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Pennsylvania Hits Record Handle Again As Online Sportsbooks Take In Majority Of Action For First Time, According To PlayPennsylvania.com
16th August, 17:37Pennsylvania Hits Record Handle Again As Online Sportsbooks Take In Majority Of Action For First Time, According To PlayPennsylvania.com
LAS VEGAS, Aug. 16, 2019 /PRNewswire/ -- Pennsylvania's online sportsbooks accounted for the majority of the state's bets for the first time in July, propelling the sports betting industry to another record handle. But with more operators expected to go online in the month ahead, and football's kickoff weekend set for the end of August, July's record should be short-lived, according to PlayPennsylvania.com.
"Simply put, increased online accessibility drives traffic," said Jessica Welman, sports betting analyst for PlayPennsylvania.com. "Pennsylvania could have as many as six online sportsbooks operating by the beginning of the football season, and some apps have worked out their Apple issues and are now in the App Store. Add in the natural boost that comes from football season, and Pennsylvania's sportsbooks are about to take a giant leap forward."
According to official data released on Friday, online and retail sportsbooks combined to generate $59.3 million in bets in July, which was up from the previous record of $46.3 million set in June. Combined, online and retail bets yielded $5.1 million in revenue in July, up from $3.1 million in June, resulting in $1.03 million in state and local tax revenue.
With three online sportsbooks operating for the full month of July, and online heavyweight FanDuel Sportsbook at Valley Forge Casino launching its online product on July 22, online sports betting generated $39 million in bets. That is up from $19.3 million in June. More significantly, 65.7% of all bets were made online, the first time that digital betting outpaced in-person betting in the state.
"We can see the beginnings of a boom that has been held back by a market that has been slow to mature," Welman said. "The fact that the market is working itself out ahead of the football season is a relief to those vested in the success of Pennsylvania's sportsbooks."
"In all likelihood, FanDuel will become the market leader in relative short order as it has become in New Jersey, where it leads both the online and retail markets," Dustin Gouker, lead analyst for PlayPennsylvania.com. "FanDuel's name recognition is important. But FanDuel's functionality is appealing, and it was the first in Pennsylvania to launch a sports betting app for iPhone."
"Once mature, online casinos will likely generate more revenue than online sportsbooks," Welman said. "In New Jersey, online casinos generate close to $40 million each month in revenue. If Pennsylvania's market grows in a similar way, it will be enormous for the state."
For more information, visit www.playpennsylvania.com/sports-betting/revenue.
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