Other States Take a Peek at the Future of Online Gambling
September 24, 2019
With a number of US states like Michigan currently looking at the prospect of approving sports betting and online gambling legislation, a lot of attention is being given to states like New Jersey and Pennsylvania. Both of these states were among the very first states in America to pass legislation that allows its residents to bet on sports in-person and online. In fact, both states also allow online casino gambling.
With both of these states offering such comprehensive betting options, they can serve as a great barometer for other states that are considering similar legislation. With that in mind, the Pennsylvanian gambling industry just released its financial results from August of this year. While all the numbers are sure to get plenty of scrutiny, there's three major takeaways that other states might want to consider.
Sports Betting Revenues Favor Retail Wagering - It comes as quite a surprise that retail sports betting outpaced mobile sports betting activities on Pennsylvania. With over $109 million in bets placed through both options combined, a total of $6.1 million in revenue was reported with #3.6 million coming from retail bookmakers and the remaining $2.5 million coming online. These numbers are indeed surprising based on the fact New Jersey is consistently reporting that 80% of its sports betting activities are coming online.
Table Game Revenue Outpaces Slot Revenue at Parx - Based on August results, Parx Online Casino now ranks second behind state leader SugarHouse Online Casino with Parx recording August online casino gambling revenue of $1,095,761 and SugarHouse coming in at $1,648,427. What's really interesting is that while SugarHouse's slot revenue greatly exceeded revenue from table games, $1,362,585 on slots versus only $285,841 on table games, the picture over at Parx was starkly different. In fact, table games outpaced slots $552,114 to $543,647. These numbers are deserving of more scrutiny given the fact online video slots are considered the driving force behind the success of online casino gambling.
FanDuel Dominates Online Sports Betting Market - Even though 60% of Pennsylvania's sports betting revenues came from retail bookmakers, the FanDuel Sportsbook at Valley Forge Casino Resort came in as the top sports book in the state in August 2019, recording a solid $2,217,754 in total revenue generated from $37,822,688 in total bets. What was astonishing was the fact that those numbers represent 92% of all online sports betting activities in the state. It would seem that FanDuel's drive to be the top online bookmaker in the US is headed in the right direction.