On a happier note, retail sports betting is stronger in the Keystone State than most others, generating 17% of handle. FanDuel at Valley Forge Casino Resort is still the market leader, with a 43% share, while DraftKings at The Meadows gets by with 19%, which was more than enough to impress Credit Suisse analyst Ben Chaiken. He projected $27 million in statewide revenue and DraftKings outperformed, making $9 million versus the $5 million Chaiken expected, despite low hold. BetRivers has 13% and Barstool has improved to 9%, although its late entry makes us skeptical it can get bettors to change their habits. One analyst disagreed, saying, “Whether or not Barstool can truly challenge, its rapid rise is unlike anything we’ve seen.” At least it reversed a September loss to a $3.5 million October gain. BetRivers is tops in Internet gambling, with 28% and $16.5 million. FanDuel was second with 17% and $10 million, while Mount Airy‘s online-poker monopoly was good for $2.5 million.
Except for Mount Airy‘s $15 million (-3%), brick-and-mortar play was a mixture of bad and worse. Parx Casino dominated dollar volume with $45 million but faded 12%. Elsewhere in the Philly area, Rivers made $20 million and ceded -20%, while Harrah’s Philadelphia grossed $17 million, down 13% and Valley Forge did $9.5 million, an 11% slippage. The second-highest grosser in the state was Wind Creek Bethlehem, pulling in $32.5 million for a 17% decline. Only Rivers Pittsburgh came within shouting distance, grossing $23 million but 24% down. Mohegan Sun Pocono Downs tumbled 21% to $15 million while The Meadows did $14 million, a 15.5% slide. Penn National‘s titular racino grossed $16 million (-14%), Presque Isle Downs saw $8 million (-23%) and Lady Luck Nemacolin was luckless at $2 million, a 32.5% body slam.
As sports betting celebrated its second anniversary, PlayUSA analyst Dustin Gouker said, “Pennsylvania could conceivably catch Nevada in a matter of months to become the nation’s number-two market, especially if the Steelers continue to roll and the Eagles can somehow make a playoff run to spike local interest.” Gov. Tom Wolf (D) would be happy, since sports wagers have already yielded $77 million in taxes during their 24-month history. Noting the resurgence of the pandemic, analyst Valerie Cross saw an upside for i-gaming play. “As retail casinos in the state struggle, another uptick should be a significant boost to Pennsylvania’s gaming industry.”
