Pennsylvania Sportsbooks, Online Casinos Close Eventful Fiscal Year on High Note, According to PlayPennsylvania
LAS VEGAS, July 19, 2021 /PRNewswire/ -- 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 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.
"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.
Fiscal year 2020-21 brought:
- $5.6 billion in sports wagering, up 121.0% from $2.5 billion in FY 2019-20.
- $440.7 million in gross gaming revenue, up 169.9% from $163.3 million in FY 2019-20.
- $308.8 million in taxable revenue, up 128.0% from $135.5 million in FY 2019-20.
- $111.2 million in state and local taxes, up 128.0% from $48.8 million in FY 2019-20.
Pennsylvania has now taken in $8.1 billion in online and retail wagering since launch. Only New Jersey and Nevada have taken in more over that time.
"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. FanDuel increased its dominance of the online market, producing $162.5 million in wagering, up from $160.9 million in May.
Meanwhile, retail sportsbooks took in $40.9 million in wagers in June, yielding $4.9 million in taxable revenue. Rivers-Philadelphia led with $8.0 million in bets.
"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
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.
For fiscal year 2020-21, Pennsylvania's online casinos and poker rooms generated:
- $1.1 billion in gross gaming revenue, up 259.8% from $297.3 million in FY 2019-20.
- $897.2 million in taxable revenue, up 272.5% from $240.9 million in FY 2019-20.
- $372.7 million in state and local taxes, up 283.4% from $97.2 million in FY 2019-20.
"The growth of online casinos over the past 15 months has forever altered the landscape of Pennsylvania's gaming industry," Cross said. "The potential of Pennsylvania was obvious from the start. But the expansion over the last year to the cusp of becoming the largest online gambling market in the country, capable of generating more than $1 billion in revenue in a single year, has been remarkable."
For more, www.playpennsylvania.com/revenue.
About the PlayUSA.com Network:
The PlayUSA.com Network and its state-focused branches is a leading source for news, analysis, and research related to the market for regulated online gaming in the U.S.
Contact:
Zack Hall, Catena Media, 775-338-0745, [email protected]
SOURCE PlayPennsylvania.com
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