Bookie Industry News: Pennsylvania Sports Betting Handle hits $2.5 Billion
The local casino industry is still trying to find a way back to its feet as the coronavirus has shut commercial businesses down. But online sports betting in Pennsylvania continues to do well, even without major sports leagues like the NBA playing in June. And as the fiscal year ends this June for the state, the numbers are quite good. The Pennsylvania sports betting handle hits $2.5 billion for the year.
Currently, casinos are open in the state, but can only operate at 50% of its normal capacity. This is to observe proper social distancing, as well as ensure the health of both employees and guests. However, the availability of a pay per head sportsbook makes it easy for people to create online sportsbooks for people who want to bet on their favorite sports games. And what safer way is there than to go online, find a sportsbook, and place your wagers?
Pennsylvania Sports Betting Handle
The 2019-2020 fiscal year ends this June for Pennsylvania. Looking at the data from July 2019 to June 2020, the total handle of the state from sports betting is $2,529,760,919. Out of that amount, $1,996,041,007 are from online bets. With more than half of the handle wagered online, it only reinforces the fact that online sports betting, with pay per head software helping people with online gambling solutions, is one of the more lucrative ways to conduct gambling.
In June 2020, 99.2% of all sports wagers were done online, with a handle of around $88.3 million. These are good numbers, especially if you compare it with a covid-free June 2019 of $!9.3 million. And despite the pandemic, people still braved retail sportsbooks to bet around $690,000 for June 2020.
And if we look at the previous month, May 2020’s handle was $77.510 million. This shows a 13.9% increase for June’s $88.3 million worth of online wagers. The gross sports betting revenue for June is $6.66 million. This leaves the fiscal year revenue amount for 2019-2020 at $135.4 million. Even in a pandemic-filled world, sports betting continues to survive. And with so many people wanting to know how to get into the business, How to Be a Bookie for Dummies is a great short read on how the industry works. Given how the top sports leagues will be returning soon, the potential for online sports betting profits will only increase as the weeks go by.