All hail online betting!
Thanks, in large part, to online betting, Pennsylvania sports betting logged its best month yet in one of the slowest sports months of the year. Per the latest numbers from the Pennsylvania Gaming Control Board (PGCB), sports betting in the state generated $46.3 million in bets in June, besting the previous best month by more than $10 million.
The revenue was a little more down to earth at $2 million. That number should be taken with a grain of salt though. Rivers and Parx launched online betting just three days before the month ended. Therefore, the hold is skewed, as unsettled and futures bets meant minimal monthly returns for the two new ventures.
PlaySugarHouse takes $18 million in wagers
June was the first full month PlaySugarHouse.com Pennsylvania was in operation. In that time, it accepted $18.2 million in wagers, generating $465,096 in revenue.
In comparison, the eight PA retail sportsbooks took in a total of $27 million in bets combined. SugarHouse’s retail sportsbook accepted $5.1 million in wagers, with $467,016 in revenue.
The revenue is relatively even with online but on far fewer bets. It is still relatively early in the online sports betting industry, so the unusually low hold could be explained by a high number of futures bets as well as how promotions and bonuses are handled.
In the three days of operation for Parx and BetRivers, the two sites accepted $307,011 and $848,520 in wagers, respectively. On those bets, Parx profited $18,432. Rivers, on the other hand, lost $114,395. As mentioned, this is likely largely just pending wagers and futures betting, so don’t hit the panic button just yet.
Sports betting revenue and handle for June 2019
Here is a look at how every sportsbook performed last month:
|Casino or Off-Track Betting Facility||Total Handle||Total Revenue||Online Handle||Online Revenue||Retail Handle||Land-Based
|South Philadelphia Race and Sportsbook||$2,462,294||$161,001||0||0||$2,462,294||$161,001|
|Hollywood Casino at Penn National Race Course||$2,410,357||$83,520||0||0||$2,410,357||$83,520|
|Valley Forge Casino Resort||$2,291,020||$149,621||0||0||$2,291,020||$149,621|
|Oaks Race and Sportsbook||$1,052,241||$76,594||0||0||$1,052,241||$76,594|
Once again, Rivers led the retail charge on the handle front with $6.2 million in bets. However, percentage-wise, the property with the highest hold (ratio of revenue to handle) was SugarHouse. Parx rounded out the retail top three with $5.2 million in wagers and $367,000 in revenue.
FanDuel, SugarHouse now have the Apple advantage
The retail sportsbooks without online operations continue to take roughly half as much action as the big three. That could change for Valley Forge come July as FanDuel Sportsbook is expected to launch before the month ends. It could quickly make inroads online, too. The FanDuel iPhone app is built on native iOS, which means it satisfies the requirements needed to be in the app store.
SugarHouse and BetRivers also have an Apple solution as of Wednesday. While it is not an app, it does allow iPhone users to start betting on their phone’s browser in tandem with a third-party app. If you think the June numbers were good, imagine how much better it will be now that the apps are available to the entire smartphone market.
$21 million in sports betting revenue since launch
June 30 marked the end of the fiscal year, which means PGCB released year-end numbers for each gambling venture. Since November, sports betting has generated $21 .7 million in revenue. Moreover, it has brought in roughly $7.7 million for the state in the form of tax revenue, not to mention the $80 million in licensing fees on the eight PA sportsbook licensees, so far.