Penn State Sports Betting Revenue Leaps to $2 Million in December

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Penn State Sports Betting Revenue Leaps to $2 Million
Penn State Sports Betting Revenue Leaps to $2 Million in December

Legal sportsbooks in Pennsylvania amassed up to $16 million in bets during December, which turned out to be the first month since gambling became regulated. Revenue climbed over $2 million in that time and it was for a hold of 12.4 percent. This is according to statistics credited to the Pennsylvania Gaming Control Board (PGCB) report.

PA sports betting at a glance

The PA wagering industry is still nascent, having come on stream in November. The first property to open was Hollywood Casino, heeled closely by Rivers and SugarHouse.

Here are the true numbers for December:

  • Handle: $16,173,090
  • Revenue: $2,006,546
  • Taxes: $722,356

Consistent with the beginning days of any market, the figures are hardly admissible into any form of context or analysis, even though the close-by New Jersey can offer some sort of comparison. In the first month, which was in July, there was a hold of almost 4 Million Dollars as against ticket earnings of over 40 Million Dollars. Five sportsbooks made up to that figure though, including FanDuel, not so far from NY. The numbers do not look bad at all, taking everything into consideration. As online and mobile betting is still expecting to be launched, only those three retail sportsbooks could accept bets.

It is expected that the first sports betting apps would come on board in the months to come.

Scrutinizing the PA numbers

The most cheering discovery is the way the betting activity is shared among the three sportsbooks. It goes thus:

  • Hollywood: $5,051,730
  • Rivers: $5,581,553
  • SugarHouse: $5,539,806

The reason may not be clear, but the two Rush Street Gaming properties controlled the highest percentage of bets for the month.

Rivers had more than fifty percent of the total revenue from bets, — $1,066,157 holding up to 19 percent. SugarHouse added another $641,167 to the group’s revenue, with Kambi managing the risk for both books. They officially opened shop simultaneously Dec. 15, so their books only read 17 days of action.

William Hill operates the Hollywood sportsbook, raking in up to $299,222 for the month. It held just a little under six percent, in tandem with analysts’ expectations.

Parx has since opened two sports books in Philly, so the proceeds there will show in the report from January.