Sports Betting and Online Casinos in Pennsylvania Finally Mitigate Losses

Sports Betting and Online Casinos in Pennsylvania Finally Mitigate Losses

The coronavirus pandemic had a harsh impact on the state of Pennsylvania. However, the state has mitigated the impacts of the pandemic and PA online casinos are back in form.

Revenues spike in 2020

The combined revenue of table games, slot machines, iGaming, sports wagering, VGTs, and fantasy contests in 2020 was $2.65 billion. The figure was $3.41 billion in 2019. Retail casinos in the state were forced to shut down yet again on December 12 and remained closed for the rest of the month. This led to land-based casinos losing about a third of their normal operation times.

Sports Betting and Online Casinos in Pennsylvania Finally Mitigate Losses

However, iGaming and sports wagering helped the state in offsetting the adverse impact on casinos. The third-largest gaming market in terms of revenue has 13 brick-and-mortar casinos. According to annual figures released by the Pennsylvania Gaming Control Board, the established lost 1473 days due to the virus, which is a third of a normal operating year. VGT establishments also remained closed for a similar duration.

iGaming sets new records

iGaming gross revenue in Pennsylvania set new record highs as it touched $71.6 million in December. This marked a 35.4% upside compared to October when the state made its last monthly record of $59.7 million. The iGaming revenue for December increased by 574% to $10.6 million compared to 2019. Of this, iGaming slots posted a 730.2% yearly jump to $46.2 million, iGaming poker jumped 10.38% to $2.7 million and iGaming tables increased revenue by 776.9% to $22.6 million.

The total sports wagering handle for December 2020 was $548.6 million which is 11.52% higher than November 2020, when it amounted to $491.9 million. The number for December was the highest to date which surpassed October’s record of $525 million. The total sports betting revenue for the month was $34.1 million which marks a 199.4% upside compared to $11.4 million in December 2019. Hollywood Casino at Penn National in Grantville became the biggest source of iGaming revenue for the state which totaled $23.5 million.

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About sherlock

Sherlock Gomes loves to write and express his views on anything related to Gaming, Gambling, & Casino. He has been covering Gaming for more than two years now.