Football Season Spurs Pennsylvania Sports Bettors in September, According to PlayPennsylvania.com
LAS VEGAS, Oct. 17, 2019 /PRNewswire/ -- Pennsylvania's online and retail sportsbooks nearly doubled the state's previous record handle in September, as bettors jumped at their first-ever opportunity to legally bet on the NFL, according to analysts for PlayPennsylvania.com.
"A significant jump was expected with the NFL season kicking off in September, and the data did not disappoint," said Jessica Welman, sports betting analyst for PlayPennsylvania.com. "Because of the sport's popularity with bettors, the football season is the most effective time to gauge the health of a market. After a summer of growing pains and one month of football, it is safe to say that Pennsylvania is indeed healthy."
Pennsylvania's sportsbooks generated $194.5 million in handle in September, according to official data released Thursday. That is up from 78% from the record $109 million in August. September's handle yielded $19.3 million in revenue, up from August's $9.9 million win, generating $5.1 million in state taxes.
By comparison, New Jersey generated a handle of $184 million in September 2018, the first full month Garden State bettors were able to legally wager on NFL games. New Jersey's handle grew to $445.6 million in September 2019, hinting at just how much growth is possible in Pennsylvania.
"After a somewhat slow start, Pennsylvania is beginning to display similar growth patterns as New Jersey," said Dustin Gouker, lead analyst for PlayPennsylvania.com. "New Jersey had the advantage of a more established gaming infrastructure when it launched sports betting. But now that the online sports betting infrastructure is in place, Pennsylvania is beginning to show its potential."
Pennsylvania's online sportsbooks — including Fox Bet at Mount Airy Casino, which launched on Sept. 4 — generated $158.2 million in September, up from $83.2 million in August. Online betting represented 81% of the state's total handle, up from 76% in August.
FanDuel Sportsbook at Valley Forge Casino dominated the online market, accepting $85.1 million in September bets, up from $35.3 million in August. FanDuel generated $7.1 million in revenue.
Pennsylvania's online market continues to evolve. DraftKings at The Meadows and others are expected to launch soon. And the parent companies of FanDuel and Fox Bet plan to merge, creating a potential Goliath.
"The merger of FanDuel and Fox Bets, two of the most recognizable brands in the industry, could be a game-changing development," Gouker said. "Regardless, the competition in the online vertical will remain fierce as sportsbooks vie for a greater share of a rapidly growing market."
Rivers led the retail market, accepting $7.3 million in bets in September, up from $4.9 million in August. That yielded $957,791 in revenue.
Online casinos
SugarHouse, Parx and Penn National casinos generated $5.3 million in gross revenue in September, up 56% from $3.4 million in August, on $140.8 million in wagers. Betting was up 21% from $111.8 million in August. September's action produced $1.6 million in state taxes.
Penn National led the way with $3 million in revenue, up from $684,452 in September, on $41.1 million in bets. SugarHouse led with $57.2 million in wagers.
"Pennsylvania's three pioneering online casinos are all off to strong starts and should initially have an advantage over any newcomers," Welman said. "But at least five online casinos are planning to launch before the end of the year, so the market should morph dramatically over the next few months."
For more, www.playpennsylvania.com/revenue.
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The PlayUSA.com Network and its state-focused branches (including PlayNJ.com and PlayPennsylvania.com) is a leading source for news, analysis, and research related to the market for regulated online gaming in the U.S.
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SOURCE PlayPennsylvania.com
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