Pennsylvania s sportsbooks reach 1bn in lifetime revenue

Pennsylvania’s online and retail sportsbooks reported over $700m in wagering for March 2022, according to PlayPennsylvania

Pennsylvania’s online and retail sportsbooks reported over $700m in wagering for Mar 2022, according to PlayPennsylvania.

The state’s sportsbooks attracted $715m in wagers for the month, a 28% increment from March 2021. Betting for the month was also upward 20% from Feb 2022.

The bets produced $48.5m inward 144 revenue for sportsbooks, increases of 18% and 119% from Mar 2021 and Feb 2022 respectively. And Pennsylvania’s sportsbooks produced $30.4m inwards nonexempt revenue, yielding $10.9m inwards tell and local taxes.

Since sportsbooks for the first time began taking bets inward tardily 2018, Pennsylvania’s sportsbooks get now generated $1bn in revenue on $13.7bn inward wagers. The body politic joins New island of Jersey and Silver State in surpassing $1bn inwards add sports betting revenue.

“Of all the states that have legalised and regulated sports betting o'er the finally tetrad years, few tin can title the level of matureness that Pennsylvania has reached,” said Dustin Gouker, Lead Analyst at PlayUSA.com, which includes PlayPennsylvania.com. “This is a stable securities industry that is relieve showing intelligent growth, even if some newer markets garner to a greater extent attending now.”

Online sportsbooks accounted for 93% of Pennsylvania’s hold for the month, with FanDuel leading the path with $267.1m inwards wagers. DraftKings followed with $164.8m, with BetMGM’s $78.4m and William Penn National’s Barstool-branded app’s $55.3m inward 3rd and fourth respectively.

“March couldn’t have got gone any best for Pennsylvania’s gaming industry,” said Katie Kohler, Lead Analyst for PlayPennsylvania.com. “Sportsbooks got a significant NCAA Tournament sweetener with Villanova’s unravel to the Final Four and a small advance from New Jersey, where betting on in-state St. Peter’s is banned. And online casinos produced eye-popping results with no more destruction to the ontogeny inward sight.”