The latest on PA fantasy sports
Since launching a regulated market in May of 2018, PA has seen increasing returns on tax revenue each month.
So far, the industry has generated $9.2 million for the 10 operating sites. The overwhelming amount of that money belongs to FanDuel and DraftKings. In fact, many of the smaller sites are operating at a loss.
Someone else who is winning every month is PA. The state has brought in $1,381,192.61 in tax revenue so far.
Playing daily fantasy sports in Pennsylvania
Until now, daily fantasy sports (DFS) haven’t been exactly legal in the state of Pennsylvania, but that didn’t mean you couldn’t play.
State lawmakers spent the last few years considering a number of options in terms of legalizing and regulating DFS.
On Oct. 26, 2017, the PA House passed a bill to formally legalize daily fantasy sports in Pennsylvania, along with online poker and other forms of online gambling, including online table games and slots. The Senate passed the same bill, H 271, a day prior.
A few days later, PA officially became the 17th state to regulate daily fantasy sports (and the fourth to regulate online gambling) when Gov. Tom Wolf signed H 271 into law.
In May of 2018, regulated DFS in Pennsylvania officially launched. There are currently 10 licensed operators:
- Boom Fantasy
- Fantasy Football Players Championship
- Sports Hub
- Scout Fantasy Sports
- Yahoo Fantasy
The minimum age for DFS players is 18. Daily fantasy sports are taxed at 15 percent in Pennsylvania, considerably lower than the 36 percent tax rate established for legal sports betting in PA.
Daily fantasy sports regulation in Pennsylvania
H 271 is a comprehensive gaming expansion package that regulates or introduces many new forms of gaming to Pennsylvania in addition to daily fantasy sports. PA residents will be able to access legal, real-money online poker games, casino games, lottery tickets, online slots, and more. The state will also permit video gaming terminals (VGTs) in qualified truck stops as well as tablet gaming at certain airports.
Pennsylvania’s biggest daily fantasy sports sites
When it comes to DFS, FanDuel and DraftKings enjoy better than 90 percent market share across the United States. Things are no different in Pennsylvania, where FanDuel and DraftKings are the two most popular DFS sites.
How popular is daily fantasy sports in Pennsylvania?
With almost 13 million residents, Pennsylvania is the sixth-most populous state in America. Professional sports are prevalent. As a result, the state represents a rather large market for DFS operators.
Right now, it is estimated DFS sites are pulling in more than $7.5 million in revenue from Pennsylvania players. In fact, the state is responsible for close to 4 percent of all DFS contest entry fees in the United States.
Estimates suggest Pennsylvania has more than 65,000 active DFS players. Plus, those players are responsible for almost $80 million in annual entry fees, putting Pennsylvania in the top ten states for DFS activity.