Pennsylvania sports betting declined in May; however, the state still reported $5 billion in bets during fiscal year 2020-21.
In May, online and retail sports betting reached $447.5 million in betting, down 7% from $479.4 million in April. However, the 11 months of the fiscal year show that sports bookmakers have reached $5.2 billion in betting so far.
PlayPennsylvania.com analyst Valerie Cross said: “Without a national betting holiday like the Super Bowl or the NCAA Tournament, the summer months are more dictated by local interests.”
“Pennsylvania sports books are still well positioned this summer, especially if the ‘Sixers’ manage to find their way past Atlanta, because they are less reliant on collegiate sports than some other big markets.”
Despite the decline in handling, sports bookmakers earned $37.4 million off May betting, up 4% from April. This yielded $27.7 million in taxable income, $9.4 million in state taxes and $554,390 in local stock settlements.
Betting volume was up 477% year-on-year from $77.5 million in May 2020, a month that was plagued by pandemic-related restrictions on US sports.
Online betting accounted for 91% ($407.4 million) of May turnover and gross revenue increased from $13.8 million in April to $17.6 million.
Pennsylvania casino numbers
Meanwhile, in May, online casinos and poker rooms posted gross gaming revenues of nearly $110.8 million, just below the March figure of $111.6 million.
Betting at online casinos reached $3.3 billion in May, up $1.8 billion from last year and $3.3 billion as of April.
Cross added, “Online casino revenue continues to decline with sports betting, and that gap is only likely to grow during the summer months.”
“Even as customers return to ‘brick-and-mortar’ casinos, the revenue gains at online casinos and poker rooms made over the past year are expected to continue. It has become a revenue-generating powerhouse for the gaming industry. game and for the state,” concludes Cross.
