Panoptic media blog
Industry leading news and advice
US Sports Betting Heats Up: Figures From Pennsylvania
Of course, this is great news for sports enthusiasts within those regions but operators and affiliates will also be looking to get involved when considering the growth potential of some of the US markets. In the country, iGaming is still emerging and the industry has only launched in roughly over half of America’s states.
As it is clear that iGaming is still growing in America, the need to get involved early should be apparent. People must only look to some of the figures coming out of states like Pennsylvania to get an idea of the opportunity that is available concerning iGaming in the US. In this state, many different gambling activities are accessible by the public and have been since 2019, when the first mobile betting market arrived. It’s clear the state did not wait long to legalise gambling activities following the US Supreme Court’s decision, and this is likely due to the desire for gambling within the region.
Looking at the figures from Pennsylvania for January, it is clear to see that this is one market that looks promising, according to PlayPennsylvania analysts. This is because almost $800 million in wagers was taken over the month and this surge was also seen for other products such as online casinos and poker rooms, which hit a milestone of $130 million in GGR combined. Of course, the rise in sports betting during January does make sense, especially considering the sporting landscape during this time. January had five weekends of football but it also had an extra week during the NFL’s regular season which would have contributed to the surge of gambling activities that was seen in Pennsylvania.
If the figures are looked at more closely, it is easy to see how much sports betting is enjoyed within Pennsylvania. In January, the state’s sportsbooks generated $793.7 million in wagers which represents a 29% increase from the previous year. From December, January’s handle also rose by 5.8% from $750.4 million. This surpasses the total amount wagered in October 2021, clearly showing that sports betting is one activity that is extremely popular in Pennsylvania.
Also in January, sportsbooks won $53.4 million in gross revenue from residents’ wagers and this figure is an increase of 8.3% from the previous year. At the end of the month, sportsbooks yielded $11.6 million in state taxes and local share assessments combined. This would also have been a month that was especially profitable for operators too considering that that state hit an all-time high regarding operator revenue. Looking at the data, it is clear that FanDuel commands the biggest share of the iGaming market in Pennsylvania as this is the operator that leads the online market, taking in $273.3 million in wagers in January. This staggering number represents 34.8% of the entire state’s online market. Behind this sits DraftKings, who took 197.5 million in wagers. In the third spot is BetMGM, who took a smaller $84.4 million handle.
It wasn’t just sports betting that broke expectations during January in Pennsylvania as online casinos and poker rooms also did well. In fact, the highest figures to date were recorded as revenue from these products was up from 42.5% from the preceding January. After reviewing this data, the opportunity in Pennsylvania should be clear. There is no doubt that this is a state that is sport obsessed, and this is clear from how many wagers operators take in from eager players every month. While other products are also popular and are worth considering for investment, there is no doubt that sports betting is the ‘it’ product in Pennsylvania, if January was anything to go by.
There is no doubt that there is massive opportunity in many places across America and this is because many different states are in the process of overturning previous gambling laws, or have already done so, like Pennsylvania. However, when considering this state, there is no doubt that those primarily involved with sports betting will find Pennsylvania extremely interesting.
Turn your visitors
Let's talk and discuss your requirements