Pennsylvania posts record gaming revenue in Nov., with sports betting win 70% up from prior high

Pennsylvania has posted a new record in overall gaming revenue in November, the PA Gaming Control Board reported. The record month was highlighted by sports wagering revenue 70% above the previous monthly high.

The figures show total gaming and fantasy contests revenue generated in the state during the month was a record $432 million, which represents an increase of 52% compared to the revenue generated in the same month last year. It also surpassed the previous monthly high achieved in October 2021, which was $425 million.

November’s gross revenue from slot machines at state casinos was $185 million, a 43% increase when compared to the $129 million generated in November last year. Table games revenue for the month was $82 million, up 58.42% versus last year’s $52 million.

Hollywood Casino at Penn National in Grantville led among land-based casinos, with $60.1 million. Valley Forge Casino Resort in King of Prussia posted $57.1 million, and Parx Casino in Philadelphia placed third with $56.3 million.

Online casino gaming posted gross revenue of $93 million, up 57.07% from 2020, when revenue was $59 million. Meanwhile, sports wagering handle during November was $761 million, up from 2020’s handle of $491 million.

Sportsbooks in the state smashed the previous revenue record, taking in $85 million in revenue from $761 million in wagering. The positive results come despite November having one less weekend of football than October: NBA and college basketball more than made up for this.

The $761 million in handle posted in November was the second-most ever for the state, falling short of the record $776 million set in October. However, betting volume per day was up to $25.4 million daily, from $25 million in October.

But it is in terms of gross revenue that sportsbooks posted an $85 million record in November, more than smashing the previous all-time high of $49.3 million posted in January. Year-over-year, revenue was up 75.1% from $48.5 million in November 2020, reports Play Pennsylvania.

November’s win led to $63.7 million in taxable revenue after $21.3 million in promotional spending, which yielded $23 million in state taxes and local share assessments. With December and January coming up, typically two of the stronger months of the year, the state is positioned to keep posting high revenue numbers.

Most sports betting conducted in the state was done online, at $704.1 million in wagers. FanDuel placed first among online sportsbook operators, with a 33.9% market share and $238.6 million in wagers. DraftKings followed with $215 million in bets, while Penn National’s Barstool Sportsbook landed third with $74.3 million in wagers.

Retail sportsbooks generated a total of $57.5 million in wagers in November, up from $53.5 million in October. Rivers Pittsburgh led this segment, with $9.6 million in bets, while Rivers Philadelphia placed second at $9.2 million in handle.

Meanwhile, online casinos and poker rooms in the state posted $111.5 million in gross gaming revenue, thus felling short of the record $117 million set in October. November’s revenue was still up 58.1% from November 2020.

Author: wpadmin

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