iGaming and Sportsbooks Are Heroes of 2019-20 PA Revenue Report – And We All Know the Villain added to Google Docs
The Pennsylvania Gaming Control Board released its 2019-2020 Annual Report. The in-depth report details all aspects of the gambling industry in the state including:
- Revenue figures for slot machine, table games, sports wagering, internet gaming, fantasy sports contests and video gaming terminal gross revenue
- Up-to-date status on gaming expansion initiatives including casino construction
- A year in review report with statistical figures from the PGCB’s key bureaus
- PGCB revenue, expenditures, and employment breakdown
- Stats on problem gaming and the self-exclusion program.
Of course, like every other industry, casinos in Pennsylvania were hit hard by the coronavirus pandemic. All twelve brick-and-mortar casinos closed for about three months to slow the spread of the virus. The PGCB added a special report to this year’s edition to detail the impact of COVID-19 on PA’s casinos.
PA online gaming surge amid land-based shutdowns
Pennsylvania, only one of three states with iGaming, saw a surge in online play. The loss of revenue from brick-and-mortar closures was devastating but it could have been much worse without iGaming and the growth of sports betting.
David Barasch, PGCB Chairman, said in the Report’s “Chairman’s Message:”
“To describe Fiscal Year 2019-2020 as different would be a massive understatement. The health and safety restrictions needed to fight the COVID-19 pandemic were debilitating for Pennsylvania’s land-based gaming industry. This led to significant revenue loss and temporary unemployment for thousands of industry workers.”
He continued by saying that the good news came in the form of online casinos and sports wagering which provided people a legal way to gamble beyond the casinos.
Historical year for gambling in Pennsylvania
The 2019/2020 fiscal year proved to be a historic one for gambling in Pennsylvania. The first iGaming site launched in July 2019 (SugarHouse) and was followed by eight more operators throughout the fiscal year. Sports betting had already started prior to FY 2019/2020 but beefed up its roster with six new online sportsbooks and four retail spots.
Video Gaming Terminals (VGT’s) also arrived in Pennsylvania at qualified truck stops throughout the state. Currently they are 28 VGTs.
PGCB busy
Most of the PGCB staff have returned to work after coronavirus shutdowns led to layoffs or temporary furloughs. The PGCB ensures the integrity of gaming in the Commonwealth.
Here are some figures about the PGCB’s work this FY:
- 800 patron complaints investigated
- 1,000 people signed up to the Self-Exclusion Program
- 8,000 credentials issued to individuals working in varying aspects of the casino industry. All applicants have to meet the requirements of the Gaming Act.
- 5,529 Pay tables reviewed
- 9,142 sports wagering types reviewed
- 8 monthly public meetings held virtually since March. You can watch them here.
The following are statewide revenue breakdowns for FY 2019/2020.
Slot revenue FY 2019/2020 FY 2018/2019 % Change Slot Revenue $1.70 billion $2.38 billion -28% Tax revenue $875.3 million $1.24 billion -29% Slot win per day $227 $252 -11% # of machines 23,404 24,869 Table games revenue FY 2019/2020 FY 2018/2019 % Change Table Games Revenue $644.5 million $885.6 million -27% Tax revenue $103.6 million $142.4 million -27% Total table games 1,273 1,286 Sports betting revenue FY 2019/2020 FY 2018/2019 % Change Handle $2.29 billion $244.7 million 834% Online revenue $85.3 million $408,000 20,825% Retail revenue $28.4 million $21.3 million 33% Tax revenue $41 million $7.8 million 423% iGaming revenue FY 2019/2020 FY 2018/2019 iGaming Revenue $240.9 million n/a Online Slot revenue $153.6 million n/a Online Table revenue $62.6 million n/a Online Poker revenue $24.6 million n/a iGaming tax $97.2 million n/a Slot Revenue by operators in PA Operator Slot Revenue Parx Casino $300.4 million Rivers Casino Pittsburgh $226.4 million Wind Creek $187.9 million Hollywood Casino $147.7 million The Meadows $144.9 million Mohegan Sun Pocono $140.9 million Harrah's Philadelphia $136.1 million Rivers Casino Philadelphia $123.6 million Mount Airy Casino $109.4 million Presque Isle Downs $80.9 million Valley Forge Casino $75.1 million Lady Luck Nemacolin $24.5 million
The following are breakdowns by operator for each form of gaming for FY 2019/2020.
Table games revenue by operator in PA Operator Table Games Revenue Wind Creek Casino $160.8 million Parx Casino $137.9 million Rivers Casino Philadelphia $94.5 million Rivers Casino Pittsburgh $63.7 million Harrah's Philadelphia $42.4 million Mount Airy Casino $28.2 million Hollywood Casino $27.6 million Valley Forge Casino $26.6 million Mohegan Sun Pocono $24.6 million The Meadows $24.5 million Presque Isle Downs $10.9 million Lady Luck Nemacolin $3 million Sports betting online revenue by operator Operator Online Sports Betting Revenue FanDuel (Valley Forge Casino) $39.5 million BetRivers (Rivers Casino Philadelphia) $12.1 million DraftKings (The Meadows) $10.1 million Parx Casino $10 million BetRivers (Rivers Casino Pittsburgh) $8.1 million FoxBet (Mount Airy Casino) $5.3 million Unibet (Mohegan Sun Pocono) $228,000 BetAmerica (Presque Isle Downs) $153,000 Caesars (Harrah's Philadelphia) -$17,000 iGaming revenue by PA operator Operator Online Casino Revenue BetRivers (Rivers Casino Philadelphia) $73.2 million PokerStars (Mount Airy Casino) $48.8 million Hollywood Casino $38.4 million FanDuel (Valley Forge Casino) $37.5 million Parx Casino $30.2 million DraftKings (The Meadows) $24.5 million Unibet (Mohegan Sun Pocono) $9.6 million BetAmerica (Presque Isle Downs) $1.4 million Caesars (Harrah's Philadelphia) $1.9 million Impact on PA casinos
For gaming in Pennsylvania, it’s a tale of two calendars. The 2019 calendar year set a record for overall gambling revenue hitting $3.4 billion, 4.5% more than 2018. However, due to the coronavirus closures, 2019/2020 FY resulted in an 18% drop in revenue.
The PGCB reported that the two-and-a-half month closures of casinos subtracted $265 million in anticipated tax revenue.
In addition to the loss of revenue for casinos and tax coffers, most of Pennsylvania’s 16,000 casino workers were furloughed.
Casinos are slowly returning to capacity, but COVID-19 safety guidelines and limited capacity will continue to affect land-based revenues into the next fiscal year.
Lead image credit: Charles Sykes/Invision/AP
The post iGaming and Sportsbooks Are Heroes of 2019-20 PA Revenue Report – And We All Know the Villain appeared first on Play Pennsylvania.
via Play Pennsylvania https://www.playpennsylvania.com/igaming-sports-betting-growth-2019-20-revenue/
Created October 1, 2020 at 06:54AM
/tin tuc
View Google Doc
Nhận xét
Đăng nhận xét