Pennsylvania Releases July' s Sports Betting Results
* Pennsylvania's sports betting handle grows
* Mobile accounts for 2/3 of all betting activities
* Daily fantasy sports notch up a 50% growth Pennsylvaniaposted strong results in July generated by the retail and onlinesports betting verticals in the Keystone State.
Pennsylvania's Mobile Betting Drives BetterResults Sportsbooks in Pennsylvania have posted strong results for July, collecting $59.3 million in total digital bets over the month. Despite most sports contests being in the offseason, mobile completely beat retail operations, which stood at $39 million. This was the first month land-based venues had fallen behind.
Overall, sportsbooks generated $5.1 in revenue and had to pay nearly $970,000 in taxes. Plus, the overall revenue was slashed by additional $2.9 million because of bonuses. While the roll out of mobile betting has been strong in the Keystone State, promotional campaigns cost companies $2.2 million, leaving only $665,798.
A Look at the OperatorsRush Street's SugarHouse Casino topped the market in the month. The casino brought in as much as $26.5 million in total handle. The revenue stood at $540,766 after discounting bonuses. SugarHouse got a head start as it was the first property to actually launch online operations in the state.
The total online handle hit the staggering $22.2 million and revenue hit $1.5 million, a 22% jump in operations. Plus, SugarHouse launched the first iOS dedicated betting app in Pennsylvania. Yet, the market has been saturated with quite a few strong offers. The full break down was published by the state's Gaming Control Board.
Pennsylvania sports betting up 28% in July, lifted by online boom
— The Philadelphia Inquirer (@PhillyInquirer) August 16, 2019For instance, in July, SugarHouse commanded 94% of the online market, but this number fell down to 56.8% as of July, which is only now going to bite into the potential profits of the brand. Yet, SugarHouse doesn't seem to fear competition much.
Rivers Casino, another one of the brand's casinos, has done quite well, bringing in $14.3 million and generating $1.2 million. Sic Bo Rivers didn't break even, though, losing some $250,941 in the end. Once again, most of this was occasioned by the competitiveness of the market, the exorbitant licensing agreement and the fact that the casino was facing too much similar rivals.
Greenwood Gaming & Entertainment's ParxCasino took the comfortable 3rdspot in terms of total handle. The revenue the casino hit reached$751,129, a goodoverall amount, with total handle reaching $7.2 million.
Daily Fantasy SportsRemains Strong and Grows FanDuel's Boyd Gaming's Valley Forge Casinomanaged to eke out $133,730 in revenue and $5 million in totalwagers. Meanwhile, Pennsylvania has kept its appetite for dailyfantasy sports, with thesegment posting strong results.
DraftKingsgot $681,932 in revenue, notching up a whopping 56% increase over theperiod. FlutterEntertainment's FanDuel was again second to its main rival, but itcame very close overall. The DFS revenue was a close $543,810 for theoperator.
* Pennsylvania's sports betting handle grows
* Mobile accounts for 2/3 of all betting activities
* Daily fantasy sports notch up a 50% growth Pennsylvaniaposted strong results in July generated by the retail and onlinesports betting verticals in the Keystone State.
Pennsylvania's Mobile Betting Drives BetterResults Sportsbooks in Pennsylvania have posted strong results for July, collecting $59.3 million in total digital bets over the month. Despite most sports contests being in the offseason, mobile completely beat retail operations, which stood at $39 million. This was the first month land-based venues had fallen behind.
Overall, sportsbooks generated $5.1 in revenue and had to pay nearly $970,000 in taxes. Plus, the overall revenue was slashed by additional $2.9 million because of bonuses. While the roll out of mobile betting has been strong in the Keystone State, promotional campaigns cost companies $2.2 million, leaving only $665,798.
A Look at the OperatorsRush Street's SugarHouse Casino topped the market in the month. The casino brought in as much as $26.5 million in total handle. The revenue stood at $540,766 after discounting bonuses. SugarHouse got a head start as it was the first property to actually launch online operations in the state.
The total online handle hit the staggering $22.2 million and revenue hit $1.5 million, a 22% jump in operations. Plus, SugarHouse launched the first iOS dedicated betting app in Pennsylvania. Yet, the market has been saturated with quite a few strong offers. The full break down was published by the state's Gaming Control Board.
Pennsylvania sports betting up 28% in July, lifted by online boom
— The Philadelphia Inquirer (@PhillyInquirer) August 16, 2019For instance, in July, SugarHouse commanded 94% of the online market, but this number fell down to 56.8% as of July, which is only now going to bite into the potential profits of the brand. Yet, SugarHouse doesn't seem to fear competition much.
Rivers Casino, another one of the brand's casinos, has done quite well, bringing in $14.3 million and generating $1.2 million. Sic Bo Rivers didn't break even, though, losing some $250,941 in the end. Once again, most of this was occasioned by the competitiveness of the market, the exorbitant licensing agreement and the fact that the casino was facing too much similar rivals.
Greenwood Gaming & Entertainment's ParxCasino took the comfortable 3rdspot in terms of total handle. The revenue the casino hit reached$751,129, a goodoverall amount, with total handle reaching $7.2 million.
Daily Fantasy SportsRemains Strong and Grows FanDuel's Boyd Gaming's Valley Forge Casinomanaged to eke out $133,730 in revenue and $5 million in totalwagers. Meanwhile, Pennsylvania has kept its appetite for dailyfantasy sports, with thesegment posting strong results.
DraftKingsgot $681,932 in revenue, notching up a whopping 56% increase over theperiod. FlutterEntertainment's FanDuel was again second to its main rival, but itcame very close overall. The DFS revenue was a close $543,810 for theoperator.
