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SPORTS BETTING

US – Pennsylvania’s sportsbooks beat state record in November

By - 22 December 2021

Pennsylvania’s online and retail sportsbooks shattered the state’s revenue record with nearly $85m from more than $760m in wagering in November, continuing an already substantial fall run of records. Online casinos remained near all-time highs, too, and the Pennsylvania market should remain hot as the weather grows colder.

“Football has spurred the current spike, but the wave that sportsbooks are riding is about more than one game or one sport,” said Katie Kohler, analyst for PlayPennsylvania.com. “November had one less weekend of football than in October, but the NBA and college basketball have proven to be formidable bet generators, too. Online sportsbooks continue to expand their reach, and bettors are becoming increasingly comfortable with diverse forms of betting. It’s hard to imagine sportsbooks being in a better position heading into the typically busy winter months.”

Pennsylvania’s sportsbooks handled $761.6m in wagers in November, the second-most ever for the state, according to official data released Monday. November’s wagers were up 54.8 per cent from $491.9m in November 2020. And despite falling short of the record $776.3m set in October, betting volume in over the 30 days of November actually ticked up to $25.4m per day from $25m in October.

Importantly, the high volume of wagering produced record gross revenue. Sportsbooks won $84.9m in November, obliterating the previous record of $49.3m in revenue that was set in January. Year-over-year, revenue was up 75.1 per cent from $48.5m in November 2020. November’s win created $63.7m in taxable revenue after $21.3m in promotional spending, which yielded $23m in state taxes and local share assessments.

“Other than in 2020, when the pandemic shut down major sports, the growth in Pennsylvania has been relentless,” said Dustin Gouker, analyst for the PlayUSA.com Network, which includes PlayPennsylvania.com. “December and January are typically two of the stronger months of the year, too, so the jaw-dropping revenue numbers will likely continue.”

Online sportsbooks generated $704.1m in November wagers. FanDuel commanded 33.9 per cent of the online market with $238.6m in wagering. FanDuel’s revenue was by far the highest all-time for any operator with $37.1m.

DraftKings followed with $215m in wagers. That produced $15m in gross revenue. Penn National’s Barstool-branded app was third in the state with $74.3m in wagers, yielding $8m in gross revenue.

Retailers generated $57.5m in wagers in November, up from $53.5m in October. November’s wagers yielded $8.6m in gross revenue, up from $5.1m in September. Rivers Pittsburgh led retailers with $9.6m in bets, edging Rivers Philadelphia’s $9.2m handle.

“Retailers have steadied after struggling through the pandemic, but they still have significant challenges ahead,” Kohler said. “A more normal retail betting environment is growing closer, but it’s not here yet.”

Online casinos and poker rooms extended their torrid pace with $114.5m in gross gaming revenue, but fell short of the record $117m set in October. November’s revenue was up 58.1 per cent from $72.4m in November 2020.

Online casinos won $3.8m in gross gaming revenue per day over the 30 days of November, nearly identical to the pace in October. In the end, online casino games and poker produced $93.9m in taxable revenue, which yielded $39.1m in state taxes and local assessments.

“There was once a time when there was concern that Pennsylvania’s relatively high tax rate would stunt the industry’s growth, particularly sports betting and online casino gaming,” Kohler said. “Those concerns have long since been alleviated. And now Pennsylvania is one of the most productive markets in the country in terms of revenue that it generates for the state.”

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