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BETTING AT PENNSYLVANIA SPORTSBOOKS DIPS AGAIN IN JUNE, BUT REVENUE JUMPS State closes eventful fiscal year with more than $5.6 billion in sports wagering, $1.1 billion in online casino revenue, according to PlayPennsylvania

Published

4 years ago

July 20, 2021

Wagering at Pennsylvania’s online and retail sportsbooks dropped for a third consecutive month, but that didn’t stop sportsbooks from making significant revenue gains as the summer offseason trudged on. The down month closed a dramatic fiscal year that saw more than $5.5 billion in sports wagers and an online casino gaming market that continues to compete with New Jersey as the nation’s largest, according to PlayPennsylvania, which tracks regulated online gaming and sports betting in the state.

“Betting volume typically falls over the summer, but sportsbooks tend to win more per bet on sports like golf and tennis,” said Dustin Gouker, lead analyst for the PlayUSA.com network, which includes PlayPennsylania.com. “That really helped sportsbooks in June and will help them to continue to weather the offseason even as bettors engage less.”

Online and retail sportsbooks in Pennsylvania combined to take in $420.2 million in wagers in June, down 6.1% from $447.5 million in May, according to official data released Monday. Sportsbooks’ gross gaming revenue jumped to $42.5 million, though, which was up 13.6% from $37.4 million in May. The month’s gross receipts produced $34.2 million in taxable revenue, which yielded $11.6 million in state taxes and $684,510 in local share assessments.

Still hampered by pandemic-related shutdowns, sportsbooks generated just $89.0 million wagers and $8.0 million in gross gaming revenue in June 2020. But those results would hardly be a harbinger of the fiscal year ahead, which brought:

$5.6 billion in sports wagering, up 121.0% from $2.5 billion in FY 2019-20.
$440.7 million in gross gaming revenue, up 169.9% from $163.3 million in FY 2019-20.
$308.8 million in taxable revenue, up 128.0% from $135.5 million in FY 2019-20.
$111.2 million in state and local taxes, up 128.0% from $48.8 million in FY 2019-20.

Pennsylvania, which celebrated two years of online sports betting in June, has now taken in $8.1 billion in online and retail wagering since launch. Only New Jersey and Nevada have taken in more over that time.

“By any measure, Pennsylvania’s entry into sports betting has been an unqualified success, and the market has yet to fully mature,” said Valerie Cross, analyst for PlayPennsylvania.com. “Importantly, with more than $111 million in state and local taxes over the fiscal year no state takes in more in tax revenue from sports betting than Pennsylvania. That is where the state truly stands out.”

In June, 90.3%, or $379.3 million, of all sports bets were made online, a fitting end to a fiscal year that saw an increasing number of bets made online. FanDuel only increased its dominance of the online market, producing $162.5 million in online wagering, up from $160.9 million in May. By taking in 42.9% of all online wagers in June, FanDuel posted its largest share of the market since August. Gross gaming revenue in June jumped to $19.7 million from $17.6 million in May, generating $16.4 million in taxable revenue.

DraftKings was second in the state with $86.0 million in bets, down from $100.0 million in May. That resulted in $6.4 million in gross revenue, up from $5.2 million in May, and $5.7 million in taxable revenue. Penn National’s Barstool-branded app was fourth with $31.9 million in June wagering, down from $43.6 million in May. Those bets yielded $3.2 million in gross revenue, up from $2.8 million in May, and $2.2 million in taxable revenue.

The online leaders were followed by:

BetMGM ($37.4 million handle, up from $32.4 million; $3.2 million in gross gaming revenue, up from $2.2 million)
BetRivers ($18.5 million handle, up/down from $19.1 million; $1.4 million GGR, up from $1.2 million)
Fox Bet ($12.6 million handle, down from $14.2 million; $934,728 GGR, down from $964,405)
PlaySugarHouse ($11.3 million handle, down from $12.2 million; $918,873 in GGR, up from $832,368)
Parx Casino ($9.8 million handle, down from $11.1 million; $1.1 million GGR, even with May)
Unibet ($4.7 million handle, down from $5.5 million; $376,848 GGR, down from $390,170)
TwinSpires ($2.2 million handle, down from $3.2 million; $194,104 GGR, up from $120,582)
Caesars ($1.5 million handle, down from $2.7 million; $56,986 GGR, up from -$65,823)
Betfred ($771,648 handle, down from $2.5 million; $33,801 GGR, down from $101,781)
Betway ($14,883 handle, $3,655 in GGR)

Meanwhile, retail sportsbooks continued on their road to health with $40.9 million in wagers in June, up from $40.1 million in May. Those bets yielded $4.9 million in taxable revenue, up from $5.2 million in May. Rivers-Philadelphia led the retail market with $8.0 million in bets, topping Parx Casino’s $6.4 million handle.

“With no Sixers to bet on and with the Phillies and Pirates sagging in the standings, sportsbooks will have to get creative in driving action in July and August,” Gouker said. “The Olympics later this month should help fill the gap, but it won’t be until football season that we see significant growth return to either retail or online sportsbooks.”

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Online casinos and poker

Gross gaming revenue at online casinos and poker rooms topped $100 million for the fourth consecutive month, even as it fell to $100.8 million in June, down from $110.8 million in May. June’s Gross revenue produced $88.9 million in taxable revenue, down from $101.3 million in May, and $37.2 million in state and local taxes.

Pennsylvania’s online gambling market has boomed since the beginning of the pandemic, taking in more than $1 billion in gross revenue over the fiscal year. New Jersey’s $107.1 million in gross gaming revenue topped Pennsylvania in June, making the Garden State No. 1 among U.S. markets in June. But near the two-year anniversary of the launch of online casinos in Pennsylvania, which debuted on May 31, 2019, online gambling has generated more in monthly gross gaming revenue than New Jersey for two of the last seven months, including in May.

For fiscal year 2020-21, Pennsylvania’s online casinos and poker rooms generated:

$1.1 billion in gross gaming revenue, up 259.8% from $297.3 million in FY 2019-20.
$897.2 million in taxable revenue, up 272.5% from $240.9 million in FY 2019-20.
$372.7 million in state and local taxes, up 283.4% from $97.2 million in FY 2019-20.
$31.9 billion in online casino wagering, up 291.4% from $8.1 billion in FY 2019-20.

“The growth of online casinos over the past 15 months has forever altered the landscape of Pennsylvania’s gaming industry,” Cross said. “The potential of Pennsylvania was obvious from the start. But the expansion over the last year to the cusp of becoming the largest online gambling market in the country, capable of generating more than $1 billion in revenue in a single year, has been remarkable.”

Other highlights from May:

Wagering on online casino games reached $3.1 billion in June, up from $1.7 billion in June 2020 but down from $3.3 billion in May.
Online casino and poker rooms generated $3.4 million per day in gross gaming revenue over the 30 days in June, down from $3.6 million per day in May.
Penn National, which includes the DraftKings, BetMGM, Barstool, and Hollywood casinos, topped the market with $37.2 million in revenue. Rivers-Philadelphia, which includes PlaySugarHouse, Borgata, and BetRivers casinos, was second with $27.3 million in revenue.
Betway PA soft-launched its online casino and sportsbook in late June through its partnership with Live! Casino Philadelphia, adding another operator to the Pennsylvania landscape.
Poker revenue in June fell to $2.4 million from $2.6 million in May. Mount Airy/PokerStars topped operators with $2.0 million in June.

Related Topics:Dustin Gouker Latest-News

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Fourth Star Launches Immersive Media Streaming Platform

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21 hours ago

January 30, 2025

Adrienn Sarkany

Fourth Star, the cutting-edge virtual reality immersive media streaming platform, is officially available to the public. This innovative platform transforms traditional entertainment by enabling users to seamlessly watch standard 2D, 180 and 360 immersive media content and movies. Fourth Star redefines how audiences engage with immersive storytelling, offering an unparalleled first-person centric perspective on entertainment.

“Fourth Star is more than just a platform – it’s a revolution in entertainment,” said Greg Simon, Co-Founder & CEO of Fourth Star. “We’ve created an immersive experience where users can not only consume content but also actively participate in it. Our vision is to transform how people experience media content and movies in a way that has never been done before.”

A New Era of Interactive Entertainment

The largest immersive media streaming platform available on Sidequest, users can explore nearly forty unique environments, interact with AI-driven crew, and experience entertainment in an entirely new way. Fourth Star offers a groundbreaking approach to digital engagement, whether socializing in the Cafe, customizing avatars in private Apartments or Ships, or stepping directly into a movie’s storyline.

“The combination of VR, AI, and blockchain in Fourth Star sets a new standard for immersive entertainment,” said Craig Wiltshire, CTO of Fourth Star. “Our vision is to seamlessly integrate all three technologies into the user experience. We are redefining the entertainment experience from passive observation to active creation.”

Built for Content Partners

Fourth Star is a self-serve platform designed for content partners of all sizes, from individual creators to blockbuster studios. Content partners can set up an account, create content channels, and begin monetizing their work immediately. No integration is required, allowing for seamless onboarding and instant access to a global audience. The Creator Portal empowers partners to distribute and profit from their immersive media with ease, making Fourth Star a truly open and accessible metaverse for digital entertainment.

Key Features of Fourth Star

VR Streaming Platform – Users can access nearly forty environments and own their own luxury apartments and ships all equipped with an immersive media streaming entertainment hub.
Social & Customization – Connect with others in dynamic social hubs, personalize your avatar, and invite your friends to your own luxury apartment and ship.
Player Portal – Users can access the web-based marketplace to explore content, invite friends,
Creator Portal – Set up an account, create content channels, and begin monetizing your work immediately. No integration is required, allowing for seamless onboarding and instant access to a global audience.
Blockchain Integration – The FSTR token, built on the Polygon blockchain, powers the ecosystem, providing secure transactions and exclusive rewards.
AI-Powered Companions – Coming soon

FSTR: The Utility Token Powering Fourth Star

FSTR serves as the primary ecosystem currency within the Fourth Star platform, enabling users to purchase Apartments, Ships, AI Companions, and exclusive content. Token holders benefit from:

VIP Access – Exclusive events, early screenings, and red carpet experiences.
Discounts – 25% savings on in-app purchases (IAPs) and entertainment content.

A New Paradigm in Entertainment

Fourth Star is designed to deliver the future of entertainment through merging cinematic storytelling with interactive gaming, offering:

A seamless transition from passive to interactive experiences.
A thriving community for players, creators, and investors.
Advanced AI integration for interactive AI characters.
Don’t just watch the star in the movie, become the star.

Availability and Access

Fourth Star is now live and available for users worldwide on Sidequest. Whether you’re an explorer, content creator large to small, storyteller, or entertainment enthusiast, Fourth Star provides an immersive space to experience digital entertainment like never before.

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NorthStar Gaming Announces $43.4 Million Long-Term Debt Financing

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23 hours ago

January 30, 2025

Niji Narayan

NorthStar Gaming Holdings Inc. announced that the company has, subject to final approval of the TSX Venture Exchange, entered into a credit agreement (the “Credit Agreement”) in respect of a senior secured first lien term loan facility providing for loans in an aggregate principal amount of up to $43.4 million CAD (being the approximate equivalent of $30,000,000 USD) (the “Credit Facility”) to be made available by Beach Point Capital Management LP (“Beach Point”). Playtech plc (“Playtech”) and certain Playtech subsidiaries have agreed to provide credit support for certain obligations under the Credit Facility. The Credit Facility represents a significant milestone for NorthStar, strengthening its balance sheet and enabling the Company to continue to accelerate its growth initiatives.

“This is a pivotal moment for NorthStar, marking the largest financing in our history. This Credit Facility strengthens our balance sheet and directly supports our ability to scale operations and drive the business towards profitability with a single-minded focus. We are grateful to Beach Point Capital Management for their trust in our strategy and vision. We are also thankful for Playtech’s steadfast partnership which was instrumental in securing this funding, reinforcing their value both strategically and as a technology provider,” said Michael Moskowitz, Chair and CEO of NorthStar.

“Beach Point has deep experience investing across the gaming sector and is excited to partner with NorthStar to support their strategic initiatives. The online gaming sector has been growing rapidly, and this investment reflects our confidence in the Company’s leadership, market potential, and ability to deliver long-term sustainable growth. Likewise, we value the partnership with Playtech, who are contributing their leading technology, global reach, and strategic vision towards NorthStar’s continued success,” said Gabriel Fineberg, Managing Director at Beach Point.

The purpose of the Credit Facility is to support NorthStar’s continued growth by significantly strengthening the Company’s balance sheet. The Company will use the proceeds of loans made pursuant to the Credit Facility: (i) to repay the aggregate $9.5 million CAD principal amount (plus accrued interest) loaned to the Company by Playtech pursuant to unsecured, interest-bearing promissory notes dated April 25, 2024, September 13, 2024 and December 16, 2024; (ii) to fund an interest reserve account in respect of the Credit Facility in an amount equal to $7,000,000 CAD; (iii) for working capital and general corporate purposes; and (iv) to pay transaction costs in connection with the Credit Facility.

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HUFF N’ MORE PUFF Slot Arrives Online Exclusively at FanDuel Casino

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23 hours ago

January 30, 2025

Niji Narayan

FanDuel, a premier online gaming company in North America, announced the launch of Light & Wonder’s Huff N’ More Puff slot game, exclusively on FanDuel Casino. Huff N’ More Puff will be available on FanDuel Casino in New Jersey, Pennsylvania, Michigan, West Virginia, Connecticut, and Ontario beginning February 4, 2025.

The online launch of Huff N’ More Puff combines one of America’s favorite slot games with the industry’s best promotions, giving online slot lovers a top-tier experience which can only be found on FanDuel Casino. Players join the Big Bad Wolf in a quest for prizes as he huffs and puffs to blow down houses to reveal rewards and prizes for real money.

“The Huff N’ Puff family of slots is one of the most popular slot series on the casino floor, and we are excited to bring it exclusively to FanDuel Casino customers. Offering our players beloved and exclusive games is a top priority for us, and bringing Huff N’ Puff to FanDuel Casino helps us continue to grow our iGaming product while offering our players more ways to win,” said Ian O’Reilly, FanDuel Casino Product Senior Director.

Vegas Matt, FanDuel Casino’s ambassador, is ecstatic that one of the most popular slots in the world, Huff N’ More Puff, is joining FanDuel Casino’s exclusive game roster. “I have been playing the Huff N’ Puff game family on the casino floor for years, and I am so excited I will now be able to play online at FanDuel Casino. The game is virtually identical to the casino floor with one extremely exciting difference, you can buy a bonus! It’s an absolute game changer.”

“We are honored to partner with FanDuel Casino to bring the Huff N’ Puff family of slot games to the iGaming space. Creating immersive content that forges lasting connections with players is core to our DNA. The Huff N’ Puff brand represents one of our top brick-and-mortar game families and we are ecstatic to work with FanDuel Casino to bring this series to life,” said Dana Jackel, VP Commercial & US Managing Director at Light & Wonder.