Pennsylvania Legal Sports Betting Has Arrived
It’s been an excellent couple of weeks for the sports betting industry. The great news is coming from all over the place. How From Pennsylvania to the enormous numbers in New Jersey and a significant step Arkansas took towards to legalized sports gambling. Let’s give it a quick roundup. Seven and counting. Last Friday, the state of Pennsylvania became the 7th to legalized sports betting. The first test began at the Hollywood Casino at Penn National Race Course in Pennsylvania, in coordination with the Penn National Gaming.
“Penn National is excited to be the first casino to offer sports wagering in Pennsylvania. The enthusiasm around sports betting has been growing since the federal ban was repealed in May, and we look forward to providing our patrons with another great amenity to enjoy at Hollywood Casino at Penn National Race Course”, said Timothy Wilmott, the Penn National CEO.
“We are extremely appreciative for the tireless effort and support of the Pennsylvania Gaming Control Board. They moved heaven and earth to get us to this point and we couldn’t be more excited to be Pennsylvania’s first sportsbook”, added Dan Ihm, general manager at Hollywood Casino. Six casinos have filed paperwork to acquire a license for sports gambling in the state of Pennsylvania. Harrah’s Philadelphia, Parx Casino, Rivers Casino Pittsburgh, SugarHouse Casino are yet to received their approval. It’s certainly a great time for sports bettors in Pennsylvania to start looking for a reputable sports betting site.
Business for DraftKings and FanDuel is booming in New Jersey
October became the fifth month since New Jersey legalized sports gambling. The online market continues to dominate the landscape, especially DraftKings and Fan Duel. Those two companies are new in the sportsbook industry but have taken advantages of their investments. To put in perspective, Monmouth Park in Jersey had $606,981 retail revenue in October, plus another $608,611 in digital betting. Those two combined for $1,215,592 income during the month. FanDuel alone reported $2,427,928 only in digital revenue, and DraftKings leads the way with $5,090,253, also digital.
“Since launching DraftKings Sportsbook in August, we continue to exceed our internal projections. We’ve paid out more than $150 million to winning bettors in New Jersey, and even in an increasingly competitive market, our customer retention rate remains strong. We plan to build on this initial success in the coming months as we unveil exciting new features to our Sportsbook product”, said Senior Director of Digital Sportsbook Operations Jamie Shea. In the five months, sports gambling has been legal in New Jersey, around $175 million of the revenue have come via online and mobile platforms. Those numbers come via the New Jersey gambling commission.
“October was a great month. Demand for the FanDuel Sportsbook continues to outpace our expectations with online handle 2.5 times higher than September and continued double-digit growth in retail handle. It was an exciting month for bettors who won at a high rate on football and benefitted from our industry-leading pricing and odds boosts. We will continue to offer New Jersey customers the best pricing and promotions in the industry and are looking forward to further growth in NJ and beyond”, FanDuel said in a statement.