CasinoCityTimes.com

Gurus
News
Newsletter
Search News Subscribe
Stay informed with the
NEW Casino City Times newsletter!
Newsletter Signup
Stay informed with the
NEW Casino City Times newsletter!
Related Links
 

Pennsylvania sportsbooks smash state revenue record in November

21 December 2021

(PRESS RELEASE) -- Pennsylvania's online and retail sportsbooks shattered the state's revenue record with nearly $85 million from more than $760 million in wagering in November, continuing an already substantial fall run of records. Online casinos remained near all-time highs, too, and the Pennsylvania market should remain hot as the weather grows colder, according to PlayPennsylvania, which tracks regulated online gaming and sports betting in the state.

"Football has spurred the current spike, but the wave that sportsbooks are riding is about more than one game or one sport," said Katie Kohler, analyst for PlayPennsylvania.com. "November had one less weekend of football than in October, but the NBA and college basketball have proven to be formidable bet generators, too. Online sportsbooks continue to expand their reach, and bettors are becoming increasingly comfortable with diverse forms of betting. It's hard to imagine sportsbooks being in a better position heading into the typically busy winter months."

Pennsylvania's sportsbooks handled $761.6 million in wagers in November, the second-most ever for the state, according to official data released Monday. November's wagers were up 54.8% from $491.9 million in November 2020. And despite falling short of the record $776.3 million set in October, betting volume in over the 30 days of November actually ticked up to $25.4 million per day from $25.0 million in October.

Importantly, the high volume of wagering produced record gross revenue. Sportsbooks won $84.9 million in November, obliterating the previous record of $49.3 million in revenue that was set in January. Year-over-year, revenue was up 75.1% from $48.5 million in November 2020. November's win created $63.7 million in taxable revenue after $21.3 million in promotional spending, which yielded $23.0 million in state taxes and local share assessments.

"Other than in 2020, when the pandemic shut down major sports, the growth in Pennsylvania has been relentless," said Dustin Gouker, analyst for the PlayUSA.com Network, which includes PlayPennsylvania.com. "December and January are typically two of the stronger months of the year, too, so the jaw-dropping revenue numbers will likely continue."

Online sportsbooks generated $704.1 million in November wagers. FanDuel commanded 33.9% of the online market with $238.6 million in wagering. FanDuel's revenue was by far the highest all-time for any operator with $37.1 million.

DraftKings followed with $215.0 million in wagers. That produced $15.8 million in gross revenue. Penn National's Barstool-branded app was third in the state with $74.3 million in wagers, yielding $8.0 million in gross revenue.

Retailers generated $57.5 million in wagers in November, up from $53.5 million in October. November's wagers yielded $8.6 million in gross revenue, up from $5.1 million in September. Rivers Pittsburgh led retailers with $9.6 million in bets, edging Rivers Philadelphia's $9.2 million handle.

"Retailers have steadied after struggling through the pandemic, but they still have significant challenges ahead," Kohler said. "A more normal retail betting environment is growing closer, but it's not here yet."

Online casinos and poker

Online casinos and poker rooms extended their torrid pace with $114.5 million in gross gaming revenue, but fell short of the record $117.0 million set in October. November's revenue was up 58.1% from $72.4 million in November 2020.

Online casinos won $3.8 million in gross gaming revenue per day over the 30 days of November, nearly identical to the pace in October. In the end, online casino games and poker produced $93.9 million in taxable revenue, which yielded $39.1 million in state taxes and local assessments.

"There was once a time when there was concern that Pennsylvania's relatively high tax rate would stunt the industry's growth, particularly sports betting and online casino gaming," Kohler said. "Those concerns have long since been alleviated. And now Pennsylvania is one of the most productive markets in the country in terms of revenue that it generates for the state."

< Gaming News

Pennsylvania sportsbooks smash state revenue record in November is republished from Online.CasinoCity.com.