In November, the state’s sportsbooks generated a record $127.6 million in revenue, pushing the total annual revenue beyond $6.5 billion, equating to $122.5 million in tax supplements for Pennsylvania, while online casinos earned $1.3 billion.
What is perhaps staggering is that this figure is up an impressive 83 per cent on 2020, with state sportsbooks generating $3.6 billion the previous year.
Positive signs for the market
Over the last year, the US witnessed one of the largest spikes in online sports betting (even online gambling as a whole), as more and more states passed various forms of legislation. Pennsylvania though first approved sports betting in 2018 and has performed consistently ever since, with annual revenue improving year on year.
Analyst for the PlayUSA.com Network, Dustin Gouker commented: “If the carrot for legislators to legalize sports betting is to create a sustainable and consistent revenue source for the state, no state has been more successful than Pennsylvania.
“Pennsylvania’s relatively high tax rate does seem to contribute to slower growth overall, but that seems to be a worthwhile tradeoff that has been an overall benefit to the state.”
Meanwhile, his colleague and fellow analyst, Katie Kohler added: Katie Kohler, an analyst for PlayPennsylvania.com, commented: “With so many records set this fall, a modest pullback in December is not a particular surprise. Importantly, though, sportsbooks remained near all-time highs for wagering, extending a four-month stretch in which wagering reached nearly $3m. It’s been a fitting end to an impressive year.”
FanDuel posts impressive figures for December
Taking number one spot for the final month of the calendar year was Flutter Entertainment-owned sportsbook, FanDuel, which took $246.8 million – 32.9 per cent of the state’s market share for the month.
Kohler commented on basketball’s importance for sportsbooks’ north-eastern customers, alluding to the fact that there is a significant amount of interest in this particular region, adding: “With college football winding down in December, betting on NBA and college basketball made up the difference. Basketball betting quietly has become an important cog for sportsbooks, especially in the Northeast where basketball takes in more in wagering than football, even as football gains the most attention.”
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