Pennsylvania online casino becomes biggest US market in April

Pennsylvania online casino becomes biggest US market in April

Through the month of April, Pennsylvania’s online casino industry raced ahead of their neighboring state of New Jersey, becoming the highest-generating jurisdiction in the United States.

Meanwhile, digital and retail sports betting in Pennsylvania had a slowdown similar to that which was seen in many other states.

Sports Betting and Online Casinos in Pennsylvania Finally Mitigate Losses

PokerStars came out on top with a revenue of $1.8 million

The former earned income of $138 million for the month of April, placing it in second place behind the Keystone State’s record of $142.7 million in one month’s production and ahead of the Garden State’s $136.9 million. At $105.5 million in April 2021, revenue from online casinos and poker rooms increased by 30.8 percent year-over-year. On top of the $4.2 billion that was wagered, online casino games generated $135,1 million in income, with poker generating the remaining $2.9 million in revenue. In the latter group of operators, PokerStars came out on top with a revenue of $1.8 million. The DraftKings, BetMGM, Barstool, and PointsBet casinos are under the umbrella of Penn National, which leads all other online casino licenses in terms of total revenue with $54.9 million.

Pennsylvania online casinos now the biggest in US

In second place, with $35.7 million, was Rivers Philadelphia, which includes the PlaySugarHouse, Borgata, and BetRivers casinos. Igaming businesses maintained the same daily revenue rate of $4.6 million over all 31 days of the month of March. The victory in April brought in taxable income of $113.1 million after promotional expenditure of $24.9 million, which resulted in the collection of $47.2 million in state and local taxes and levies. According to Katie Kohler, the lead analyst for PlayPennsylvania, who was quoted in a press release statement, the expansion of online casinos has been unrelenting since the beginning of the pandemic. At that time, it would have been a stretch to think that Pennsylvania would overtake New Jersey as the nation’s largest market. However, this has since become a reality. Even if the vertical won’t be immune to the effects of the economy’s difficulties, it will probably be able to weather them with relative ease.

Significant Gaming Market Milestones 

In April, sportsbooks throughout the state of Pennsylvania took in a total of $572.8 million in wagers. This figure represents a year-over-year increase of 19% from $479.4 million but a decrease of 20% from March’s total of $715 million. Since August of 2021, when $348.5 million was taken in, this marks the lowest volume. In April, companies involved in sports betting brought in gross income of $49.1 million, which is up 36 percent from $36 million in April 2021 and up one percent from $48.5 million in March. This resulted in the collection of state and local taxes totaling $12.1 million. Wagers of $536.1 million were placed via online sportsbooks in April, accounting for 93.6 percent of the state’s total volume. The internet market was led by FanDuel, which had $226.6 million in wagers and $28.4 million in income. DraftKings came in second place with a total of $119.1 million followed by $5.3 million. BetMGM came in third place with a total of $65.9 million in wagers, which resulted in $4.7 million in gross income. This put them ahead of Penn National’s Barstool-branded app, which had $38.2 million in online wagers and generated $3.6 million in gross revenue. In April, retail sportsbooks brought in a total of $36.7 million in wagers, which resulted in gross income of $3 million. The total wagers at Parx came to a staggering $5.7 million.

 

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About Lou De Aguila

Lou Ramon Aguila is a contributor for Golden Casino News. He has a degree in BSBA Legal Management with great interest in high-profile legal cases involving sports personalities. An ultimate sports junkie, he covers just about everything in the sporting world with an emphasis on the NBA, NFL, and MLB. In his past time, Lou loves to read manga, watch anime and critique pro-wrestling matches.