Pennsylvania reports sizeable sports betting revenue growth in January

Pennsylvania sports betting revenue

Pennsylvania achieved significant sports betting revenue growth in January, going up 16% year-on-year. This was revealed by the Pennsylvania Gaming Control Board (PGCB).

Rising contributions from both online casino and sports betting were an important part of this growth.

Across all on and offline verticals, the state generated $302.8 million in revenue.

The key figures

For the first month of 2020, sports betting handle reached $348.4 million. This was 1.7% higher than in December 2019, no doubt helped by the NFL Playoffs taking place. Much of this – $308.6 million in total – came from online wagering. That digital figure was 3.8% more than the previous month.

Sports betting revenue was also much higher. After promotional credits, January’s figure for this was $22.8 million. This was double the $11.4 million brought in during December 2019.

For online casino, total revenue hit $14 million last month. This was a 31.4% month-on-month rise. Of this, $7.2 million came from online slots – a 29% growth rate.

However, the biggest increase came from online table games. This vertical grew by 78.5% in January, bringing in $4.6 million. Meanwhile, online poker added an extra $2.5 million to the overall figure.

The big hitters

In sports betting, Valley Forge Casino – which is now a partner of FanDuel – cemented its place as top dog. Revenue went up by 96.7%, hitting $8.1 million. This was despite the venue’s handle actually going down (total figure – $156.1 million).

Meadows, a partner of DraftKings, saw significant monthly growth. It handled $60.2 million in takes, up by 60.8% compared to December.

A shift towards digital 

Whereas online sports betting grew last month, land-based wagering in this vertical did the opposite. Offline stakes dropped by 11.8%, totalling $39.8 million.

Fantasy sports 

Although regulated sports betting did well in January, fantasy sports figures were less prosperous. This vertical fell by 2.4% year-on-year, bringing in total revenue of $2.1 million.

Much of the above figure was produced by DraftKings, who also run a sportsbook in the Keystone State. The Boston-headquartered company generated $1 million in revenue, while FanDuel brought in $960,471. DraftKings’ figure was a 1.9% increase, but FanDuel’s was a 3.8% decline.

There were other big contrasts elsewhere in the vertical. While Yahoo Fantasy Sports saw its revenue grow by 26.1%, reaching $52,801, SportsHub Technologies dropped by 26.8% to $6,438.