Pennsylvania operators handle record figures on sports bets

Operators in Pennsylvania have handled a record $59.3m on sports bets in July as the online sportsbook handle doubled to $39m, seeing an overtake in retail figures for the first time.

Pennsylvania sportsbooks took in $5.1m in revenue from betting – this declined to $2.9m  after promotional credits (bonuses) and also through paid taxes, which tallied up to $969,727.

The amounts wagered broke the previous record which was set in June – the first month in which sports betting first launched, where a total of $46.3m was made.

The market has significantly benefited from the online roll-out, which has accounted for  $2.9m of total revenue, despite only four operators having launched in the channel. However, operators have spent $2.2m on promotional credits, which ate up the bulk of online revenue, leaving $665,798.

Rush Street’s SugarHouse Casino was at the front of the market in July, where they account for $26.5m of amounts wagered, and $540,766 of revenue after bonuses. Having been the first to launch online wagering in the state in May, it continued to dominate the channel.

Online handle for the month amounted to $22.2m, with revenue of $1.5m representing a 22.2% month-on-month increase, which has been helped by the launch of the state’s first iOS betting app.

However, figures for the following months may begin to change after the KAX Media American subsidiary of affiliate marketing giant secured approval to launch its services in Pennsylvania and West Virginia.

KAX Media America will now be able to enter into commercial agreements with online sports wagering, casino and poker operators who are licensed in the states.

The approvals, which cover revenue share arrangements, have been granted by the Pennsylvania Gaming Control Board and the West Virginia Lottery.

With the news of the West Virginia and Pennsylvania expansion being confirmed for, its expected to add added revenue, at their quarterly report for the three months ended March 31 2019 showed that, Group Plc recorded a 52 per cent increase in year-on-year growth.

The groups Q1 report showed that its revenues had jumped from $3.86m in 2018 up to $5.85m, while also recording an organic growth rate of 50 per cent, making up 98 per cent of the total growth.

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