NCAA Tournament, New Books Propel Pennsylvania's Sports Betting Market To Record March, According To PlayPennsylvania.com

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Apr 16, 2019, 12:28 ET

LAS VEGAS, April 16, 2019 /PRNewswire/ -- Driven by the popularity of the NCAA Men's Basketball Tournament and the opening of two new sportsbooks, Pennsylvania's legal sportsbooks set monthly records for both handle and revenue in March.

Pennsylvania's $44.5 million March handle is the largest in a single month outside of the country's two largest legal sports betting jurisdictions, Nevada and New Jersey, a sign that the state is emerging as the U.S.'s third-largest market, according to analysts for PlayPennsylvania.com.

"The legal sports betting market in Pennsylvania has seemingly limitless potential, and March was a significant step forward," said Jessica Welman, sports betting analyst for PlayPennsylvania.com. "The FanDuel Sportsbook at Valley Forge Casino, and the new sportsbook at the Valley Forge Turf Club, were welcome additions to the market. And those openings show operators are bullish on Pennsylvania."

According to official reporting released on Tuesday:

Pennsylvania collected $44.5 million in March bets, up 41 percent from $31.5 million in February and up from $32 million in January.
The action generated $5.5 million in revenue, up from $1.9 million in February and $2.6 million in January.
The record month injected just under $2 million into state government coffers, up from $700,854 in February.

Pennsylvania has a long way to go to catch neighboring New Jersey, the country's second-largest sports betting market. In March, New Jersey's legal online and retail sportsbooks accepted $372.5 million in bets — including $74.2 million at retail sportsbooks — generating $31.7 million in revenue.

Online sports betting, which could launch by the summer, would propel the Pennsylvania market.

"The growth of Pennsylvania's market is stunted without online sports betting," said Dustin Gouker, lead analyst for PlayPennsylvania.com. "Online bets account for about 80 percent of New Jersey's handle. When the time comes that online bets are legalized and regulated in Pennsylvania, then the industry will be poised to challenge larger markets for supremacy."

Rivers Casino in Pittsburgh remained the market leader by attracting $11.9 million in March bets, up 47 percent from $8.1 million in February. That generated $1.3 million in revenue, up 114 percent from $627,521 the previous month. Rivers Casino was followed by:

SugarHouse Casino ($9.2 million handle, up from $7.1 million in February; $1.2 million revenue, up from $522,308)
Parx Casino ($7.96 million handle, up from $7 million; $984,339 revenue, up from $369,996)
Hollywood Casino at Penn National Race Course ($5.3 million handle, up from $3.7 million; $521,864 revenue, up from $13,914)
Harrah's Philadelphia ($3.8 handle, up from $3 million; $326,752 revenue, up from $137,201)
South Philadelphia Race and Sportsbook ($3.6 million handle, up from $2.6 million; $534,253 revenue, up from $275,877)
FanDuel at Valley Forge Casino Resort ($2 million handle; $449,597 revenue)
Valley Forge Race and Sportsbook ($706,089 handle; $120,836 revenue)

"With a monopoly of the Pittsburgh market, Rivers Casino will continue to tally impressive retail numbers, even while Philadelphia as a market claims the lion's share of bets," Welman said. "But the FanDuel brand has proven powerful in New Jersey, dominating the retail and online market. And FanDuel will likely make a significant impact on the Pennsylvania market, too."

For more information on the revenue generated by Pennsylvania sports betting, visit www.playpennsylvania.com/sports-betting/revenue.

About the PlayUSA.com Network:
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