Pennsylvania’s sports betting industry has taken off since online wagering first became legal there in May.
New revenue and handle records have been set in each of the three months since then.
The August figures, just released by the Pennsylvania Gaming board, have seen them soar like never before.
In June, its first full month of online sports betting, its total handle was $19.3 million. In July, it climbed to $39 million. In August it rocketed to a stunning $83.2 million.
That gave it a month-on-month growth of 113.4% and a revenue record of $9.8.
New Jersey still out in front
Pennsylvania still has some way to go if it is to catch current US sportsbook pace-setter New Jersey. In August, the Garden State brought in a handle of $294.6m and came away with a revenue of $25.2m.
But Pennsylvania is climbing fast. With 12.8m residents to New Jersey’s 9.2, it has a bigger population. It is not short of top-notch sports teams, the Philadelphia Eagles being one of them.
And for the past month, it’s had FanDuel and DraftKings, the way-out sportsbook leaders in NJ, operating within its state lines.
FanDuel especially has hit the ground running. And yes, it has almost certainly been assisted by fans who had previously been betting with it in NJ.
Wire act forced PA punters to bet in NJ
The habit started when online betting was illegal in PA. Its punters had to bet inside NJ to get around the Wire Act.
In its first full month in Pennsylvania, FanDuel partnered by Valley Forge Casino has charged straight into the handle lead.
Its total haul of $37.8 million edged its past standing PA market leader Play SugarHouse by $7.4 million.
SugarHouse in 2nd place posted a return of $30.4m with $5.4m coming from in-person bets at its Casino.
With its 36% tax on sports wagering, sportsbook operators have not been queuing up in PA as they have in NJ. The online tax rate there is only13%.
But as Pennsylvania’s potential begins to glow, more and more should be coming. Exciting new FOX Bet is one that has already done so.
With its marvelous mix of sports wagering and media support, it should help ensure the Keystone State continues breaking records.
