Sports betting first became available in Pennsylvania in late 2018. Over the past couple of years, this industry has grown extremely popular here. New reports show that online sports betting in PA makes up for about 90% of all sports wagers placed.
This isn’t much of a surprise. Online gambling is growing more popular around the entire country. Now is the perfect time to check out how much revenue Pennsylvania’s sports betting industry is managing to bring in.
Let’s get into it!
Pennsylvania’s Gambling Revenue Continues to Fluctuate
Not long ago, Pennsylvania took a somewhat hardline stance towards the gambling industry. This is no longer the case. Today, just about all forms of gambling are available here. Revenue from this industry has fluctuated since these new gambling options became available.
In May of 2018, the Supreme Court struck down PASPA. This gave every state in the country the ability to legalize and regulate sports betting. Lawmakers in Pennsylvania immediately began taking steps to open this sports betting industry and by November of that year, it became legal.
That wasn’t the only form of gambling to recently become available here. In November of 2019, lawmakers here started allowing online poker. This form of gambling has grown extremely popular in just a few months.
Pennsylvania’s gambling industry is growing bigger every single month. It has a lot of competition, though. New York, New Jersey, and Delaware all have surging gambling industries, as well.
This week, sports betting revenue reports became available here. Let’s take a look at how much this industry is managing to bring in.
Revenue From Online Sports Betting in PA is Surging
Sports betting is growing more popular every single month. This is especially true in Pennsylvania. Last month, sports betting revenue here hit a new record.
More than $384 million was spent on sports wagers last month. These wagers were placed through the state’s eight online sports betting sites and 12 land-based betting venues. Revenue from this industry came out to $31.6 million in January.
Many believe that Super Bowl bets placed in January helped to increase revenue here. Interestingly, close to 90% of all the sports wagers placed in Pennsylvania last month were done online. FanDuel’s online sportsbook continues to be the biggest revenue earner for the state.
Land-based sports betting revenue actually dropped last month by 11.8%. This is the lowest revenue from brick and mortar sports betting venues since September. It’s clear that online sports betting in PA is beginning to take over.
Gambling competition remains very high in the northeast of the country. New York, in particular, is working hard to improve its gambling industry.
New York Continues Looking at Gambling Expansion Plans
New York is another state that’s only recently begun to embrace the gambling industry. Over the past decade, a huge number of casinos have opened in the Upstate area of New York. Unfortunately, the large number of gaming venues in this state is making it hard for the casinos here to be profitable.
To help with things, lawmakers in this state decided to legalize sports betting. Hope was that it would draw in more people to the state’s land-based casinos. That hasn’t necessarily been the case.
Things do seem to be improving, though. Each of the four casinos in Upstate New York is starting to see revenue increases. Resorts World Catskills, one of the biggest casinos in the state, saw its revenue increase by 48% last year. Lottery ticket sales are decreasing here.
State officials continue discussing the possibility of allowing sports bets to be placed online. Lawmakers in New York are beginning to see how much revenue is being earned from online sports betting in PA. Many believe that online sports wagering will become legal here within a year or two.
Pennsylvania’s sports betting industry continues to grow. Other states are beginning to take notice. We’ll need to wait and see how much revenue from this industry grows for the rest of the year.
Stay tuned for more Pennsylvania gambling news over the next few months!