USA – An online sportsbook in Pennsylvania; PlayPennsylvania, has released information showing that the firm has surpassed two billion dollars in wagers since the company’s inception, but says that the future is uncertain as the next few months are impossible to predict.
Both retail and online figures contributed to the total bets passing the two billion mark and February was also a busy period for the sportsbook.
However, the impact of coronavirus on the public, as well as sporting events will undoubtedly shackle growth in the coming months.
Lead analyst at PlayPennsylvania Dustin Gouker commented:
“The next few months are impossible to predict until we get a better handle on how long the coronavirus will affect, not just sports and the gaming industry, but all of daily life.”
Gouker also elaborated on the details surrounding the company’s future and the sports industry in general:
“The immediate outlook of sportsbooks is secondary right now. But there is little doubt that the industry will be affected significantly, at least in the short-term.”
According to reports, the firm’s total amount taken in bets was almost 320 million for the month of February, down around 20 million compared with the month of January.
In just over a year since sports betting was legalised in Pennsylvania, the state has taken 2.1 billion in both retail and online sports wagers. In addition, almost 5 million was taken in gross revenue for February 2020.
Dustin Gouker spoke about the current pandemic and how the state compares to others in the US:
“Revenue from online casinos should help fill in the gaps, at least in part, while sportsbooks and land-based casinos feel the impact from COVID-19. In New Jersey, online casino revenue already tops $50 million per month, and revenue could really leap forward in Pennsylvania, too. But it will be impossible to completely replace all the revenue lost from the sports world going dark.”
Aside from the virus, the results are fluctuating month to month due to the industry only being in its infancy. Gouker elaborated on such details:
“After a slow start, Pennsylvania sportsbooks have continually matured into the market that we all thought it would be when the state first legalized sports betting. The state has only begun to scratch the surface of its potential. In fact, Pennsylvania was on track to reach $4 billion in lifetime handle by the beginning of the NFL season. But it would take a quick recovery from the coronavirus outbreak to reach that milestone now. Online casinos have dealt with headwinds that have been more forceful than anything that New Jersey operators have had to face. These are mostly just growing pains, and it is a near-certainty that online casinos will take off.”
Sports betting in PA has come to a sudden halt as almost all sporting events have been cancelled amid growing concerns to prevent Covid-19 from spreading. Leading sportsbooks in the region are closely monitoring the situation, including: DraftKings, FOX Bet, Unibet, FanDuel, SugarHouse and BetRivers.