USA – The gaming industry in Pennsylvania, including sportsbooks, is not designed to be closed and is currently navigating unprecedented waters say analysts as revenue and profits are down in sports betting, yet rise in poker and casino gambling.
Lead analyst for PlayPennsylvania Dustin Gouker said:
“Pennsylvania’s gaming industry is navigating waters that are unprecedented anywhere. It’s an industry that employs thousands in Pennsylvania and generates millions of dollars in tax revenue, and it is not designed to be closed. Growth in online casinos is helping, but it can’t entirely make up for the revenue lost from sports betting and land-based casinos being shut down.”
According to reports, the month of March witnessed a significant slump in numbers as the total handle was down to around 131 million dollars, more than 60% decline compared with the previous month.
Gouker continued to expand on why the figures were down:
“The timing of the coronavirus shutdowns was particularly damaging to Pennsylvania sportsbooks, costing the industry millions in basketball-related bets. The first weekend of March Madness is the second-biggest sports betting event in the U.S., behind only the Super Bowl, and its cancellation leaves no feasible way to make up that revenue. Obviously, there are dramatic health and economic concerns for everyone right now, but the loss of revenue will be felt by Pennsylvania’s gambling industry for quite some time.”
More than 90% of the revenue came from online betting despite lack of events and markets.
Dustin Gouker added:
“The bottom line is that Pennsylvania’s sportsbooks will not be healthy again until the sports world begins to reopen. No one yet knows for sure when that day will come. But sports leagues everywhere are trying to figure out ways to begin games again, so there is at least some reason for some optimism.
Pennsylvania’s online product has been slow to develop, but the revenue the industry is generating now is vital to the gaming industry and the state budget. Ideally, Pennsylvania’s online casino industry would’ve had the opportunity to mature more quickly. But it is definitely better than if it didn’t exist at all, as is the case in most states.”