Pennsylvania Gaming Control Board Reveals February’s Sports Wagering Report

The time has come to deal with calculations, permutations and income regarding the month behind us, and the Pennsylvania Gaming Control Board (PGCB) seems to be among the most responsive ones with their reports. With several venues encompassed in their survey…

…the report includes important data on February's figures, now publicly announced.

Pennsylvania Is Serious About Its Sports

Before we list all the venues along with the numbers, we remind you that Pennsylvania is among a select number of states that okayed sports wagering legalization. Being the market with plenty of potential, they have thus far welcomed…

…Penn National as the first company to set foot in the newly regulated sports betting market and introduce their own sportsbook.

As for the venues taken into account in the report, the list includes:

• Sugar House Casino
• Parx Casino
• Rivers Casino
• Harrah’s Philadelphia
• South Philadelphia Race And Sportsbook
• Hollywood Casino At Penn National Race Course

Let The Numbers Speak!

The report for February provides a complete breakdown of the total amount in wagers places, gross revenue made from those bets and taxes collected on the said profits.

According to the numbers:

• SugarHouse Casino handle was $7.091.933, revenue was $522.308 and taxes came to $188.031
• Parx Casino handle was $6.965.512, with revenue of $369.996 and $133.199 collected in taxes
• Rivers Casino handle was $8.147.559, $627.521 in revenue and $225.908 in taxes
• Harrah’s Philadelphia: $2.951.267 handle, $137.201 revenue and $49.392 tax
• South Philadelphia Race And Sportsbook: $2.601.651 handle, $275.877 revenue and $99.316 tax
• Hollywood Casino At Penn National Race Course: $3.742.820 handle, $13.914 revenue and $5.009 tax

In conclusion, the total statewide handle was $31.500.742, revenue amounted to $1.946.816 and $700.854 was collected in taxes.

As for the generated tax revenue, state tax was $661.918, which is 34% of adjusted gross revenue. Local share assessment was 2% of the adjusted gross revenue, and it was $38.936.

Should There be Any Worry About Revenue Slide?

In a nutshell, despite one such major event as the Super Bowl, the revenue decreased significantly compared to January's figures - it plummeted 25.4% compared to the month before.

Even though it is vital to remember that legal sports betting is still a rather young vertical in PA...

...concern is understandable, although there are solid factors that may turn the situation around as early as March, according to reports.

First of all, the overall market is quite big and there is enough place for more facilities to open their doors. Moreover, digital wagering is yet to be introduced, and will certainly be a positive contributor, if its fast growth in some of neighboring states is any indicator.

Source:

“Pennsylvania Gaming Control Board Reports February Sports Wagering Revenue”, prnewswire.com, March 18, 2019.