Pennsylvania sportsbooks at loss in February but gaming revenue increases

It was back in 2017 when Pennsylvania first legalized sports betting. Then, in November 2018, the state launched retail sports betting. After that, in May 2019, the Keystone state introduced online sports betting as well.

Since the launch of the legal sports betting market in the state, each month sportsbooks have profited from the activity. Now, according to details released by the Pennsylvania Gaming Control Board (PGCB), last month, sportsbooks in the state recorded a net revenue loss of $442,847.

According to the regulator, online and retail sportsbooks in February 2022 have reported a total of $597,064,049 in sports betting handle. When compared to the $509,547,820 in sports wagering handle from the same period last year, an increase of 17.18% is observed.

However, regardless of the increase in the betting handle, the total taxable revenue last month was -$442,847. In contrast, for the same period last year, the taxable revenue was $16,379,807.

One of the reasons why sportsbooks have seen a net loss in February is because the month was shorter than January. Moreover, last month, there was only one football game. Just like in other states, sportsbooks in Pennsylvania have also invested in compelling promotions for sports fans related to the Super Bowl, which also contributed toward the net revenue loss.

Despite the loss for sportsbooks in Pennsylvania, the overall gambling revenue in the state marked an increase last month. In February, according to the PGCB, the total gaming revenue hit $375,678,415. This marked a 24.41% increase when compared to the $301,979,821 in total gaming revenue for the same period last year.

Breakdown of the $375 million shows that retail slots revenue last month hit $194,692,492, up 33.49% from the $145,851,166 in revenue from February 2021. Similarly, retail table games revenue increased by 29.57% to $74,372,715.

Focusing on iGaming slot revenue, the PGCB revealed that operators in the state reported a total of $68,120,783 in revenue. This represents an increase of 34.66% when compared to the $50,587,113 in iGaming slot revenue from the same period a year ago.

Another increase was observed in terms of iGaming table revenue. Last month, the activity's revenue hit $31,417,388, up 27.29% from the $24,681,267 in revenue reported in February 2021.

Last month, Wind Creek Bethlehem's revenue hit $40,912,464, up 53.57% from the $26,640,907 in total gaming revenue reported for the same period last year. Live! Casino Pittsburgh also reported an increase in total gaming revenue last month. The company has seen $9,145,489 in total gaming revenue, up 45.96% from the $6,265,750 reported a year earlier.

The total gaming revenue of Hollywood Casino at Penn National increased by 42.09% to $59,508,976 during February. Rivers Casino Pittsburgh reported an increase in total gaming revenue as well. The venue's revenue last month hit $28,067,461, up 30.58% year-over-year.

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