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May 18, 2022 Online, Finance, Results

Pennsylvania maintains the national lead in online casino activity during April

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Gross revenue from its online casinos nearly beat the national record.

Activity for Pennsylvania’s online and retail sportsbooks has declined during the month of April, according to analysts at PlayPennsylvania. Both online and retail sportsbooks took in $575m in wagers last month, dropping 20% when compared to wagers placed in March.

The state had its lowest volume since August 2021 during the month of April.

Wagers placed through online sportsbooks accounted for 93.6% of the state’s handle in April, taking in a total of $536.1m in bets.  

During April, FanDuel led the online market, collecting $226.6m in wagers and walking away with $28.4m in revenue. DraftKings grabbed the second spot with $119.1m in online bets and $5.3m in gross revenue.

BetMGM came in third with a total of $65.9m in wagers and $4.7m in gross revenue.

Retail sportsbooks collected $36.7m in wagers during the month, yielding a total gross revenue of $3m.

While April showed a decline in betting, the post-NCAA tournament month yielded year-over-year gains and a higher win percentage. Pennsylvania’s sportsbooks took in 19% more in wagers year-over-year.

Analysts predict the decline in wagers will continue into August, due to a lack of major sporting events from the NFL or NCAA Tournament. As the NBA and NHL playoffs wrap up, analysts say activity could slow down even more.

However, Pennsylvania continues to maintain a lead in online casino activity, surpassing the country’s largest market out of New Jersey.

The state’s online casinos and poker rooms generated $138m in gross revenue, the largest of all the US markets during April. Pennsylvania came close to surpassing the national record, falling short in April by less than $5m.

New Jersey ranked second highest in gross revenue in April, reaching a total of $136.9m.

Online casinos and poker rooms statewide grew by 30.8% year-over-year. The state paid a total of $47.2m in state taxes and local assessments.

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