Sports betting is entering a slow season with nearly $ 575 million in bets, but they still have a significant profit year after year, according to PlayPennsylvania
(LAS VEGAS) – Pennsylvania’s online and retail sports betting slowed to less than $ 575 million in betting in April, but the expected drop after the NCAA Tournament was more than a winning percentage. high and impressive year-on-year gains. Meanwhile, online casinos continued at a torrid pace that continues to put Pennsylvania ahead of New Jersey as the country’s largest market, according to PlayPennsylvania.com, which tracks the state’s gaming industry.
“Without football or major sports betting vacations like the opening rounds of the NCAA tournament, sports betting will inevitably lose strength over the summer,” said Katie Kohler, senior analyst at PlayPennsylvania.com. “If there is one concern for the industry, however, it is that the bigger problems of the economy are pushing customers to slow down their spending. It’s something that all companies need to keep a close eye on in the coming months, especially for online casinos and sports betting that have only grown “.
Pennsylvania sports betting earned $ 572.8 million in betting in April, 19% more than the $ 479.4 million in April 2021, according to official data released on Tuesday. But betting for the month was down 20% from $ 715.0 million in March, falling to its lowest volume since sports betting earned $ 348.5 million in August 2021.
Sports betting earned gross revenue of $ 49.1 million in April, 36% more than the $ 36.0 million in April 2021 and 1% more than the $ 48.5 million in March of March. The month’s win generated $ 12.1 million in state and local taxes.
Without the NFL or the NCAA Tournament, sports betting inevitably reaches a seasonal ebb that begins in April and lasts through August. And the pace of betting should continue to slow as the NBA and NHL Playoffs slow down.
“The NBA Playoffs, the Final Four, and the first month of baseball provided enough general interest inventory to keep bettors engaged in April,” said Dustin Gouker, senior analyst at PlayUSA.com, which includes PlayPennsylvania .how. “But sports betting won’t be so lucky in the future with the Penguins and Sixers eliminated, and the Pirates and Phillies with a slow start.”
Online sports betting attracted $ 536.1 million in bets, or 93.6% of the state’s April management. FanDuel led the online market with $ 226.6 million in bets and $ 28.4 million in revenue. DraftKings followed with $ 119.1 million in online betting, generating $ 5.3 million in gross revenue.
BetMGM was third with $ 65.9 million in bets, with $ 4.7 million in gross revenue. Penn National’s Barstool brand application was fourth with $ 38.2 million in online betting, which generated $ 3.6 million in gross revenue.
Retail sports betting earned $ 36.7 million in betting in April, resulting in gross revenue of $ 3.0 million. Parx led all retailers with $ 5.7 million in bets.
“With the NBA playoffs, baseball, and major golf tournaments the main attractions, sports betting is now entering a slow season,” Gouker said. “But the last six months have seen a significant leap forward, with bets never falling below $ 600 million. Better yet, the industry can expect a football season this year that should bring even bigger numbers.”
“Even with a lower volume, bets such as parlay baseball bets and big golf tournaments can be hugely profitable for sports betting,” Gouker said. “The focus on sports betting is also changing. The football season is an opportunity to reach a wider audience, and most operators are aggressively promoting the acquisition of new customers. During the warmer months, betting are creative ways to find ways to keep bettors engaged. “
Online casinos and poker
Online casinos and poker rooms continued to perform very well in April, leading all U.S. markets with gross revenues of $ 138.0 million. This is the second-highest all-time high in the state, below the U.S. record of $ 142.7 million in gross gaming revenue in March. And it was just ahead of New Jersey’s $ 136.9 million in April.
Year after year, PA’s online casinos and poker rooms grew 30.8% from $ 105.5 million in April 2021. The pace of online casinos and poker rooms reached the $ 4.6 million in daily revenue during the 30 days of April, basically even with the 31 days. March. The April win was $ 113.1 million in taxable income after $ 24.9 million in promotional spending. This generated $ 47.2 million in state taxes and local assessments.
“The growth of online casinos has been relentless since the beginning of the pandemic, when it would have been an exaggeration to think that Pennsylvania would surpass New Jersey as the largest market in the country,” Kohler said. “The vertical is likely to be resilient to economic challenges, even if it is not immune.”
Other news from April:
Online casino games alone generated $ 135.1 million in revenue with $ 4.2 billion in bets. Poker generated $ 2.9 million in revenue. PokerStars led poker operators with $ 1.8 million in revenue. Penn National, which includes DraftKings, BetMGM, Barstool, PointsBet and Hollywood casinos, led all online casino licensees with $ 54.9 million in gross revenue. Rivers Philadelphia, which includes PlaySugarHouse, Borgata and BetRivers casinos, came in second with $ 35.7 million.
Pennsylvania Sports Betting Revenue, April 2022
LicenseeTotal RevenueSlotsTablesPokerPromosState/Local Taxes Hollywood Penn National$54,896,545$39,213,937$15,434,126$248,482$9,670,473$18,456,700 Rivers Philadelphia$35,684,803$31,474,561$4,124,871$85,372$6,862,597$13,961,765 Valley Forge$22,545,511$12,282,277$10,263,234$0$1,045,214$7,710,131 Mount Airy$6,684,298$3,744,478$1,132,419$1,807,401$1,710,659$1,563,265 Parx$6,240,747$5,627,496$613,252$0$4,092,243$927,157 Live Philadelphia$4,104,626$3,578,748$525,878 $0$508,265$1,742,202 Harrah’s Philadelphia$3,487,409$2,157,754$558,899$770,756$268,000$1,224,239 Mohegan Sun Pocono$1,894,445$1,497,783$396,661$0$248,897$737,864 Wind Creek$1,853,294$1,592,845$260,450$0$455,849$655,650 Presque Isle$591,260$416,138$175,122$0$11,348$246,606 Total$137,982,938$101,586,017$33,484,910$2,912,011$24,873,545$47,225,578
For more information, visit www.playpennsylvania.com/news.
Contact: Zack Hall, Media Chain, [email protected]
Main Image Credit: AP Photo / Kathy Willens