Friday, December 9, 2022

April Pennsylvania sports betting slumps to 575m leads US online casino revenue

Pennsylvania’s online and retail sportsbooks slumped to $575m in wagers for April, down 20% from the previous month. 

However, this figure is still up 19% year-on-year, and April is accustomed to a post-March slump, owing to the NCAA basketball tournament known as March Madness which is hugely popular with sportsbooks. 

And April still delivered a high win percentage despite this dip; sportsbooks won $49.1m in gross revenue, up 36% year-on-year and 1% up on March 2022. 

As in most US jurisdictions, almost 94% of April’s handle was made at online sportsbooks. FanDuel topped the online market with $226.6m in wagers and reached a gross revenue of $28.4m.  

Elsewhere, online casino and poker rooms continued to flourish in Pennsylvania, which now leads the vertical in all US markets with gross revenue of $138m for the month.  

In fact, Pennsylvania only fell short of the all-time US gross revenue record for the vertical by $2.7m, while achieving its second-highest revenue figure ever for online casino and poker. 

Furthermore, these figures represented a 31% growth year-on-year, while April’s average daily revenue hit $4.6m. The $113.1m in taxable revenue accrued by online operators yielded $47.2m in state taxes and local assessments. 

PlayUSA analyst Dustin Gouker said: “The growth of online casinos has been relentless since the beginning of the pandemic when it would have been a stretch to think that Pennsylvania would overtake New Jersey as the nation’s largest market. 

“The vertical will likely be resilient in the face of economic challenges, even if it isn’t immune.” 

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