Following a tough February for sports betting revenue for the Pennsylvania sportsbooks, there was a major bounce back in the month of March.
PA SPORTS BETTING SETS REVENUE RECORD
A major uptick in sports betting for the month of March saw $5.5 million come in, which more than doubled the total for January where the previous state high was $2.6 million.
Rivers Sportsbook and SugarHouse Sportsbook PA each garnered more than $1.2 million in gross revenue in March. Meanwhile, the addition of both the FanDuel Sportsbook PA at Valley Forge and Valley Forge Race and Sportsbook chip in nearly $600,000 combined for the month. In total, there was more $300,000 in gross revenue from seven of the eight betting facilities in the state.
PA Sports Betting revenue report for March 2019
Overall sports betting handle jumped from $31.5M in February to $44.5M in March.
Still, no online/mobile sports betting options in the state…..could have an update on this tomorrow. pic.twitter.com/XX5DsVz1NI
— PA Sportsbooks (@PASportsbooks) April 16, 2019
RUSH STREET SPORTSBOOKS LEADING THE CHARGE
Rivers Sportsbook and SugarHouse sportsbook were collectively responsible for nearly half of the total sports betting revenue for the month of March.
It has been a promising uptick that brings much optimism to these two sportsbooks remaining at the top of the list moving forward in helping generate more highly profitable months ahead.
Speaking of optimism, industry rumors speak to SugarHouse and Rivers online sportsbook and mobile apps as first to market in PA. Considering NJ online sportsbooks are seeing 80% of their handle coming from online/mobile, PA revenue is about to explode!
PENNSYLVANIA RECEIVES STRONG TAX BOOST
Although there has been much dialogue in terms of the PA sports betting tax revenue being less than stellar thus far, it does leave out some important details. The individual license requiring a $10 million fee is not included in the tax revenue numbers.
9 casinos in the state have paid $90 million in licensing fees alone just to operate. This has put them in a bit of a hole to have to make up that ground in the process. PA Online Sports Betting is the only way to rapidly increase revenue for the sportsbooks.
Revenue is expected to decrease in the month of April given that there are fewer notable sports events. Sportsbooks in the Philadelphia area are hoping the 76ers can extend their playoff run to match the launch of online sports betting. Kentucky Derby Betting in PA should provide some fuel to a very exciting month of May.