The Super Bowl has long been the most-watched and most-wagered-on sporting event in America.
Even in February, albeit a short month, the biggest NFL game of the year would theoretically provide a boost to legalized sports betting in Pennsylvania.
Last month, though, not even the Big Game could drive PA sports betting forward.
According to financials released by the Pennsylvania Gaming Control Board this week, the state’s six sportsbooks in February took in $31,500,742 in wagers. That total was down just $511,096.82 from the previous month.
Revenue, however, fell drastically. The number was down more than 25 percent month-over-month to $1,946,816.50.
Super Bowl can’t boost PA sports betting
The New England Patriots hoisting the Lombardi Trophy did not sit well with sportsbooks in any state.
New Jersey, for example, lost a combined $4.5 million on Super Bowl wagers.
FanDuel Sportsbook lost approximately $1 million, according to estimates. DraftKings Sportsbook, meanwhile, paid out about $11 million.
PA sports betting revenue takes a dive
The Keystone State featured a half dozen sportsbooks for the second straight month. Except February was the first month where all books were operational for the entire period.
Rather than taking a step forward, however, some regressing occurred in February.
Granted, as noted, February is a shorter month. And overall handle last month dipped by just 1.6 percent.
Yet total revenue fell below $2 million for the first time since November, the first month of PA sports betting that only had one sportsbook operational. And that sportsbook was only open for two weeks, over Thanksgiving no less.
Rivers Sportsbook topped the list of revenue-earners in February with $627,520.99, just ahead of SugarHouse Sportsbook with $522,308.00.
On the flip side, Pennsylvania’s trailblazing property, Hollywood Sportsbook, reported a mere $13,914.20. That total represents a $270,710 decrease from January. Another casino that struggled in February was Parx Sportsbook, which had its revenue fall by a whopping 68 percent to $369,995.89.
|South Philadelphia Turf Club||$2,601,650.62||$275,876.90||$99,315.69|
Quick takeaways from February
The PA sports betting industry is only in its fifth month of operations. Plus, it still does not feature online wagering.
Regardless, the first few reports are starting to paint a picture.
Kambi controls market
Of the six properties in Pennsylvania, four sportsbooks have leveraged Kambi Group. To date, those facilities have generated 77 percent of the state’s overall handle and 80.9 percent of revenue.
In February alone, Kambi’s four sportsbooks (Rivers, SugarHouse, Parx, and South Philadelphia Turf Club) reported a combined $1,795,701.78, 92.2 percent of the month’s revenue.
These properties have a wide reach in the state, with three located in Philadelphia and one in Pittsburgh. Additionally, they utilize self-service kiosks for easier access. Even better, the properties all offer betslip builder websites that allow customers to create betting tickets before heading to the retail sportsbook to save time at the counter.
Of course, the PA sports betting industry expanded in March with the introduction of FanDuel Sportsbook at Valley Forge Casino Resort as well as Valley Forge Turf Club. The latter, though, also leverages Kambi.
Head to head: Pittsburgh vs. Philadelphia
The City of Brotherly Love has become the hub for PA sports betting, with four sportsbooks operational in February. Yet Pittsburgh, a one-horse town, has taken hold of the state share.
Since December, Rivers has accepted nearly $23.3 million in handle. That accounts for more than 28 percent of the state’s overall handle numbers. Philly sportsbooks, meanwhile, averaged just over $10.7 million.
In terms of revenue, Philadelphia properties have averaged just over $854,000, compared with Rivers’ total of $2.55 million.
February followed that trend as well:
- Rivers: $8.15 million handle, $627,520.99 revenue
- Philadelphia average: $4.9 million handle, $326,345.33 revenue