Pennsylvania’s nine fantasy sports contest providers generated $943,620.22 in adjusted revenue in August.
DraftKings remains ahead of FanDuel
In numbers released by the Pennsylvania Gaming Control Board on Sept. 18, DraftKings was the state’s leading fantasy sports provider for the third-straight month over FanDuel. DraftKings accounted for $511,234.93 in revenue, with FanDuel attracting $490,038.78.
The industry’s two giants generated 98.2-percent of the state’s fantasy sports revenue in August. That number climbs even higher when you factor in DRAFT, the third most-profitable DFS site, which is owned by the FanDuel Group.
The state of Pennsylvania collects 15-percent from the adjusted revenue reported by the fantasy contest operators. In August, the total taxes due totaled $141,543.03.
$4 million in DFS revenue and counting
The PGCB began overseeing the daily fantasy sports marketplace on April 28. In the four months following the state’s interjection, DFS operators have earned nearly $4.2 million dollars, resulting in approximately $625,700 in taxes paid into the PA’s General Fund.
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What’s next for PA fantasy sports?
More money! The start of football season will undoubtedly bring more interest and revenue to the world of fantasy sports. Since the state assumed oversight at the end of April, the only major sports that have been continuously played are baseball and golf. There was only one month of NBA and NHL action. The WNBA also started in May.
When October rolls around, players will have football, basketball, hockey, and playoff baseball at their disposal. September should bring a big spike with the start of football season. However, October will likely set the industry benchmark with all four major sports in action.
There should also be continued cross-over between DFS and gaming. DraftKings and FanDuel have already entered the sports betting industry in New Jersey and West Virginia, with plans for Pennsylvania on the horizon.
FanDuel Sportsbook operates a brick-and-mortar sportsbook at the Meadowlands Racetrack in New Jersey and launched a New Jersey sports betting app at the beginning of September. DraftKings was the first to launch a sports betting app in New Jersey.
Last week, FanDuel announced that it will look to create an online and mobile sports betting operation in conjunction with Valley Forge Casino in King of Prussia. With the separation of DFS and sports gaming becoming a little murkier, that may open up the doors for more wagering opportunities and cross-over between the two worlds. For example, Monmouth Park offered a grand slam bet in June that combined Major League Baseball games with horse racing results.