SPORTS BETTING GROWTH DRIVES PA GAMBLING REVENUE UP 7.9%

Gambling revenue in Pennsylvania increased by 7.9% year-on-year in September following a 77.7% jump in sports betting revenue. Total gambling revenue for the month amounted to $448.5m (£399.5m/€459.1m), which was ahead of $415.7m in September 2021 and also 5.4% higher than $425.4m in August of this year. Retail slots remained by far the main source of revenue for operators in Pennsylvania during September, though revenue from this area of the market fell 0.2% to $198.5m. Retail table games revenue was also down 2.9% to $81.6m.

However, these declines were more than offset by growth in almost all other sections of the state’s market, including sports betting where revenue rocketed from $28.3m in 2021 to $50.2m this year. Of this total, $43.0m came from online wagering, with the remaining $7.3m generated at retail sportsbooks. Sports betting handle was also up 11.5% year-on-year to $645.2m. Continue reading →

            SPORTS BETTING SEASON PUTS LONG-STANDING FOCUS ON GAMBLING STOCKS

The start of football season and increasing acceptance of online sports betting has all eyes on gambling stocks. Shares of DraftKings Inc (NASDAQ:DKNG), FanDuel owner Flutter Entertainment PLC (LON:FLTRF), and Barstool Sports backer Penn Entertainment (NASDAQ:PENN) are all up this month after the start of NFL season.

The American Gaming Association estimates a record 46.6 million American adults, or 18%, will place bets on NFL games, up 3% from last year. Sports betting is currently legal in 36 states and Washington, D.C., the association said, and 18 of the 22 states that have NFL teams have legalized sports betting. Continue reading →