Pennsylvania Collects $2M in Sports Betting Revenue in December

Pennsylvania saw a successful closure to a year in which its has made sports betting legal: December’s total revenue made from this gaming branch came to a total of $2 million.

This figure has been revealed by the Pennsylvania Gaming Control Board, the regulatory body that handled a rising number of license demands for this potentially very lucrative market that is among the most populous in the US.

The entire sum has been generated at the only three venues licensed for sports betting – Hollywood Casino (owned by Penn National Gaming, using William Hill-supplied sportsbook), Rivers Casino and SugarHouse Casino (operated by Rush Street and powered by Kambi sportsbook) .

Much Achieved in A Short Period of Time

Rivers and SugarHouse sportsbooks were only launched on December 14th but were able to contribute to the monthly total turnover with a lion’s share. Rivers Casino – which is a in a general vicinity of Pittsburgh Steelers’ stadium, making it a perfect location for punters directly involved in sports betting – has generated $1.1 million – 53% of sports betting overall income. The casino’s handle was $5.6 million.

SugarHouse’s income accounted for $641,167 from %5.5 million wagered. December’s total handle for Pennsylvania was $16.2 million – $2 million revenue implies a market hold of 12.4%.

Penn’s Hollywood Casino despite being the first to begin with sports betting in November, generated the smallest share of revenue…

The first two weeks of legal wagering produced $508,996 in revenue. The entire month of December dropped by staggering 41% to only $299,222 out of $5.1 million wagered in the venue.

Lucrative Tax Policy

Acting on the law, the state regulator and Pennsylvania’s various social programmes received $682,225 from the imposed 34% taxes on gaming revenue.

This is an even more impressive figure when November is taken into account – in that month, $508,996 in taxes has been collected, PA gained a massive tax income from the first six weeks of sports betting.

More success stories from this state are expected in coming months, as Greenwood Gaming and Entertainment’s Parx Casino has launched their own Kambi-powered sportsbook. Another launch is imminent – South Philadelphia Turf Club (also owned by Greenwood) is also going to launch its sportsbook after a proper testing period is completed.

At the beginning of December, it was already evident that state’s expanded gambling will bring financial relief to the populace, as money began pouring in the amounts that surpassed all budget estimated.

Online sports betting in PA will be launched at some point during first quarter of the year.

Source:

“Pennsylvania generates betting revenue of $2m in December”, igamingbusiness.com, January 17, 2019.

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