Other states are hoping to follow Pennsylvania with their uber-successful sports betting operations. With the NFL season in full swing and college football, the second month of legalized sports betting in PA, has set records, even outdoing a bountiful September. The total for October is a whopping $250 million, September brought in $195 million. The Pennsylvania Gaming Control Board (PGCB) , reported that 81% of all wagers were placed online.
That was the same percentage of wages made online in September. The sports betting provider ‘FanDuel Sportsbook’ is the competition to beat. They took in half of all wagers made in September and October. About $181 million of wagers were placed on FanDuel Sportsbook online platform. Pennsylvania has five sports betting providers, the others made $10 million in revenue in October. While retail locations took in over $4.6 million. Out of the casinos, Valley Forge Casino just outside of Pittsburgh took in over $118 million in sports betting in October.
FanDuel Entered Pennsylvania Sports Betting Market In Late July & Continues To Dominate
FanDuel was immediately the top contender, and have been basically untouchable since coming on the sports betting scene. The total intake by FanDuel of online sports betting wagers was 42% in August, 54% in September and 57% for October. The company was founded in 2009 and is based in New York City, and employs a little over a thousand people. Business has been so good for the company that they were able to hand out of $2.4 million dollars of bonuses just in October. In April the CEO of FanDuel Matt King, spoke to ‘Squawk On The Street’ about the sports betting industry. King was asked how much the industry has grown since the Supreme Court removed the ban on sports betting in 2018. King said, “Our business has grown tremendously, the market in New Jersey has been three to four times what we thought it would be.” King was asked why he thought the demand was as high as it is for sports betting.
The Offshore Market Is Far Bigger Than What Anyone Thought It Would Be Said FanDuel
King explained further, “when we actually launched, we spent a lot of time talking about educational materials. We thought people would be very new to sports betting. But more often than not, someone would walk in the door and say, ‘I would like to put a hundred dollars down on a six-leg parlay that does and does this.’ We here at FanDuel were like, you clearly have done this before.’ A lot of our early business has been shifting away from people who have been doing it illegally to legally. Of course, we are also picking up a lot of people that are new to sports betting.’ King also added that people will bet on almost anything, like the NFL draft, there is a market for everything the CEO said.”