Connect with us
SoftSwiss
Playson

Gambling in the USA

Pennsylvania Sportsbooks Lose Out On $220 Million In Bets While Online Casinos Hit New Revenue Record In March

Published

on

Image by Joachim Kirchner from Pixabay
Reading Time: 4 minutes

With $24.3 million in revenue, online casinos and poker lone bright spot for the industry, according to PlayPennsylvania

LAS VEGAS — The handle for Pennsylvania’s retail and online sportsbooks shrunk in March to its smallest monthly total since August 2019, while online casinos and poker exploded to a new record. Coronavirus shutdowns loom over the gambling industry, costing sportsbooks $220 million in wagers in March, according to PlayPennsylvania estimates, and sending home-bound bettors to online casinos and poker rooms in record numbers.

“Pennsylvania’s gaming industry is navigating waters that are unprecedented anywhere,” said Dustin Gouker, lead analyst for PlayPennsylvania.com. “It’s an industry that employs thousands in Pennsylvania and generates millions of dollars in tax revenue, and it is not designed to be closed. Growth in online casinos is helping, but it can’t entirely make up for the revenue lost from sports betting and land-based casinos being shut down.”

Pennsylvania sportsbooks appeared headed for its first month with a handle of more than $350 million in revenue. But with the sports world largely shuttered after March 11, Pennsylvania’s handle slumped to just $131.3 million for the month, according to official data released Thursday. That is down 60.2% from $329.8 million in February, though up from $44.5 million in March 2019, before online sports betting launched.

March’s revenue hit $8.6 million, up from $4.7 million in February. The win resulted in $2.3 million in tax revenue for the state.

The suspension of the NBA season on March 11 sent shockwaves through the sports world, leading to the eventual indefinite shut down of most major events. That included the cancelation of March Madness, which would have attracted $100 million in bets at Pennsylvania sportsbooks, according to PlayPennsylvania estimates. The closures have limited books to futures betting, mostly on the NFL, and some international sports.

“The timing of the coronavirus shutdowns was particularly damaging to Pennsylvania sportsbooks, costing the industry millions in basketball-related bets,” Gouker said. “The first weekend of March Madness is the second-biggest sports betting event in the U.S., behind only the Super Bowl, and its cancellation leaves no feasible way to make up that revenue. Obviously, there are dramatic health and economic concerns for everyone right now, but the loss of revenue will be felt by Pennsylvania’s gambling industry for quite some time.”

$118.3 million, or 90.1%, of the state’s March handle came from online betting. FanDuel Sportsbook at Valley Forge Casino led the market with $53.7 million in March wagers, down from $138.5 million in February. That yielded $2.8 million in taxable revenue, up from $146,080 in February. FanDuel was followed by:

  • DraftKings at The Meadows ($28.6 million in handle, down from $72.3 million; $1.5 million taxable revenue, up from $1 million)
  • Rivers-Philadelphia ($12 million in handle, down from $24.7 million; $601,984 revenue, down from $784,565)
  • Rivers-Pittsburgh ($8.2 million in handle, down from $18.9 million; $535,860 revenue, down from $680,514)
  • Parx Casino ($7.9 million handle, down from $19.9 million; $618,159 revenue, down from $818,817)
  • Fox Bet at Mount Airy ($6.1 million handle, down from $14.4 million; $159,013 revenue, down from $539,372)
  • Unibet at Mohegan Sun Pocono ($1.2 million handle, down from $4 million; $19,750 revenue, down from $86,558)
  • Presque Isle Downs ($483,429 handle, down from $1.4 million; $23,905 revenue, down from $37,258)
  • Harrah’s ($139,790 handle, -$18,075 revenue)

Rivers-Philadelphia led the retail market with a $2.3 million handle, down from $7.2 million in February. That yielded $146,281 in revenue, down from $383,793. Rivers-Philadelphia was followed by:

  • Parx ($2 million handle, down from $5.9 million; $168,090 revenue, up from $127,231)
  • Rivers-Pittsburgh ($1.8 million handle, down from $6 million; $130,270 revenue, down from $809,858)
  • South Philadelphia Race and Sportsbook ($1.1 million handle, down from $2.7 million; $87,757 revenue, down from $181,236)
  • Presque Isle ($1.1 million handle, down from $1.7 million; $35,838 revenue, up from $12,865)
  • Harrah’s Philadelphia ($1 million handle, down from $2.9 million; $94,056 revenue revenue, up from -$64,494)
  • Valley Forge Casino ($859,504 handle, down from $2.5 million; -$40,280 revenue, up from -$75,306)
  • Mount Airy ($769,909 handle, up from $589,668; $14,344 revenue, up from -$20,065 in revenue)
  • Hollywood Casino at Penn National Race Course ($571,511 handle, down from $2.1 million; $53,730 revenue, up from -$150,053)
  • Mohegan ($463,552 handle, down from $1.7 million; -$15,336 revenue, down from $19,561)
  • Oaks Race and Sportsbook ($284,736 handle, down from $856,374; -$8,526 revenue, down from $17,529)

“The bottom line is that Pennsylvania’s sportsbooks will not be healthy again until the sports world begins to reopen,” Gouker said. “No one yet knows for sure when that day will come. But sports leagues everywhere are trying to figure out ways to begin games again, so there is at least some reason for some optimism.”

Online casinos and poker boom

With land-based casinos closed and many of the state’s residents home-bound, Pennsylvania’s online casinos and poker rooms boomed to dramatic new records. Combined, online casino games and poker generated a record $24.3 million in revenue, easily surpassing the previous best of $19.5 million in revenue set just last month. March’s gains yielded $5.9 million in tax revenue for the state.

Poker alone generated $3.1 million in March revenue, all by Mount Airy/PokerStars, the lone online poker operator in the state. Previously, the all-jurisdiction record for poker revenue in a month was $3.1 million, set in October 2016 in New Jersey. The Garden State also set a new record in March with $3.6 million.

Online casinos boosted monthly revenue to $21.1 million on $871.6 million in wagers, which was up from $547.6 million in bets in February.

A high tax rate and technological issues had slowed the development of Pennsylvania’s online casinos and poker industry, and even now those issues continue to impede the market. But March’s gains were much-needed for an industry with nowhere else to turn.

“Pennsylvania’s online product has been slow to develop, but the revenue the industry is generating now is vital to the gaming industry and the state budget,” Gouker said. “Ideally, Pennsylvania’s online casino industry would’ve had the opportunity to mature more quickly. But it is definitely better than if it didn’t exist at all, as is the case in most states.”

Other important online data from March:

  • Rivers-Philadelphia led the market with $6.8 million in revenue on $293.2 million in wagers. That is up from $4.8 million in revenue on $194.7 million in wagers in February.
  • FanDuel/Valley Forge Casino was second with $5 million in online revenue on $250.6 million in wagers. That was down from $6.1 million in revenue on $279.3 million in wagers in February.
  • Casinos and poker generated $782,768 per day in the 31 days of March, up from $672,097 per day in the 29 days in February.

For more information on the revenue generated by Pennsylvania sports betting, visit www.playpennsylvania.com/revenue.

 

Gambling in the USA

Gaming Americas Weekly Roundup – July 12-18

Published

on

Reading Time: 2 minutes

Welcome to our weekly roundup of American gambling news again! Here, we are going through the weekly highlights of the American gambling industry which include the latest news and new partnerships. Read on and get updated.

Latest News

International Game Technology PLC (IGT) has announced that the Company is expanding its U.S. sports betting footprint to Washington to power sports betting at Snoqualmie Casino in Snoqualmie. As part of this agreement, IGT will deliver its proven PlaySports turnkey solution, including its trading advisory services, for retail and on-premise mobile sports betting.

Aristocrat Gaming has broken ground on a new operations centre facility in Tulsa. The new Tulsa Operations Centre will offer a consolidated campus for the 300 employees of VGT Class II Innovations by Aristocrat Gaming and will house light manufacturing, a warehouse and office space.

Set to celebrate 40 iconic years on the world-famous Atlantic City Boardwalk this fall, Tropicana Atlantic City has launched an exciting series of dining and entertainment options for the guests to experience this summer. Whether it is hitting the dance floor at the Boogie Nights, watching New Jersey’s premier fireworks on the Boardwalk, lounging by the beach, catching a headliner perform in the Tropicana Showroom, or having a delicious meal al fresco at one of seven of the City’s top casual and fine dining restaurants, guests can customise their itinerary to make it their ideal stay.

Las Vegas Sands has announced an effort that will see the company become a strategic investor in digital gaming technologies focused primarily on the business-to-business space. As part of this effort, the company is building a digital gaming investment team, which will be led by Davis Catlin. Catlin is joining Sands after fourteen years with a leading investment firm. For the last decade, Mr. Catlin led that firm’s investments in both public and private companies in digital gaming.

Allied Esports Entertainment has completed the sale of World Poker Tour to Element Partners. The transaction was approved at a special meeting of the Company’s stockholders. As previously announced, the purchase price of the transaction totaled $105 million and included 100% of the outstanding capital stock of each of the legal entities that collectively operated or engaged in the Company’s poker-related business and assets.

JCM Global (JCM) is going to unveil new technologies designed to enhance the guest experience, increase efficiencies and boost security across the casino floor and count room, at the 2021 Indian Gaming Tradeshow & Convention.

Partnerships

National Basketball Association (NBA) team Boston Celtics has partnered with blockchain provider Socios.com. Socios.com will have a digital presence on Celtics.com and serve as the presenting partner of the team’s website, placing it at the forefront of the Celtics’ primary hub for relevant news, updates, video highlights and information pertaining to the franchise.

DraftKings has announced a strategic sportsbook expansion and an extension of its existing Daily Fantasy Sports and sports betting partnership with Major League Baseball (MLB) to now include expanded promotional rights and content inclusive of the sports betting category. Among the key components of the expanded relationship are rights to an innovative “Bet & Watch” streaming integration where fans with open and active MLB.com and DraftKings accounts will be able to watch a free, live MLB game within the DraftKings app.

Continue Reading

Gambling in the USA

Gaming Americas Weekly Roundup – July 5-11

Published

on

Reading Time: 2 minutes

Welcome to our weekly roundup of American gambling news again! Here, we are going through the weekly highlights of the American gambling industry which include the latest news, new appointments and new partnerships. Read on and get updated.

Latest News

The Pokagon Band of Potawatomi Indians has installed Evolv Technology weapons detection systems at all four of its Four Winds Casinos.

International Game Technology PLC (IGT) has announced that the Company will power sports betting at Coushatta Casino Resort in Kinder, Louisiana. As part of this agreement, IGT will deliver its proven PlaySports turnkey solution, including its trading advisory services.

Caleta is celebrating the newest launch of its new video bingo titled Halloween Bingo. Halloween Bingo is developed in partnership with RCT Gaming.

FBM Gaming has confirmed that it will install 300 Galaxy II cabinets in different facilities of the Caliente Group in the coming months.

Z Capital Partners, the private equity arm of Z Capital Group, has announced the completion of the merger of its affiliated portfolio companies Affinity Gaming (Affinity) and Sports Information Group (SIG), creating Affinity Interactive.

Elys Game Technology has entered into a deal to acquire Bookmakers Company, the Nevada-based sports betting services provider trading as US Bookmaking (USB).

The Ontario Government has launched iGaming Ontario, a new subsidiary of Ontario Alcohol Games Commission to create a safe, regulated and competitive online game market.

Partnerships

NASCAR has entered into a content marketing agreement with BettorView, an in-venue sports betting marketing and technology platform. The partnership marks BettorView’s first with a professional sports league.

International Game Technology (IGT) has entered a new deal with the Western Canada Lottery Corporation (WCLC) to provide 700 CrystalDual 27 video lottery terminals (VLTs).

FanDuel Group and Mohegan Gaming & Entertainment (MGE) have announced plans to bring America’s #1 Sportsbook to the state of Connecticut.

New Appointment

Team 33, an eSports team based out of Los Angeles, has appointed Luis “Rodz” Rodriguez (33 Rodz) as its President. Before joining Team 33, Luis was working on creating one of the best LATAM teams at TWSTD.

Compliance Updates

Wisconsin Governor Tony Evers and the Oneida Nation signed an agreement allowing sports betting and other event wagering at the tribes’ casinos and associated locations.

Genius Sports Limited, the official data, technology and commercial partner that powers the ecosystem connecting sports, betting and media, has secured a permanent sports wagering license from the West Virginia Lottery Commission.

Yahoo has stopped conducting paid fantasy sports contests in the Connecticut fantasy sports marketplace in response to the state’s new law that requires any sports gambling or fantasy sports operator to first reach a cooperative agreement with either the state lottery or one of its two sanctioned tribes.

Two US Congressmen have proposed a bill that essentially introduces online tribal gaming in the US. Any wager placed on a site with a server located on tribal lands would be considered to be betting on tribal lands – something already legal across many US states.

Continue Reading

Gambling in the USA

Gaming Americas Weekly Roundup – June 28-July 4

Published

on

Reading Time: 2 minutes

Welcome to our weekly roundup of American gambling news again! Here, we are going through the weekly highlights of the American gambling industry which include the latest news and new partnerships. Read on and get updated.

Latest News

Sportradar has announced the launch of emBET, an industry-first product that integrates live betting content into OTT streaming in real-time. Sportradar created emBET in partnership with leading technology company LiveLike.

Horseshoe Hammond Casino will remain under current ownership after a ruling from the Indiana Gaming Commission. The commission amended its order requiring Las Vegas-based parent Caesars Entertainment to divest the casino as part of its 2020 merger with Eldorado Resorts.

Gambling.com Group Limited has filed a registration statement on Form F-1 with the U.S. Securities and Exchange Commission (SEC) relating to a proposed initial public offering (IPO) of its ordinary shares. The number of shares to be offered and the price range for the proposed offering have not yet been determined.

Gaming Realms has launched its Slingo Originals content in Michigan with BetMGM. Under the terms of the direct integration agreement between BetMGM and the Company, BetMGM has launched with an initial three Slingo games, with more games scheduled to follow shortly.

Scientific Games Corporation has announced that the Company, with the support of its Board of Directors, including Executive Chair Jamie Odell and Executive Vice Chair Toni Korsanos, intends to divest its Lottery and Sports Betting businesses.

Mobile Premier League (MPL), Asia’s largest esports and skill gaming platform, has announced the official launch of the MPL App in the US with nine casual games. The app is now available on the Apple App Store and Android for users to download.

Scientific Games Corporation has installed its Mural cabinet at Pechanga Resort Casino. This is the first installation of Mural in California. Mural features dual 55-inch, ultra-high-definition curved displays with popular game titles such as WILLY WONKA – Dreamer of Dreams and Emperor’s Coins – 88 Fortunes.

VegasSlotsOnline News has published its research on average yearly spend per gambler in each of the five US iGaming markets. With total US iGaming handle exceeding $54bn at the time of this research, VegasSlotsOnline News has assessed which states top the list of biggest online casino markets.

Partnerships

Caleta Gaming has entered into a software distribution deal with Virtualsoft. As per the deal, Caleta’s games will be available for Virtualsoft clients such as DoradoBet, Netabet, Ecuabet and many more.

Esports media group Gaming Community Network (GCN) has entered into a partnership with Black Fire Innovation. This team effort is anticipated to unite GCN’s gaming and esports expertise with Black Fire Innovation’s state-of-the-art facilities.

Pizza company Domino’s has teamed up with American sports betting giant DraftKings to launch “Domino’s Carside Delivery 2-Minute Guarantee Over/Under Challenge”. The free-to-play prediction game asks customers to predict whether Domino’s Carside Delivery nationwide will go faster than two minutes, more or less than 80% of the time, for the chance to win a $ 200,000 share.

Continue Reading
Advertisement
NSoft
Advertisement
EvoPlay
Advertisement
Kasyno Online na HEX Polska

Subscribe to our News via Email

Enter your email address to subscribe to our news and receive notifications of new posts by email.

Trending

Notice for AdBlock users

We are constantly showing banners about important news regarding events and product launches. Please turn AdBlock off in order to see these areas.