The April revenue report by the Pennsylvania Gaming Control Board shows that that the state’s sports betting revenue dropped by 23.5% last month.
In March, the market generated $5,519,340 in revenue, but the figure dropped to $4,221,482 in April. The total wagering handle posted by betting venues dropped by 17.4% to $36.8 million for the month.
The state, on the other hand, collected more than $1.5 million in revenue for April, thanks to a 34% state tax remitted by operators. The local jurisdictions where the betting venues are located were also entitled to a 2% share of the spoil, and they collected about $84,430 in revenue.
The decline in revenue for April can be attributed to the close of March Madness.
Parx leads other sportsbooks in PA sports betting
A breakdown of the report shows that the Kambi-powered Parx Sportsbook had the highest revenue among PA operators. The book, which is owned by Greenwood Gaming and Entertainment Inc., won $907,298 from a $6.85 million handle.
However, the Bet Rivers Sportsbook at Rivers Casino reported the highest handle with $8,159,827 in total wagers. The book posted $871,753 in revenue for the month of April.
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SugarHouse Sportsbook also had a good month after posting $7.9 million in wagering handle, and $781,163 in revenue.
The Valley Forge Race and Sportsbook which opened on March 19, is the only venue that reported an increase in revenue in April. The book handled about $1.5 million in wagers, and they earned $195,856 in revenue for the month of April compared to $120,836 in March.
Valley Forge Race and Sportsbook is the third Parx-owned sportsbook to launch in PA after Parx Casino and the Valley Forge Turf Club Sportsbook.
Mobile wagering is still missing
The April sports betting revenue report shows that Pennsylvania is doing well in spite of the sharp decline. But the numbers could be better with the onset of online wagering.
New Jersey, for example, reported about five times the revenue posted by PA in April – $21.2 million sport betting revenue from a $313.7 million handle. About 80% of this revenue came from online wagers.
Mobile wagering is legal in Pennsylvania, but the state is yet to roll out the market. However, PA bettors can look forward to better days ahead. Parx Casino announced that they will be testing their online platform later this month.
According to experts, the launch of online wagering will be the much-needed catalyst to the growth of the legal market in the state.
Parx Casino prepares to launch online sportsbook
As PA online sports betting edges closer to reality, Parx Casino in Bensalem hopes to beat other books to the finish line and become the first online operator in the jurisdiction.
Officials from the casino said that they will launch the testing phase of the internet sports betting platform at the end of the month in preparation for the mega launch in early June. The Greenwood Entertainment-owned sportsbook will run on Kambi software.
In other quarters, Rush Street Interactive is also preparing to go online with a Kambi-powered sportsbook. It will complement their retail offerings at SugarHouse Casino in Philadelphia and Rivers Casino in Pittsburgh.