Pennsylvania sees online gambling continue to thrive

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Pennsylvania sports betting peaked in the middle of the state’s third anniversary of legal sports betting, as online casinos and poker rooms broke the state record with $ 117.04 million. gross gaming revenue dollars.

This pushed the state’s annual total to $ 1.05 billion in the first ten months of the year, joining New Jersey to pass the $ 1 billion mark in annual online casino revenue to in October.

Revenue for the month was up 58.8% from $ 73.7 million in October 2020 and 4.7% from $ 111.8 million in September. The previous record for revenue was $ 113.8 million, set in May.

Bets at online casinos reached $ 4.1 billion in October, up from $ 3.5 billion in September. The victory generated $ 102.9 million in taxable income, generating $ 43.3 million in state and local taxes.

“Online gambling continues to thrive, while the state has a consistent and significant revenue generator,” commented Dustin Gouker, Analyst for PlayUSA.

“Pennsylvania taxes its online gambling industry at a higher rate than any other open market in the United States, and this decision taken by regulators years ago has proven to be valuable to the state.”

Additionally, Keystone State’s $ 776 million sportsbook record, which coincided with the region’s third anniversary, has pushed lifetime management past $ 10 billion.

That monthly figure represents an increase of 47.6% from a record high of $ 525.8 million a year earlier, as well as 34.1% from September’s $ 578.8 million. Only New Jersey and Nevada produced more bets in a single month.

Operators in Pennsylvania generated gross revenue of $ 42.3 million in October, down 11.6% from $ 47.8 million in October 2020 and 12.1% from $ 48.1 million in September.

This figure is well below the record revenue of $ 49.3 million generated in January. Sports betting generated $ 23.5 million in taxable income, which generated $ 8.4 million in state taxes and local share valuations.

Since its launch in November 2018, sports betting has generated $ 10.1 billion in bets, $ 766.8 million in gross revenue and $ 192.2 million in state taxes.

$ 714.1 million in October bets came from online sports betting, with FanDuel in the lead after generating $ 270.8 million in bets, up from $ 183.7 million in September, with revenue falling to 19 , $ 3 million.

DraftKings was second in the state with $ 201.7 million in bets, generating $ 9.6 million in gross revenue, ahead of the Penn National Barstool-branded app with $ 71.5 million in bets.

Retail sports betting accounted for $ 62.2 million in bets in October, up 16.2% from $ 53.5 million in October 2020. This generated $ 5.05 million in gross revenue , Rivers Pittsburgh leading with $ 9.3 million in bets.

“Online sports betting in particular benefits from NFL regular season games, which offer hundreds of in-game betting options in addition to more conventional betting,” said Katie Kohler, Analyst for PlayPennsylvania. “Accessories and in-game betting are now the cornerstone of growth. “

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