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April showers dampened the latest report for legal sports betting operators in Pennsylvania.
The eight active PA sportsbooks combined to win $4.2 million for the month, holding about 11.5% from $36.8 million in total wagers. Although it’s a reasonable performance given the season, those numbers don’t compare well to those from neighboring New Jersey.
PA sports betting remains limited to brick-and-mortar properties for now, but regulators expect to approve the first online sportsbooks within weeks.
You can read the full April report here.
|South Philadelphia Race and Sportsbook||$2,603,808||$441,692||$534,253||-17.3%||$159,009|
|Valley Forge Race and Sportsbook||$1,541,891||$195,856||$120,836||+62.1%||$70,508|
The two Valley Forge sportsbooks opened in mid-March, so their month-to-month comparisons are skewed. The license of the main property provides the point of digital entry for FanDuel Sportsbook PA.
The top three spots look a lot like they did the month prior, though the end of March Madness cued the anticipated late-spring slowdown.
Bet Rivers Sportsbook continues to see the most action, responsible for $8.2 million of the total handle in April. Still enjoying a monopoly on sports betting in western PA, it won more than $870,000 for the month.
Its sister property across the state did close the gap a bit, though.
SugarHouse Sportsbook PA took in more than $7.9 million in wagers itself, yielding over $780,000 in revenue. Based on recent conversations, expect it to press its advantage in the Philadelphia area by being on the front edge of the online rollout.
Third-place Parx Sportsbook actually won the most money among operators. It held $907,298, good for about 13.25% of the $6.85 million it handled in April.
Pennsylvania itself was the biggest winner, though. Under the 34% state tax, the Commonwealth earned more than $1.4 million in revenue for the month. Local jurisdictions collected another $84,430 via their 2% share.
It’s coming, but the better question is: when?
In mid-April, a spokesperson for the PA Gaming Control Board indicated that launch was less than three weeks out. That was four weeks ago, though, and we’re still waiting to see the first sports betting apps hit the shelves.
There’s more bad news, too. Recent rumblings seem to extend that timeline out for a couple additional weeks, which would miss the bulk of the remaining NBA and NHL playoffs. If forced to set a line, our best guess would be sometime around June 1.
According to PlayPennsylvania analyst Jessica Welman, the internet is the key that will unlock the market’s true potential.
“The launch of online sports betting will give the first real window into the overall strength of the industry. Online sports betting will ultimately transform the market and put it more in line with Nevada and New Jersey, the country’s two largest sports betting markets.”
Next door, more than 80% of all NJ sports betting revenue comes from online/mobile devices.