Pennsylvania Sports Betting Revenue Plummets 35% Year Over Year in August
Date: 2023-09-20 Author: Dima Zakharov Categories: SPORTS BETTING
In a surprising turn of events, Pennsylvania's sports betting revenue suffered a significant blow in August, dropping by a staggering 35% compared to the same period last year. However, it's not all doom and gloom for the Keystone State, as the rapidly expanding online casino sector managed to salvage the situation, resulting in an overall 7.5% increase in the past 12 months.
According to the Pennsylvania Gaming Control Board, sportsbook revenue in August plummeted to a mere $22 million, a sharp decline from the $34 million generated in August 2022. Despite a notable 8.3% year-over-year increase in the total amount of bets placed, a decline in the hold rate led to a decrease in revenue, with just two operators managing to rake in over $5 million.
In terms of individual operator performance, DraftKings emerged as the leader, netting $9.5 million in revenue last month, while FanDuel followed closely behind, with a respectable $9.4 million. Other operators struggled to reach the $3 million mark in revenue, with BetMGM bringing in $2.8 million, Barstool at $1.3 million, and Caesars securing $1.9 million from the Pennsylvania market.
Notably, all operators experienced declines in revenue, with DraftKings seeing a 19% drop, FanDuel nearly 60%, and BetMGM over 32%, making it an exceptional month in an otherwise robust Pennsylvania market.
Despite the sports betting setbacks, the online casino segment proved to be the silver lining, reporting an impressive 35.3% year-over-year increase, with total revenue reaching $145 million. This includes $105.3 million from slots, $37.3 million from table games, and $2.4 million from online poker.
Hollywood Casino at Penn National Race Course led the pack among operators, bringing in a remarkable $60.3 million in August from its online casino operations. Valley Forge Casino also experienced significant annual growth, securing the second spot in the revenue charts with $32.4 million, while Rivers Casino rounded off the top three, amassing $28.1 million.
Retail slot games remained the largest contributor to revenue in Pennsylvania, with casino operators earning $203.2 million, a figure that remained consistent with the previous year. In contrast, revenue from retail table games witnessed almost a 6% increase, totaling $82.7 million.
Overall, Pennsylvania's gaming industry posted a revenue of $457.2 million, showcasing a promising 7.5% year-over-year growth.
According to the Pennsylvania Gaming Control Board, sportsbook revenue in August plummeted to a mere $22 million, a sharp decline from the $34 million generated in August 2022. Despite a notable 8.3% year-over-year increase in the total amount of bets placed, a decline in the hold rate led to a decrease in revenue, with just two operators managing to rake in over $5 million.
In terms of individual operator performance, DraftKings emerged as the leader, netting $9.5 million in revenue last month, while FanDuel followed closely behind, with a respectable $9.4 million. Other operators struggled to reach the $3 million mark in revenue, with BetMGM bringing in $2.8 million, Barstool at $1.3 million, and Caesars securing $1.9 million from the Pennsylvania market.
Notably, all operators experienced declines in revenue, with DraftKings seeing a 19% drop, FanDuel nearly 60%, and BetMGM over 32%, making it an exceptional month in an otherwise robust Pennsylvania market.
Despite the sports betting setbacks, the online casino segment proved to be the silver lining, reporting an impressive 35.3% year-over-year increase, with total revenue reaching $145 million. This includes $105.3 million from slots, $37.3 million from table games, and $2.4 million from online poker.
Hollywood Casino at Penn National Race Course led the pack among operators, bringing in a remarkable $60.3 million in August from its online casino operations. Valley Forge Casino also experienced significant annual growth, securing the second spot in the revenue charts with $32.4 million, while Rivers Casino rounded off the top three, amassing $28.1 million.
Retail slot games remained the largest contributor to revenue in Pennsylvania, with casino operators earning $203.2 million, a figure that remained consistent with the previous year. In contrast, revenue from retail table games witnessed almost a 6% increase, totaling $82.7 million.
Overall, Pennsylvania's gaming industry posted a revenue of $457.2 million, showcasing a promising 7.5% year-over-year growth.
