Pennsylvania online casinos continued a string of impressive results through November, as the region’s sportsbook entities surpassed state revenue records.
The former extended their breakneck speed through the month with $114.5m in gross gaming revenue, but fell short of the $117m high set one month earlier. November’s revenue was up 58.1 per cent from $72.4m one year earlier.
Online casinos won $3.8m in gross gaming revenue per day over the 30 days of November, which is almost identical to the pace in October. They produced $93.9m in taxable revenue, which yielded $39.1m in state taxes and local assessments.
“There was once a time when there was concern that Pennsylvania’s relatively high tax rate would stunt the industry’s growth, particularly sports betting and online casino gaming,” noted Katie Kohler, analyst for PlayPennsylvania.
“Those concerns have long since been alleviated. And now Pennsylvania is one of the most productive markets in the country in terms of revenue that it generates for the state.”
Pennsylvania’s sportsbooks handled $761.6m in wagers in November, its second highest figure, which is up 54.8 per cent from $491.9m year-on-year.
Despite falling short of the record $776.3m set in October, betting volume in over the 30 days of November ticked up to $25.4m per day from $25m in October.
However, sportsbooks secured a revenue record of $84.9m in November, overtaking the previous high of $49.3m in revenue that was set in January. YoY revenue was up 75.1 per cent from November’s win created $63.7m in taxable revenue after $21.3m in promotional spending, which yielded $23m in state taxes and local share assessments.
“Other than in 2020, when the pandemic shut down major sports, the growth in Pennsylvania has been relentless,” said Dustin Gouker, analyst for the PlayUSA.
“December and January are typically two of the stronger months of the year, too, so the jaw-dropping revenue numbers will likely continue.”
Online sportsbooks generated $704.1m in November wagers, with FanDuel commanding 33.9 per cent of the online market with $238.6m in wagering. The group’s revenue was the highest of all-time for any operator with $37.1m.
DraftKings followed with $215m in wagers. that produced $15.8m in gross revenue. Penn National’s Barstool-branded app was third in the state with $74.3m in wagers, yielding $8m in gross revenue.
Retailers generated $57.5m in wagers in November, up from $53.5 m in October, which bought $8.6m in gross revenue, up from $5.1m in September. Rivers Pittsburgh led the way with $9.6m in bets, edging beyond Rivers Philadelphia’s $9.2m handle.
“Retailers have steadied after struggling through the pandemic, but they still have significant challenges ahead,” Kohler added. “A more normal retail betting environment is growing closer, but it’s not here yet.”