{"id":28809,"date":"2020-11-18T07:55:09","date_gmt":"2020-11-18T15:55:09","guid":{"rendered":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/?p=28809"},"modified":"2020-11-21T08:33:32","modified_gmt":"2020-11-21T16:33:32","slug":"sports-betting-salvages-pennsylvania","status":"publish","type":"post","link":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/sports-betting-salvages-pennsylvania\/","title":{"rendered":"Sports betting salvages Pennsylvania"},"content":{"rendered":"\n
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An extra weekend notwithstanding, Pennsylvania<\/strong> casinos were down 16% last month. They grossed $218 million, with $155 million of that coming from the slots (-17%). Table games held their ground better, off 13% for $63 million. Sports betting chipped in $37 million worth of revenue, a sixfold improvement from the month previous. Add $11 million of promotions back and one has an implied net revenue of $48 million at the betting windows, virtual and otherwise. September’s $463 million handle improved to $526 million. Internet gambling generated another $59 million in lucre. The road ahead got a bit rockier when Covid-19 lockdowns in Philadelphia<\/strong> forced next Friday’s closure of Rivers Philadelphia<\/strong> (pictured<\/em>), unlikely to reopen until New Year’s Day “at the earliest” says JP Morgan<\/strong> analyst Joseph Greff<\/strong>, hardly a prophet of doom and gloom.<\/p>\n\n\n\n\n\n\n\n

On a happier note, retail sports betting is stronger in the Keystone State than most others, generating 17% of handle. FanDuel<\/strong> at Valley Forge Casino Resort<\/strong> is still the market leader, with a 43% share, while DraftKings<\/strong> at The Meadows<\/strong> gets by with 19%, which was more than enough to impress Credit Suisse<\/strong> analyst Ben Chaiken<\/strong>. He projected $27 million in statewide revenue and DraftKings outperformed, making $9 million versus the $5 million Chaiken expected, despite low hold. BetRivers<\/strong> has 13% and Barstool<\/strong> 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<\/strong> is tops in Internet gambling, with 28% and $16.5 million. FanDuel was second with 17% and $10 million, while Mount Airy<\/strong>‘s online-poker monopoly was good for $2.5 million.<\/p>\n\n\n\n

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Except for Mount Airy<\/strong>‘s $15 million (-3%), brick-and-mortar play was a mixture of bad and worse. Parx Casino<\/strong> 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<\/strong> 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<\/strong>, pulling in $32.5 million for a 17% decline. Only Rivers Pittsburgh<\/strong> came within shouting distance, grossing $23 million but 24% down. Mohegan Sun Pocono Downs<\/strong> tumbled 21% to $15 million while The Meadows did $14 million, a 15.5% slide. Penn National<\/strong>‘s titular racino grossed $16 million (-14%), Presque Isle Downs<\/strong> saw $8 million (-23%) and Lady Luck Nemacolin<\/strong> was luckless at $2 million, a 32.5% body slam.<\/p>\n\n\n\n

As sports betting celebrated its second anniversary, PlayUSA<\/strong> analyst Dustin Gouker<\/strong> said, “Pennsylvania could conceivably catch Nevada<\/strong> in a matter of months to become the nation’s number-two market, especially if the Steelers<\/strong> continue to roll and the Eagles<\/strong> can somehow make a playoff run to spike local interest.” Gov. Tom Wolf<\/strong> (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<\/strong> 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.”<\/p>\n","protected":false},"excerpt":{"rendered":"

An extra weekend notwithstanding, Pennsylvania casinos were down 16% last month. They grossed $218 million, with $155 million of that coming from the slots (-17%). Table games held their ground better, off 13% for $63 million. Sports betting chipped in … Continue reading →<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[291,60,244,176,277,278,172,283,37,167,69,95,242,74,243,31,20,38],"tags":[],"_links":{"self":[{"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts\/28809"}],"collection":[{"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/comments?post=28809"}],"version-history":[{"count":1,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts\/28809\/revisions"}],"predecessor-version":[{"id":28810,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts\/28809\/revisions\/28810"}],"wp:attachment":[{"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/media?parent=28809"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/categories?post=28809"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/tags?post=28809"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}