As Pennsylvania online sportsbooks are experiencing a summer slide, so is the luxury sports viewing industry.
Bankroll, the newest sports betting bar in the Rittenhouse section of Philadelphia, is cutting back operations in preparation for a slow summer. Many employees have been affected by the adjustment.
Bankroll sports bar scaling back this summer
PA online sportsbooks reported $495.6 million in total bets in May, the lowest output of the year so far. Handle is expected to dip even further in June, July and August.
Because of the light sports schedule, Bankroll decided to scale back its operations. A company spokesman released the following statement to PlayPennsylvania:
“Since opening in March, Bankroll has seen strong interest in private events and will be shifting its operations to events only for the summer months. With a lighter professional sports schedule and many Philadelphians traveling to shore points and other locations during the summer, Bankroll’s operating partners decided to use this idle time to optimize the venue’s spaces and operations. The venue expects to resume regular hours operations in time for the NFL season; in the meantime, most employees will be furloughed.”
When arriving to Bankroll’s website, an immediate pop-up window takes over the screen and says:
“Bankroll will be open for private events.”
It then provides an email for interest, and closes by saying, “See you in the fall.”
For Bankroll’s hours of operation, the website says “closed” for every day of the week. The sports bar will not be serving patrons until football season. Before the cutback, here were Bankroll’s available hours:
- Monday: Closed
- Tuesday: Closed
- Wednesday: 5 p.m. to 11 p.m.
- Thursday: 5 p.m. to 11 p.m.
- Friday: 5 p.m. to 11 p.m.
- Saturday: 11 a.m. to close
- Sunday: 11 a.m. to 11 p.m.
Founder Paul Martino and CEO Padma Rao were not available for comment.
Bankroll still available for private parties
Bankroll has numerous types of spaces to host private parties. Gathering can be held in the open sections of the restaurant in The Big Game Room and The Boyd. Bankroll also has private and VIP areas that include The Club, The Lounge and The Suites.
A form must be filled out on the website for interest in hosting a private event.
History of Bankroll opening in Philadelphia
After the project took four years to complete, mainly because of the COVID-19 pandemic, Bankroll finally opened in March 2023. The idea behind the establishment was to make it a high-end sports bar with a luxury viewing experience.
The bar offers screens with odds and promotions for patrons to bet using their phones. Bankroll occupies the old Boyd Theater, which has been vacant since 2002.
Last month, Bankroll found itself in a legal dispute after a PA judge overturned a permit the company obtained to operate as a “sit-down restaurant.” Bankroll appealed the decision and received a by-right zoning permit to continue to stay open without interruption.
It’s unfortunate that the sports calendar interrupted Bankroll’s regular hours of operation. Hopefully, the sports bar is back in full swing by football season, and furloughed employees return to full-time work for a busy fall.
