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Pennsylvania Sportsbooks Lose Out on $300m in Bets in March While Online Casinos Surge, According to PlayPennsylvania

LAS VEGAS, May 18, 2020 /PRNewswire/ -- Pennsylvania's sportsbooks generated just a fraction of the bets that they would have expected during a normal April, while online casinos and poker rooms smashed their revenue record with $43.1 million. The state lost out on more than $300 million in sports bets, according to PlayPennsylvania estimates."The growth in online gambling as well as betting on non-traditional sports are industry bright spots," said Dustin Gouker, lead analyst for PlayPennsylvania.com. "But there just isn't any way for Pennsylvania operators to compensate for such a dramatic loss of revenue, including at retail sportsbooks and land-based casinos, which can't generate a single dollar right now."During a month in which PlayPennsylvania.com would have estimated a handle of nearly $350 million, Pennsylvania sportsbooks generated just $46 million in wagers, according to official data. That is down from $131.3 million in March.Sportsbooks yielded $3.2 million in gross revenue, up from $8.6 million in March. The win resulted in $988,255 in state taxes."The momentum that brought records month after month for Pennsylvania's sportsbooks has been reversed almost instantly," said Valerie Cross, analyst for PlayPennsylvania.com. "Until sports leagues figure out a way to reopen, these dreary results will continue."
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