April did not exactly shower Pennsylvania sports betting with revenue. It did produce the second-biggest month in the industry’s short history though.
In March, the NCAA basketball tournament helped propel total bets to $44 million. Last month, the March Madness championship game did help boost betting, but it still came in at a relatively modest $36,769,145.
It sounds like a broken record, but without online betting apps in PA, this take is par for the course. It also pales in comparison to the big numbers coming in each month in New Jersey.
Rivers and SugarHouse hold on to the top spots
Rivers Sportsbook once again took more bets than the rest last month. The Pittsburgh sportsbook accepted $8,159,827 in bets. SugarHouse was right behind with $7.9 million.
Worth pointing out though that Parx is hot on their heels. The Philadelphia betting spot accepted $6.9 million in wagers.
More importantly, though, Parx Sportsbook topped the field when it came to revenue. Parx revenue was $907K, representing a hold of 13%. The Parx-owned off-track betting facility South Philadelphia Race and Sports did even better. The property posted a hold of 17%.
Here is a full breakdown of April’s numbers:
|FanDuel at Valley Forge||$3,050,424||$379,731||$136,703|
|South Philadelphia Turf Club||$2,603,808||$441,692||$159,009|
|Valley Forge Race and Sportsbook||$1,542,891||$195,856||$70,508|
Over $150 million in bets so far
To date, PA sportsbooks have accepted roughly $161 million in bets since launching in November of last year. Casinos have profited $16.8 million from those bets, while the state netted roughly $6 million.
The tax revenue number is misleading though. With nine of the 13 licensed casinos applying for sports betting, that is $90 million in licensing fees right there. So, more accurately, the state has brought in over $100 million in revenue from the sports betting industry.
And what about online betting?
The rumor mill was working overtime when news broke last month that testing on a betting app was just a couple of weeks away.
Both unsurprisingly and unfortunately, those rumors appear to be unfounded. We are now halfway through the month with no new app in sight.
The thought was that April would be the last month with no online option, but it might be time to call mayday on a launch this month as well.
Operators are tight-lipped about the holdup. The whispers of launch in a matter of days are gone. As the land-based numbers indicate, the longer the state goes without internet betting, the harder it will be for casinos to start recouping that expensive investment in a sports betting license.