PA sports betting might be fresh out the oven, but it’s already producing jaw-dropping results. Hollywood Casino has already brought in over $500,000 in revenue in just a couple of weeks. The amount bet at Hollywood Sportsbook was $1.4 million.
The numbers supplied by the Pennsylvania Gaming Control Board last Thursday show the state is more than ready to sustain a thriving sports betting market. Keep in mind, that half million was made in only half a month and included Hollywood Casino as the only operator. Revenue is expected to skyrocket now with SugarHouse and Rivers Casino open for business as well.
SugarHouse Sportsbook And Rivers Casino Sportsbook Expected To Thrive In January
Pittsburgh and Philadelphia are now the homes of two new prominent PA sportsbooks, SugarHouse Casino and Rivers Casino, and they will be posting a month’s worth of revenue numbers around mid-January. It’s exciting to see how much the location in these metro areas will impact traffic and sports betting handle.
PA sports betting revenue will be going only upwards in the following months, as Parx Casino prepares to join Hollywood Sportsbook, Rivers Casino Sportsbook and SugarHouse Sportsbook as soon as January.
Online PA Sportsbooks Will Change The Name Of The Game
Although the launch of sports betting via PA mobile apps is on the PGCB’s itinerary, the rollout is still slow and hesitant. Unlike New Jersey, where mobile sports betting apps launched at the same time as physical sportsbooks, Pennsylvania has pushed PA online sports betting back for now.
It’s almost certain PA online sports betting will come in 2019, as PA law specifically allows for such an online market to exist. Pennsylvanians will most likely have to wait only as long as the first few months of 2019.
PA Casinos To Rely On Sports Betting Revenue
One thing is certain, though - PA online sportsbooks would be an irreplaceable source of revenue that gaming operators are going to need, given the 36% tax rate imposed by the state of Pennsylvania.
Penn National is already in for $183,000 worth of taxes on its November revenue when combining state and local assessment. What’s more, every PA casino that launches its own sportsbook instantly has $10 million in license fees on its bill.
And although PA sports betting may take a bite out of daily fantasy sports revenue, DFS did generate a hefty $3.,2 million for the month of November. Considering DraftKings Sportsbook and FanDuel Sportsbook are the two leaders in NJ sports betting, our guess is they will do just fine if PA sportsbooks put a damper on DFS revenue.