Pennsylvania sports betting market hits new heights in March

16 April 2019

Pennsylvania’s regulated sports betting market has posted its strongest revenue and handle figures since its opening, boosted by additional properties launching sportsbooks in March.

Total market revenue grew 183.5% month-on-month to $5.5m (£4.2m/€4.9m), with handle up 41% from February’s $31.5m to $44.5m.

The market benefitted from full-month contributions from six properties, supplemented by the launch of sports betting at Boyd Gaming’s Valley Forge Casino in King of Prussia (on March 13) and Greenwood Gaming’s Valley Forge Race & Sportsbook (on March 14).

The Rush Street-operated, Kambi-powered Rivers Casino in Pittsburgh led the market for the month, accounting for $11.9m (26.7%) of handle, and $1.3m (24.4%) of Pennsylvania’s sports betting revenue in March.

It was followed by another Rush Street property, Philadelphia’s SugarHouse Casino, which generated revenue of $1.2m from $9.2m of handle.

Greenwood Gaming’s Parx Casino, meanwhile, came in a close third, with revenue reaching $984,339 - a significant jump on February’s $369,996 total - from handle of $8.0m.

Parx Casino is one of three licensed Greenwood Gaming properties in Pennsylvania to have launched sports betting, alongside the South Philadelphia Race and Sportsbook and Valley Forge Race & Sportsbook. The South Philadelphia venue generated revenue of $534,253, while the Valley Forge property generated $120,836 in its first 18 days open.

The FanDuel-powered Valley Forge Casino sportsbook accounted for a further $449,597 of revneue, from $2.0m in stakes, over 19 days live.

Penn National Gaming’s William Hill-powered sportsbook at Hollywood Casino at Penn National Race Course - the first venue to launch legal wagering in the state - reported revenue of $521,864 from $5.3m in stakes. Caesars Entertainment’s Harrah’s Philadelphia added stakes of $3.8m, and revenue of $326,752.

This saw regulated sports betting generate tax revenue of $2.0m for Pennsylvania in March. Of this sum, $1.9m went to the state, via a 34% tax, with the final $110,386 generated through the 2% local share assessment tax, which is allocated to the local authorities where each venue is based.