Pennsylvania was another state that witnessed a drop in the sports betting handle in February. Sportsbook operators brought in a total of $597.1 million, which is a decrease of 24.8 percent from January’s $793.7 million, but 17.2 percent more than February 2021’s $509.5 million.
February’s Decline Was a Common Theme For the Sports Betting Industry
The mobile sports betting handle also decreased as sportsbooks accepted $558.1 million in wagers that signifies a decrease of 24.3 percent from January’s $737.4 million. However, the year-to-date numbers show that this year’s handle was 18.8 percent from February 2021’s $469.7 million.
Mobile sports betting continues to be the go-to for bettors across Pennsylvania as online wagering made up 93.5 percent of the overall handle. Sportsbook operators produced $22.2 million in gross revenue, but promotional spending costs operators a total of $22.6 million, which led to a negative revenue of -$442,847.
This was far less than what the previous month and February 2021 brought in. January totaled $32.2 million and $16.4 million in February 2021.
It has been a common theme throughout the industry for the sports betting industry despite the Super Bowl taking place. Dustin Gouker, who is an analyst for the PlayUSA, stated;
“The Super Bowl is the most bet-on singular game in the US, but it can’t alone replace a full schedule of football games…The lull in February is expected and always short-lived. March Madness should get sportsbooks back into record or near-record territory.”
Other sports like the NBA and NHL also had less games on their schedule because of their All-Star weekends. Sportsbooks are gearing their attention to March Madness as it should boost the average betting volume.
Breaking Down Pennsylvania’s Sports Betting Numbers
Pennsylvania’s February table games gross revenue was $74.4 million, which was down 4.9 percent from January’s $78.2 million. The interactive slots handle accumulated $1.99 billion, that noted a decrease of 2.1 percent from January’s $2 billion.
Pennsylvania’s interactive slots gross revenue hit $68.1 million, which was a decline of 5.2 percent from January’s $71.8 million. February’s retail slots handle brought in a total of $2.49 billion, which was an increase of 10.5 percent from last month’s total of $2.25 billion. The Keystone State’s retail slots gross terminal revenue was $194.7 million, which is an increase of 15.6 percent from January’s $168.4 million.
The interactive banking tables posted a handle of $2.05 billion in February, which is up 0.7 percent from January’s $2.04 billion. Lastly, February’s interactive banking tables gross revenue hit $31.4 million, which is a decline of five percent from January’s $33.1 million.
betPARX Launches in Pennsylvania
Greenwood Gaming & Entertainment, Inc., parent company of Parx Casino in Pennsylvania, along with Playtech, the world’s largest online gambling software supplier, launched the new betPARX app in both Pennsylvania and New Jersey.
New users will be able to sign up quickly and deposit and withdraw for both sports betting and casino. New users will be able to receive a few promotions, which include a $20 casino bonus or a $20 free sports wager.
They will also be able to receive a 100 percent deposit bonus up to $750, and 500 free casino spins or a free sports bet if their first wager is graded as a loss.