Pennsylvania sports betting dips in February

Sports Betting

A busy February pushed Pennsylvania’s retail and online sportsbooks past $2 billion in wagers since the industry was launched.

But with every major U.S. sport suspended indefinitely, the immediate future for Pennsylvania’s sportsbooks and online casinos is far less certain, according to analysts from PlayPennsylvania.

“The next few months are impossible to predict until we get a better handle on how long the coronavirus will affect, not just sports and the gaming industry, but all of daily life,” said Dustin Gouker, lead analyst for PlayPennsylvania.com. “The immediate outlook of sportsbooks is secondary right now. But there is little doubt that the industry will be affected significantly, at least in the short-term.”

Pennsylvania’s sportsbooks produced $329.8 million in wagers, just short of the $348.4 million record set in January, according to official data released Wednesday. Pennsylvania has now collected $2.1 billion in online and retail wagers since the state’s industry was born in January 2019. By doing so, the Keystone State joined Nevada and New Jersey as the only states to have crossed the $2 billion threshold.

February’s handle produced $4.7 million in gross revenue, down from January’s record $31.6 million. Sportsbooks rebounded from a $3.3 million loss on the Super Bowl, which generated $30.7 million in bets. The revenue resulted in a $1.6 million injection into state coffers. Online betting produced $294.1 million, or 89.2%, of the state’s February handle. The online handle generated $4.7 million in gross revenue, providing all of the state’s taxable revenue.

Pennsylvania’s online casinos and poker rooms generated a record $19.5 million in February gross revenue, up from $14 million in January. Casinos and poker generated $672,097 per day in the 29 days of February. February yielded $4.7 million in tax revenue for the state, and online casino games attracted $547.6 million in bets.

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