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BETTING AT PENNSYLVANIA SPORTSBOOKS DIPS AGAIN IN JUNE, BUT REVENUE JUMPS State closes eventful fiscal year with more than $5.6 billion in sports wagering, $1.1 billion in online casino revenue, according to PlayPennsylvania
Wagering at Pennsylvania’s online and retail sportsbooks dropped for a third consecutive month, but that didn’t stop sportsbooks from making significant revenue gains as the summer offseason trudged on. The down month closed a dramatic fiscal year that saw more than $5.5 billion in sports wagers and an online casino gaming market that continues to compete with New Jersey as the nation’s largest, according to PlayPennsylvania, which tracks regulated online gaming and sports betting in the state.
“Betting volume typically falls over the summer, but sportsbooks tend to win more per bet on sports like golf and tennis,” said Dustin Gouker, lead analyst for the PlayUSA.com network, which includes PlayPennsylania.com. “That really helped sportsbooks in June and will help them to continue to weather the offseason even as bettors engage less.”
Online and retail sportsbooks in Pennsylvania combined to take in $420.2 million in wagers in June, down 6.1% from $447.5 million in May, according to official data released Monday. Sportsbooks’ gross gaming revenue jumped to $42.5 million, though, which was up 13.6% from $37.4 million in May. The month’s gross receipts produced $34.2 million in taxable revenue, which yielded $11.6 million in state taxes and $684,510 in local share assessments.
Still hampered by pandemic-related shutdowns, sportsbooks generated just $89.0 million wagers and $8.0 million in gross gaming revenue in June 2020. But those results would hardly be a harbinger of the fiscal year ahead, which brought:
- $5.6 billion in sports wagering, up 121.0% from $2.5 billion in FY 2019-20.
- $440.7 million in gross gaming revenue, up 169.9% from $163.3 million in FY 2019-20.
- $308.8 million in taxable revenue, up 128.0% from $135.5 million in FY 2019-20.
- $111.2 million in state and local taxes, up 128.0% from $48.8 million in FY 2019-20.
Pennsylvania, which celebrated two years of online sports betting in June, has now taken in $8.1 billion in online and retail wagering since launch. Only New Jersey and Nevada have taken in more over that time.
“By any measure, Pennsylvania’s entry into sports betting has been an unqualified success, and the market has yet to fully mature,” said Valerie Cross, analyst for PlayPennsylvania.com. “Importantly, with more than $111 million in state and local taxes over the fiscal year no state takes in more in tax revenue from sports betting than Pennsylvania. That is where the state truly stands out.”
In June, 90.3%, or $379.3 million, of all sports bets were made online, a fitting end to a fiscal year that saw an increasing number of bets made online. FanDuel only increased its dominance of the online market, producing $162.5 million in online wagering, up from $160.9 million in May. By taking in 42.9% of all online wagers in June, FanDuel posted its largest share of the market since August. Gross gaming revenue in June jumped to $19.7 million from $17.6 million in May, generating $16.4 million in taxable revenue.
DraftKings was second in the state with $86.0 million in bets, down from $100.0 million in May. That resulted in $6.4 million in gross revenue, up from $5.2 million in May, and $5.7 million in taxable revenue. Penn National’s Barstool-branded app was fourth with $31.9 million in June wagering, down from $43.6 million in May. Those bets yielded $3.2 million in gross revenue, up from $2.8 million in May, and $2.2 million in taxable revenue.
The online leaders were followed by:
- BetMGM ($37.4 million handle, up from $32.4 million; $3.2 million in gross gaming revenue, up from $2.2 million)
- BetRivers ($18.5 million handle, up/down from $19.1 million; $1.4 million GGR, up from $1.2 million)
- Fox Bet ($12.6 million handle, down from $14.2 million; $934,728 GGR, down from $964,405)
- PlaySugarHouse ($11.3 million handle, down from $12.2 million; $918,873 in GGR, up from $832,368)
- Parx Casino ($9.8 million handle, down from $11.1 million; $1.1 million GGR, even with May)
- Unibet ($4.7 million handle, down from $5.5 million; $376,848 GGR, down from $390,170)
- TwinSpires ($2.2 million handle, down from $3.2 million; $194,104 GGR, up from $120,582)
- Caesars ($1.5 million handle, down from $2.7 million; $56,986 GGR, up from -$65,823)
- Betfred ($771,648 handle, down from $2.5 million; $33,801 GGR, down from $101,781)
- Betway ($14,883 handle, $3,655 in GGR)
Meanwhile, retail sportsbooks continued on their road to health with $40.9 million in wagers in June, up from $40.1 million in May. Those bets yielded $4.9 million in taxable revenue, up from $5.2 million in May. Rivers-Philadelphia led the retail market with $8.0 million in bets, topping Parx Casino’s $6.4 million handle.
“With no Sixers to bet on and with the Phillies and Pirates sagging in the standings, sportsbooks will have to get creative in driving action in July and August,” Gouker said. “The Olympics later this month should help fill the gap, but it won’t be until football season that we see significant growth return to either retail or online sportsbooks.”
Online casinos and poker
Gross gaming revenue at online casinos and poker rooms topped $100 million for the fourth consecutive month, even as it fell to $100.8 million in June, down from $110.8 million in May. June’s Gross revenue produced $88.9 million in taxable revenue, down from $101.3 million in May, and $37.2 million in state and local taxes.
Pennsylvania’s online gambling market has boomed since the beginning of the pandemic, taking in more than $1 billion in gross revenue over the fiscal year. New Jersey’s $107.1 million in gross gaming revenue topped Pennsylvania in June, making the Garden State No. 1 among U.S. markets in June. But near the two-year anniversary of the launch of online casinos in Pennsylvania, which debuted on May 31, 2019, online gambling has generated more in monthly gross gaming revenue than New Jersey for two of the last seven months, including in May.
For fiscal year 2020-21, Pennsylvania’s online casinos and poker rooms generated:
- $1.1 billion in gross gaming revenue, up 259.8% from $297.3 million in FY 2019-20.
- $897.2 million in taxable revenue, up 272.5% from $240.9 million in FY 2019-20.
- $372.7 million in state and local taxes, up 283.4% from $97.2 million in FY 2019-20.
- $31.9 billion in online casino wagering, up 291.4% from $8.1 billion in FY 2019-20.
“The growth of online casinos over the past 15 months has forever altered the landscape of Pennsylvania’s gaming industry,” Cross said. “The potential of Pennsylvania was obvious from the start. But the expansion over the last year to the cusp of becoming the largest online gambling market in the country, capable of generating more than $1 billion in revenue in a single year, has been remarkable.”
Other highlights from May:
- Wagering on online casino games reached $3.1 billion in June, up from $1.7 billion in June 2020 but down from $3.3 billion in May.
- Online casino and poker rooms generated $3.4 million per day in gross gaming revenue over the 30 days in June, down from $3.6 million per day in May.
- Penn National, which includes the DraftKings, BetMGM, Barstool, and Hollywood casinos, topped the market with $37.2 million in revenue. Rivers-Philadelphia, which includes PlaySugarHouse, Borgata, and BetRivers casinos, was second with $27.3 million in revenue.
- Betway PA soft-launched its online casino and sportsbook in late June through its partnership with Live! Casino Philadelphia, adding another operator to the Pennsylvania landscape.
- Poker revenue in June fell to $2.4 million from $2.6 million in May. Mount Airy/PokerStars topped operators with $2.0 million in June.
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The Alcohol and Gaming Commission of Ontario (AGCO) has updated several lottery policies to remove the cap on seller commission for Paper Raffles and Media Bingo, along with removing the prohibition on Catch the Ace paper lotteries, to align with other charitable lottery products.
Licensed charities may now negotiate commissions directly with sellers and determine commissions, provided they are reasonable and tied to the cost of service provided by the seller.
These updates further the AGCO’s commitment to adopt an outcomes-based regulatory approach and reduce burden for the charitable gaming sector. Local charitable organizations will have greater flexibility to make decisions that best serve their fundraising objectives.
Important Reminders
• Charities must still receive approval for other expenses incurred under their licence and retain receipts for seller commission paid.
• Licensing authorities will not require documentation to be submitted as part of the application process, however, charities are still subject to audit to determine compliance.
• Charities are reminded of their legal requirement to meet their obligations under the Criminal Code and with respect to conducting and managing a charitable gaming scheme.
• As with all licensed charitable lottery events, charities must take the necessary steps to ensure that they are conducting and managing the lottery event within Ontario.
For charitable gaming-related inquiries, email an AGCO Eligibility Officer at [email protected] or call AGCO Customer Service at 1-800-522-2876, Monday to Friday from 8:30 a.m. to 5 p.m.
The post AGCO Removes Cap on Seller Commission for Charitable Lottery Products appeared first on Gaming and Gambling Industry in the Americas.
Leading business, technology, finance, and gaming law firm, Segev LLP, is proud to announce its 10th anniversary. Over the past decade, Segev has evolved from a bold idea into a multi-jurisdictional firm serving clients across Canada, the U.S., and beyond.
Built for innovation-driven industries, the firm is widely recognized for its work with companies at the forefront of gaming, crypto, technology, and emerging sectors. “Our 10-year anniversary is a defining moment,” said Founding Partner, Ron Segev. “It’s a testament to the strength of our team and our culture of teamwork, self-improvement, and growth – all of which is directed at scoring wins for our great clients.”
As industries like fintech, crypto, iGaming, and AI have matured, so has the firm, often in parallel with its clients. “We’ve all grown together with our clients from one success to the next, whether it be helping clients complete financings or helping them close business,” said Managing Partner Alon Segev. “I look forward to continued growth for us and our clients in the next 10 years!”
The firm’s client-first approach has consistently earned recognition from top legal ranking guides. Segev LLP is ranked by Chambers and Partners as a “Leading Firm” and “Band-1” in Canada for Gaming Law and are also recommended by The Legal 500 and Lexology. These rankings reflect the team’s ability to deliver strategic, high-quality legal solutions that align with their clients’ business goals.
Recognized for their unique ability to exceed expectations and deliver out-of-the-box solutions, Segev LLP’s clients have affirmed: “The firm demonstrates its capability not only to understand complex matters, but also to offer solutions that are practical, pragmatic, and value-adding.”
“Segev possesses outstanding resources and maintains global partnerships, enabling it to deliver precise and informed responses to any queries related to the iGaming industry.”
“Epic service, very good, I won the case!”
“Great service, friendly atmosphere, and support.”
Several Segev team members also reflected on the milestone: “There was a moment early in my time here when I realized I wasn’t just being brought in to help; I was expected to contribute, take initiative, and run with big ideas. That stuck with me,” said Negin Alavi.
“Together with our clients, [Segev] has experienced remarkable growth over the past decade. I’m honored to have contributed to this journey and to celebrate these shared successes,” said David McHugh.
“Segev has cultivated a thriving law practice on the principle that challenges are to be embraced as opportunities. The approach has enabled us to grow as lawyers, but more importantly, it has enabled us to ensure the success of our clients,” said Mark Balestra.
“Since joining through Segev’s Ontario expansion, I’ve had the chance to work alongside some of the sharpest and most collaborative lawyers in the gaming space,” added Manav Bhargava. “As a full-service firm and industry leader, Segev stands out for its ability to support innovative businesses with practical, forward-thinking legal advice.”
Segev LLP will commemorate the anniversary with a series of internal and external initiatives throughout the remainder of the year.
The post Segev LLP Celebrates 10 Years of Business-Focused Legal Innovation appeared first on Gaming and Gambling Industry in the Americas.
Incentive Games, a leading B2B games provider, is proud to announce that it has been awarded an Ontario Gaming License by the Alcohol and Gaming Commission of Ontario (AGCO), effective today. This achievement enables the company to offer its portfolio of real-money games to licensed operators and players across the province.
The license underscores the Incentive Games’ commitment to meeting the highest standards of compliance, security, and operational excellence. The rigorous application process demands robust security protocols and comprehensive responsible gaming measures and affirms the company’s readiness to enter one of Canada’s most dynamic iGaming markets.
The North American market is a strategic focus for Incentive Games, and this milestone follows closely on the heels of the company receiving its Provisional Michigan gaming licence from the Michigan Gaming Control Board earlier this month.
Incentive Games will distribute its real-money gaming content in Ontario through Incentive Studios, the company’s dedicated Real-Money Gaming division, ensuring a focused and tailored approach to the market.
“Ontario represents a huge opportunity for us, and securing this license is a proud moment for the whole team,” said John Gordon, Chief Executive Officer at Incentive Games. “It reinforces our dedication to meeting the highest standards while delivering compelling real-money content. We’re looking forward to building strong relationships in the region and continuing our momentum across regulated markets worldwide.”
The post INCENTIVE GAMES SECURES ONTARIO GAMING LICENSE appeared first on Gaming and Gambling Industry in the Americas.
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