Sports Betting Revenue in Pennsylvania Up in Annual Review
A good sports betting software platform will help you get into the industry. And the possible profit margin you can earn will also depend on how many players you have, and the quality of players you have. But to give you an idea, let’s take a look at the sports betting revenue in Pennsylvania.
Getting in to sports betting is a highly profitable venture. Getting ahold of a captive betting market is now easy with the best betting software available. This allows you to run your sportsbook operation from anywhere. This also means that you can get players from around the world to bet on the hundreds of wagering options you could offer on any given day.
Sports Betting Revenue in Pennsylvania
The numbers are in for the gambling revenue for the fiscal year of July 1 2018 to June 30 2019 for Pennsylvania. There is an 1.8% annual increase, which is attributed to the launch of sports betting as well as fantasy sports tournaments. Sports betting was legalized in November in the state.
The revenue for sports betting for the year is $21.7 million. During the launch of online sports betting in May, its share in the market was 42% of wagers. This means that since May, almost half of the wagers placed were done online through web or mobile. This is part of the $3.3 billion record of gambling in the state. This is $60 million higher than the previous year. And if your sportsbook offers more than just sports betting, then you could also increase your profits. Another example is fantasy sports, where the industry in Pennsylvania took in $23.6 million last year.
Despite the low percentage of sports betting in the gambling revenue total, this still shows a growth opportunity in expanding wagers of current players. As well as the entrance of a new betting market as well.