Press Releases
PlayPennsylvania.com: Sportsbooks, online casinos combine for more than $100 million in revenue in December
Pennsylvania’s sportsbooks and online casinos returned to their record-breaking ways in December, setting fresh highs while combining for more than $100 million in revenue. The late-year push put the state’s sports betting handle at more than $3.5 billion for 2020, a shocking total in a year when four months of major U.S. sports were canceled and retail outlets have been shuttered, according to analysts from PlayPennsylvania, which provides news and analysis of the state’s gaming industry.
“Online betting, both on sports and online casino games, have been a crucial silver lining to what was overall a rough year for Pennsylvania’s gaming industry,” said Dustin Gouker, lead analyst for PlayPennsylvania.com. “Obviously, the growth online has come unfortunately as the retail market has faced pandemic-related shutdowns. But without the increase in online revenue, there is no telling how much weaker a position the entire industry would be in right now.”
After a one-month retreat below $500 million, Pennsylvania’s sportsbooks accepted $548.6 million in wagers in December, according to official data released Tuesday. December’s bets were up 11.5% from $491.9 million in November and topped the record $525.8 million record set in October.
Taxable operator revenue hit $34.1 million, less than the record $37.4 million in November, which generated $11.6 million in state taxes and $681,191 in local share assessments.
Compared with December 2019, December’s handle was up 60.1% from $342.6 million while taxable revenue rose a whopping 199.4% from $11.4 million.
For all of 2020, Pennsylvania’s retail and online sportsbooks produced:
- $3.6 billion in wagers, up 140.3% from $1.5 billion in 2019.
- $3.3 billion in online wagering, up 208.4% from $1.1 billion in 2019.
- $189.7 million in taxable revenue, up 125.5% from $84.1 million in 2019.
- $64.5 million in state taxes.
Only New Jersey, which shattered a U.S. record with more than $6 billion in bets in 2020, and Nevada have collected more in bets this year than Pennsylvania. But Pennsylvania’s grip on third place is being challenged by Illinois, which reached $434.3 million in October, the market’s fourth full month of operation.
“Pennsylvania and Illinois make for such an interesting comparison, because their markets are so similar, including a nearly identical population,” said Valerie Cross, analyst for PlayPennsylvania. “Pennsylvania is still the more mature market, though, and is well poised to shatter just about every record it set in 2020.”
With retail sportsbooks shut down for most of the month, 97.6%, or $548.6 million, of all bets were made online in December, which was up from 91% in November. FanDuel Sportsbook/Valley Forge Casino became the first to top $200 million in online wagers in a month with $207.6 million in December, up 17.5% from $176.7 million wagered in November. Those bets produced $7.1 million in taxable revenue, down from $15.1 million in November. DraftKings/The Meadows remained in second place with $130.9 million in bets, up from $109.9 million in November. That yielded $5.4 million in taxable revenue.
Penn National continues to make its own dent in the market. The Hollywood Casino license, which includes Penn National’s Barstool-branded app and the recently launched BetMGM app, grew to $71.8 million in bets from $55.7 million. That produced a market-leading $13.9 million in taxable revenue.
The leaders were followed in December by:
- Fox Bet/Mount Airy ($28.9 million handle, up from $28.1 million; $1.9 million, up from $1.6 million)
- BetRivers/Rivers-Pittsburgh ($26.8 million handle, down from $28.1 million; $1.6 million revenue, up/down from $975,843)
- Parx Casino ($23.7 million handle, up from $19.4 million; $2 million revenue, down from $2.1 million)
- PlaySugarHouse/Rivers-Philadelphia ($21.8 million handle, up from $19.4 million; $1 million in revenue, up from $917,164)
- Unibet/Mohegan Sun Pocono ($8.9 million handle, up from $8.2 million; $86,200 revenue, up/down from $194,793)
- Caesars/Harrah’s ($1.4 million handle, up from $1.1 million; $15,700 revenue, down from $58,141)
- BetAmerica/Presque Isle Downs ($1.5 million handle, up from $957,165; -$7,840 revenue, down from $8,632)
“The successful launch of Barstool proves there is still some room for growth in the Pennsylvania market, both in terms of overall market size and in introducing new operators,” Gouker said. “To that point, the addition of another major player such as BetMGM makes Pennsylvania one of the most competitive markets in the U.S. That should bode well for the year ahead.”
Retail sportsbooks, which were closed on Dec. 12, fell to $13.4 million in bets from $45.1 million in December 2019. Sportsbooks won $1.2 million on those bets, down from $3 million in December 2019. The top retail sportsbook was Parx Casino with $4.3 million in bets.
Online casinos surge
Online casinos and poker rooms reached $70 million in monthly revenue for the first time. Online casinos and poker took in $71.6 million in gross operator revenue, shattering the record $59.8 million set in November. That amounted to $2.3 million per day over the 31 days of the month, up from $2 million per day over the 30 days of November. December’s revenue generated $19.3 million in state taxes and another $9.8 million in local share assessments and county grants.
Online casino games and poker, launched in late 2019, have been a boon to Pennsylvania, particularly after retail casinos were shuttered in March. With its 12 casinos closed for months, online casinos produced $680.2 million in revenue and $154.6 million in state taxes for the year.
“The late-2019 launch of online casinos proved to be fortuitous timing,” Cross said. “The revenue lost from casino closures could not have been foreseen and not be completely replaced, but there is no doubt the launch of online gaming helped stem the losses and steady the industry.”
Highlights from December:
- Online table games and slots alone generated $68.9 million in revenue on $2.9 billion in bets, which was up from $2.3 billion in bets in November.
- Penn National, which includes the DraftKings casino, took the market lead with $23.5 million in revenue on a market-leading $1.1 million in wagers. Rivers-Philadelphia, which includes PlaySugarHouse and BetRivers casinos, tallied $19.3 million in revenue on $668.2 million in wagers.
- Mount Airy/PokerStars, the lone poker operator in the state, generated poker revenue of $2.7 million.
For more information on the revenue generated by Pennsylvania, visit www.playpennsylvania.com/revenue.
About the PlayUSA.com Network:
The PlayUSA.com Network is a leading source for news, analysis, and research related to the market for regulated online gaming in the United States. With a presence in over a dozen states, PlayUSA.com and its state-focused branches produce daily original reporting, publish in-depth research, and offer player advocacy tools related to the advancement of safe, licensed, and legal online gaming options for consumers. Based in Las Vegas, the PlayUSA Network is independently owned and operated, with no affiliations to any casino — commercial, tribal, online, or otherwise.
eSports
CAPCOM’S STREET FIGHTERTM 6 GOING TO COLLEGE THIS FALL
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Press Releases
Genome and Chilli Partners join forces to revolutionize iGaming affiliate payouts
Leading the charge in the convergence of financial technology and iGaming, Genome, a cutting-edge electronic money institution, is thrilled to announce its strategic partnership with Chilli Partners, a prominent iGaming affiliate program specializing in casino games.
The collaboration marks a pivotal moment in the iGaming industry, bringing together Genome’s expertise in online financial services and Chilli Partners’ prowess in affiliate marketing. The partnership is set to redefine the landscape of affiliate payouts, offering an array of benefits to both affiliates and the iGaming community at large.
“We are excited to embark on this journey with Chilli Partners. By combining our financial expertise with their influential position in the iGaming affiliate space, we aim to set new standards for efficiency and innovation in affiliate payouts,” – noted Genome’s CEO Daumantas Barauskas.
For one, the partnership offers efficient payouts. Affiliates can now enjoy expedited and secure payouts through Genome’s state-of-the-art financial infrastructure, enhancing their overall experience and satisfaction.
It also provides global reach for Chilli Partners, as it can extend its reach to affiliates worldwide with Genome’s international payment capabilities. This allows Chilli Partners to foster a more diverse and expansive network.
The partnership streamlines financial workflows, ensuring seamless transactions and reducing administrative overhead for Chilli Partners, allowing them to focus on delivering top-notch affiliate services.
Genome is all about innovation in payments and online financial services. This approach brings new possibilities for payment options, providing flexibility and convenience for affiliates participating in the Chilli Partners program.
Lastly, the collaboration prioritizes compliance and risk management, assuring affiliates of secure and compliant transactions in accordance with industry regulations.
“This partnership aligns perfectly with our commitment to providing the best possible experience for our affiliates. Genome’s advanced financial services will play a crucial role in elevating our affiliate program to new heights”, – added Clayton Zammit Cesare, Head of Affiliates at Chilli Partners.
As the iGaming industry continues to evolve, Genome and Chilli Partners stand united in their dedication to driving positive change, innovation, and reliability. The partnership is poised to create a ripple effect, positively impacting the entire iGaming ecosystem.
About Genome
Genome is a leading EMI that provides innovative financial services, including batch payouts, SWIFT, and SEPA transfers. With a focus on efficiency and compliance, Genome empowers businesses across various industries, including iGaming, to streamline financial operations and enhance user experiences.
For more information, please visit https://genome.eu/
About Chilli Partners
Chilli Partners is a prominent iGaming affiliate program specializing in casino games. With a commitment to excellence, Chilli Partners connects affiliates with top-tier iGaming brands, offering a lucrative partnership that includes competitive commission structures and tailored support.
For more information, please visit https://chillipartners.com/
Latest News
Rivalry Announces 2023 Annual Letter to Shareholders and Filing of 2023 Annual Financial Statements
Rivalry Corp. (the “Company” or “Rivalry”) (TSXV: RVLY) (OTCQX: RVLCF) (FSE: 9VK), the leading sportsbook and iGaming operator for Gen Z, is pleased to announce its 2023 annual letter to shareholders and the filing of its financial results for the three (3) and 12-month period ended December 31, 2023. All dollar figures are quoted in Canadian dollars.
2023 Annual Letter to Shareholders
To our Shareholders,
This time last year I spoke about Rivalry’s evolution from a market leader in esports to a diversified Company setting the standard for Gen Z betting entertainment broadly.
Today, we have a business with revenue distribution across casino, sports, and esports betting, growing market share in new geographies, with increased velocity in core regions, and the strongest customer KPIs in Rivalry’s history.
In 2023, Rivalry recorded $423.2 million in betting handle1, up 82% from the previous year. Similarly, gross gaming revenue2 and net revenue both saw 34% and 66% respective increases, while the introduction of higher margin products released in H2 such as Same Game Combos and Quick Combos are continuing to improve overall sportsbook hold and guide Rivalry closer to profitability.
Our deepened product suite now includes fantasy, additional sports coverage, and new proprietary casino games. All of which are uniquely driving growth among a targeted customer segment and widening our opportunity set in 2024 and beyond – from a 60% increase in traditional sports betting to a burgeoning B2B game vertical. The potential for how far our brand can go is just beginning to unfold.
The year ahead is rife with new, innovative product releases arriving in Q2 and continuing throughout 2024. We are doubling down on core growth opportunities in sports that resonate with our audience, such as basketball and soccer. Further, we are building on a successful casino segment which already represents 50% of our business, enhancing variety, depth, and accessibility, as well as developing new original games which blur the lines between betting and entertainment. We are in the process of additional geographic expansion, and pursuing new licenses to broaden our total addressable market, positioning Rivalry to own the Gen Z gambling opportunity globally.
While Rivalry’s operations have expanded into new high-growth verticals, our north star has remained the same: to define the future of online gambling for a generation born on the internet.
Online gambling in 2024 is radically different than it was just six years ago when Rivalry launched. In that time we’ve seen gaming and internet culture reshape how consumers engage with technology. That shift is broadening the definition of gambling, where product design is influenced by video games, or it exists fully embedded within social apps like Telegram, where content creators are the new affiliates, and much more.
Over the same period, the rise of cryptocurrency and blockchain technology has introduced a new level of speed, access, and security to web-based consumer experiences. Industry estimates now put crypto wagers at up to one quarter of global betting handle3, with 30% year-over-year growth in 20244, and showing no signs of slowing down.
The development of this ecosystem has commercially unlocked online gambling unlike anything since its first transition from land to online many years ago. It has brought in a new global audience, and enriched the customer experience from end-to-end.
Alongside the growth of this technology has emerged new methods of gambling, taking wallet share from more traditional forms at an accelerated rate. The shift in consumer behavior and the signal from our users is clear – interactive, volatile, and crypto-infused product experiences will set the precedent for how the next generation gambles online.
Rivalry, with a brand steeped in internet culture and living at the intersection of this digital economic renaissance, is well-positioned to access this growth opportunity. There is high overlap between Gen Z, gamers, gamblers, and a fast-growing audience of over 420 million crypto users worldwide5 organically aligned with our audience and brand. And we believe that more than half of this audience globally is already wagering with crypto.
It will be Rivalry’s ability to understand, implement, and adapt to this shift more rapidly than our peers that we expect to create first-mover advantages for us. It is for that reason that our vision is now bolder than ever for what’s possible in the online gambling category.
Soon, we will reveal plans for a crypto-enabled product set to enhance alignment between Rivalry and its users, increase network effects, and generally deliver a consumer experience that lives on the internet of 2024.
To that effect, the success of our first-party games and their ability to acquire and engage a captive audience of Gen Z bettors online has validated our original game development strategy amongst industry peers. This has unlocked a new commercial opportunity for Rivalry to license its IP, opening up another line of revenue for the business that has great potential for global scale.
The year ahead is poised to be one of our most ground-breaking, with a myriad of innovative product releases across all of Rivalry’s verticals, adding more dimension to our business, operations, and addressable audience, and building on our competitive moat as the market leader in Gen Z betting entertainment.
We look forward to sharing more details about these upcoming initiatives, the opportunities they will unlock for our Company, and delivering on our promise to create long-term shareholder value and reach profitability. Thank you all for your continued support.
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