and local taxes were $ 111.2 million, an increase of 128% from $ 48.8 million in 2019-20.
Pennsylvania, which celebrated its two years of online sports betting in June, has won $ 8.1 billion in online and retail betting since its launch. Only New Jersey and Nevada have embraced more in the meantime.
“In any case, Pennsylvania’s entry into sports betting is an unconditional success and the market is not yet fully mature,” he said. Valerie Cross, Analyst at PlayPennsylvania.com. “Importantly, fiscal year state and local taxes exceed $ 111 million, and no state receives more revenue from sports betting than Pennsylvania. That’s what makes it really stand out. . “
In June, 90.3% of all sports betting, or $ 379.3 million, was done online, worthy of the end of the fiscal year when online betting increased. FanDuel Increasing our dominance in the online market alone resulted in $ 162.5 million online betting, starting at $ 160.9 million in May.
FanDuel gained the largest market share since August by winning 42.9% of all online stakes in June. Total game revenue in June jumped from $ 17.6 million in May to $ 19.7 million, with taxable income at $ 16.4 million.
Draft Kings From $ 100 million in May, it became the second in the state with a bet of $ 86 million. As a result, total revenue increased from $ 5.2 million in May to $ 6.4 million and taxable revenue increased to $ 5.7 million. Pen nationalof Bar stool-Branded apps came in fourth with $ 31.9 million in June stakes, starting at $ 43.6 million in May. These bets resulted in total revenue of $ 3.2 million and taxable revenue of $ 2.2 million from $ 2.8 million in May.
Meanwhile, retail sportsbooks have continued on the path to good health, with stakes of $ 40.9 million in June, starting at $ 40.1 million in May. These bets generated $ 4.9 million in taxable revenue from $ 5.2 million in May. Rivers-Philadelphia Leading the retail market with a $ 8 million bet and toppings Parx Casino$ 6.4 million handle.
“There are no sixers to bet on, and the Phillies and Pirates are down, so the sportsbook must be creative with the driving action in July and August,” Gouker said. “The Olympics later this month should help fill the gap, but it’s not until the football season that either retail or online sportsbooks will see significant growth.”
Total online casino and poker room game revenues have exceeded $ 100 million for the fourth straight month, down from $ 110.8 million in May to $ 100.8 million in June. Total revenue in June decreased from $ 101.3 million in May to generate taxable revenue of $ 88.9 million, with state and local taxes of $ 37.2 million.
The Pennsylvania online gambling market has grown rapidly since the outbreak of the pandemic, with total fiscal year revenues in excess of $ 1 billion. New Jersey’s total game revenue was $ 107.1 million, surpassing Pennsylvania in June, and Garden State ranked number one in the US market in June.
However, nearly two years after the launch of the online casino in Pennsylvania, which debuted on May 31, 2019, online gambling has made more monthly total game revenue than New Jersey for two of the last seven months, including May. Is increasing.
“The growth of online casinos over the last 15 months has changed the landscape of the Pennsylvania gaming industry,” said Cross. “Pennsylvania’s potential was clear from the beginning, but last year it became the country’s largest online gambling market, with revenues of over $ 1 billion a year.”
In Pennsylvania’s sportsbook, stakes have fallen for the third consecutive year, despite increased earnings in June.
Source link In Pennsylvania’s sportsbook, stakes have fallen for the third consecutive year, despite increased earnings in June.