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Betting at Pennsylvania sportsbooks dip in June19 July 2021(PRESS RELEASE) -- Wagering at Pennsylvania’s online and retail sportsbooks dropped for a third consecutive month, but that didn’t stop sportsbooks from making significant revenue gains as the summer offseason trudged on. The down month closed a dramatic fiscal year that saw more than $5.5 billion in sports wagers and an online casino gaming market that continues to compete with New Jersey as the nation’s largest, according to PlayPennsylvania, which tracks regulated online gaming and sports betting in the state. “Betting volume typically falls over the summer, but sportsbooks tend to win more per bet on sports like golf and tennis,” said Dustin Gouker, lead analyst for the PlayUSA.com network, which includes PlayPennsylania.com. “That really helped sportsbooks in June and will help them to continue to weather the offseason even as bettors engage less.” Online and retail sportsbooks in Pennsylvania combined to take in $420.2 million in wagers in June, down 6.1% from $447.5 million in May, according to official data released Monday. Sportsbooks’ gross gaming revenue jumped to $42.5 million, though, which was up 13.6% from $37.4 million in May. The month’s gross receipts produced $34.2 million in taxable revenue, which yielded $11.6 million in state taxes and $684,510 in local share assessments. Still hampered by pandemic-related shutdowns, sportsbooks generated just $89.0 million wagers and $8.0 million in gross gaming revenue in June 2020. But those results would hardly be a harbinger of the fiscal year ahead, which brought:
“By any measure, Pennsylvania’s entry into sports betting has been an unqualified success, and the market has yet to fully mature,” said Valerie Cross, analyst for PlayPennsylvania.com. “Importantly, with more than $111 million in state and local taxes over the fiscal year no state takes in more in tax revenue from sports betting than Pennsylvania. That is where the state truly stands out.” In June, 90.3%, or $379.3 million, of all sports bets were made online, a fitting end to a fiscal year that saw an increasing number of bets made online. FanDuel only increased its dominance of the online market, producing $162.5 million in online wagering, up from $160.9 million in May. By taking in 42.9% of all online wagers in June, FanDuel posted its largest share of the market since August. Gross gaming revenue in June jumped to $19.7 million from $17.6 million in May, generating $16.4 million in taxable revenue. DraftKings was second in the state with $86.0 million in bets, down from $100.0 million in May. That resulted in $6.4 million in gross revenue, up from $5.2 million in May, and $5.7 million in taxable revenue. Penn National’s Barstool-branded app was fourth with $31.9 million in June wagering, down from $43.6 million in May. Those bets yielded $3.2 million in gross revenue, up from $2.8 million in May, and $2.2 million in taxable revenue. The online leaders were followed by:
“With no Sixers to bet on and with the Phillies and Pirates sagging in the standings, sportsbooks will have to get creative in driving action in July and August,” Gouker said. “The Olympics later this month should help fill the gap, but it won’t be until football season that we see significant growth return to either retail or online sportsbooks.” Online casinos and poker Gross gaming revenue at online casinos and poker rooms topped $100 million for the fourth consecutive month, even as it fell to $100.8 million in June, down from $110.8 million in May. June’s Gross revenue produced $88.9 million in taxable revenue, down from $101.3 million in May, and $37.2 million in state and local taxes. Pennsylvania’s online gambling market has boomed since the beginning of the pandemic, taking in more than $1 billion in gross revenue over the fiscal year. New Jersey’s $107.1 million in gross gaming revenue topped Pennsylvania in June, making the Garden State No. 1 among U.S. markets in June. But near the two-year anniversary of the launch of online casinos in Pennsylvania, which debuted on May 31, 2019, online gambling has generated more in monthly gross gaming revenue than New Jersey for two of the last seven months, including in May. For fiscal year 2020-21, Pennsylvania’s online casinos and poker rooms generated:
Other highlights from June:
Betting at Pennsylvania sportsbooks dip in June
is republished from Online.CasinoCity.com.
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