Pennsylvania sports betting suffers brutal February

Pennsylvania’s regulated sports betting interests took a hit in February as sharp bettors and a slight handle put sportsbook revenue at anemic levels. All told, Pennsylvania sportsbooks took in $31.5 million worth of wagers in February, but cashed in revenue of just $1.95 million for the month. That’s down about 1.6 percent over January’s numbers, which included several weeks’ worth of NFL playoff games.
So what does that tell us about the market for regulated sports betting in the Keystone State and the rest of the United States? Here are a few things to consider.
For starters, it’s always worth noting that February is a short month. With just 28 days, that’s a whole weekend’s worth of sporting events and that can make a big difference in the sports betting world.
That said, February was also the month that the Super Bowl took place and that’s generally a catalyst for a tremendous amount of sports betting activity. That event helped fuel a very good month for Pennsylvania’s next door neighbor New Jersey, which had a handle of $35 million in February.
It’s also worth noting that Pennsylvania’s sportsbooks and casinos are spread out across a geographic area that is a bit larger than New Jersey.
The biggest difference between New Jersey and Pennsylvania so far, is that Pennsylvania has yet to offer online and mobile wagering, though both are legal and in the works. That key indicator speaks volumes for where the US sports betting market is heading. Players are on the go and the casinos (and state regulators) that offer them that convenience will be rewarded mightily for their efforts.
It will definitely be interesting to see how Pennsylvania’s regulated sports betting does during March Madness.