Wagering at Pennsylvania’s online and retail sportsbooks fell modestly in May, but still pushed the state past $5 billion in wagering through fiscal year 2020-21. But as sports betting continues its summer slowdown, Pennsylvania’s online casinos and poker rooms racked up more than $110 million in gross revenue to solidify their position as the state’s most dependable gaming revenue generator, according to PlayPennsylvania, which tracks the state’s regulated online gaming and sports betting market.
“The seasonal slowdown will continue to be a factor until bettors can place bets on Eagles, Steelers, and Penn State football games,” said Dustin Gouker, lead analyst for the PlayUSA.com network, which includes PlayPennsylania.com. “And with the popularity of online casinos holding even as retail casino customers return, the state’s gaming industry is in relatively good shape.”
Pennsylvania’s online and retail sportsbooks accepted $447.5 million in wagers in May, down 6.7% from $479.4 million in April, according to official data released Thursday. Through 11 months of the fiscal year, sportsbooks have accepted $5.2 billion in bets.
Sportsbooks won $37.4 million off May’s wagers, up 3.8% from $36 million in April, which produced $27.7 million in taxable revenue. The month yielded $9.4 million in state taxes and $554,930 in local share assessments. Betting volume was up 477.3% in May from $77.5 million in May 2020, a month still marred by the pandemic-related shutdowns of major U.S. sports. The win jumped 532.2% from $5.9 million.
Sports betting tends to tail off from April through August, and Pennsylvania is not immune. The Keystone State’s month-over-month decline from April is steeper than the comparable states that have already reported May data, including New Jersey (up 8.9%), Indiana (up 7.6%), Iowa (down 2.9%), and Michigan (down 4.9%). But in April, betting volume in Pennsylvania was down 14.4% from March, one of the mildest month-over-month declines in the U.S.
The states that have fared the best this spring tend to be the beneficiaries of surging interest in local professional teams. A contending 76ers team, and to a lesser extent the one-series playoff appearance of the Penguins, helped the cause of Pennsylvania’s sportsbooks. But not enough to outperform other states.
“Without a national betting holiday like the Super Bowl or the NCAA Tournament, the summer months are dictated more by local interests,” said Valerie Cross, analyst for PlayPennsylvania.com. “Pennsylvania’s sportsbooks are still well-positioned this summer, especially if the Sixers can figure a way past Atlanta, because they are less reliant on college sports than some other major markets.”
Online betting accounted for 91%, or $407.4 million, of May’s handle. FanDuel/Valley Forge was the online market leader again with $160.9 million in online wagering, down from $167.6 million in April. Gross revenue rose to $17.6 million from $13.8 million in April, producing $14.2 million in taxable revenue. DraftKings/The Meadows tallied $100.0 million in bets, down from $105.7 million in April. DraftKings won $5.0 million on those bets, down from $6.4 million in April.
Penn National’s Barstool-branded app attracted $43.6 million in May, down from $57.2 million in April. Those bets yielded $2.8 million in gross revenue, up from $2.6 million in April.
The online leaders were followed by:
BetMGM/Hollywood Morgantown ($32.4 million handle, down from $33 million; $2.2 million in gross revenue, down from $2.5 million)
BetRivers/Rivers-Pittsburgh ($19.1 million handle, up from $18.8 million; $1.2 million revenue, down from $1.8 million)
Fox Bet/Mount Airy ($14.2 million handle, down from $15.2 million; $964,405 revenue, down from $1.1 million)
PlaySugarHouse/Rivers-Philadelphia ($12.2 million handle, down from $13.4 million; $832,368 in revenue, down from $995,423)
Parx Casino ($11.1 million handle, down from $14.2 million; $1.1 million revenue, down from $1.7 million)
Unibet/Mohegan Sun Pocono ($5.5 million handle, down from $7.2 million; $390,170 revenue, down from $436,595)
TwinSpires/Presque Isle ($3.2 million handle, up from $2.1 million; $120,582 revenue, up from $33,622)
Caesars/Harrah’s ($2.7 million handle, up from $2.1 million; -$65,823 revenue, up from -$75,375)
Betfred/Wind Creek ($2.5 million handle, down from $2.7 million; $101,781 revenue, up from $49,074)
With capacity limits at Pennsylvania casinos now lifted, retail sportsbooks took in $40.1 million in handle in May, down slightly from $40.3 million in April. Those bets yielded $5.2 million in gross revenue, up from $4.8 million in April. Rivers-Philadelphia led the retail market with $6.7 million in bets, edging Parx Casino’s $6.4 million handle.
“The retail market is returning to relative health,” Gouker said. “What we’re really seeing in Pennsylvania, as well as other markets, is normalization. Nothing could be more welcome after such a difficult year.”
Online casinos and poker
Online casinos and poker rooms surged to a near-record $110.8 million in gross gaming revenue in May. That was up 54.6% from $71.6 million in May 2020 but fell just short of the record $111.6 million set in March.
Wagering on online casino games reached $3.3 billion in May, up from $1.8 billion in May 2020 and up from $3.2 billion in April. May’s revenue produced $41.7 million in state and local taxes.
Since online casinos launched in 2019, they have generated a whopping $1.3 billion in revenue from slots, table games, and poker, yielding $432.7 million in taxes. By contrast, online and retail sports betting has produced $581.1 million in revenue and $147.6 million in taxes even though it launched in 2018.
“Online casino revenue continues to dwarf revenue from sports betting, and that gap should only grow over the summer months,” Cross said. “Even as customers return to brick-and-mortar casinos, the gains in revenue at online casinos and poker rooms made over the last year should hold. It has become a revenue-generating powerhouse for the gaming industry and for the state.”
Other highlights from May:
Online casino and poker rooms generated $3.6 million per day in gross gaming revenue over the 31 days in May, up from $3.5 million per day in April.
Penn National, which includes the DraftKings, BetMGM, and Hollywood casinos, topped the market with $43.5 million in revenue. Rivers-Philadelphia, which includes PlaySugarHouse and BetRivers casinos, was second with $30.7 million in revenue.
Poker revenue rose to $2.6 million from $2.3 million. Mount Airy/PokerStars accounted for $2.3 million of May’s revenue.
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.
Rivalry Corp Reports Record Third Quarter 2023 Results, Reaffirms H1 2024 Profit Guidance
Company achieves record Q3 against reduced marketing spend and flattened Opex, highlighting operating leverage; strongest customer KPI’s on a year-to-date basis in Rivalry Corp’s history; positioned to accelerate growth with recently announced $14M capital infusion
- Betting handle of $105.7 million, up 50% year-over-year, while reducing marketing spend 13%.
- Revenue of $8.7 million, a 22% increase year-over-year.
- Gross profit of $4.0 million, up 90% year-over-year.
- Casino has grown to approximately half of the company’s betting handle in Q3, demonstrating ability to cross-sell next generation bettors and drive growth against unseasonably low viewership in select Q3 eSports events.
- Year-to-date customer KPI’s the strongest in company history: all-time high average handle per customer, average revenue per user and record low cost of customer acquisition.
- Year-to-date betting handle has increased 127%, revenue by 70% and gross profit up 175% over the first nine months of 2022. Achieved while reducing marketing spend, highlighting the inherent operating leverage in the business.
- Subsequent to the quarter end, Rivalry Corp completed a $14 million capital infusion that strengthens the balance sheet and provides the company with capital to pursue growth and profitability at the same time.
- Company re-affirms guidance, anticipates achieving profitability in H1 2024.
- Announces virtual investor day to be held on January 17, 2024.
Rivalry Corp (TSXV: RVLY) (OTCQX: RVLCF) (FSE: 9VK), the leading sportsbook and iGaming operator for Millennials and Gen Z, today announced its financial results for the three and nine-month periods ended September 30, 2023. All dollar figures are quoted in Canadian dollars.
“We are proud to have delivered a record third quarter while exercising discipline on costs amidst a challenging capital markets environment for growth companies,” the co-founder and Chief Executive Officer for Rivalry Corp, Steven Salz, said. “Now, with our recently announced capital infusion, we will be able to go back on the offensive, while still maintaining our path to profitability.
“Years of consistent performance, flattened Opex multiple quarters in a row, demonstrated triple-digit growth year-over-year across core metrics year-to-date with all-time high average handle per customer, average revenue per user and record low cost of customer acquisition over that same period gives me high conviction in Rivalry Corp’s future. It is this proven operating leverage, supported by an improving sportsbook margin profile resulting in more revenue per dollar wagered now fuelled by growth capital, that is creating a significant opportunity set for Rivalry Corp. It is that combination which gives us confidence to reaffirm our first half 2024 profitability guidance.”
Third Quarter 2023 Highlights:
- Betting handle for Q3 2023 was $105.7 million, an increase of $35.4 million or 50% from $70.3 million in Q3 2022.
- Revenue was $8.7 million in Q3 2023, a record result for a third quarter, representing an increase of $1.6 million or 22% from $7.1 million of revenue in Q3 2022.
- Gross profit was $4.0 million in Q3 2023, an increase of $1.9 million or 90% from $2.1 million of gross profit in Q3 2022.
- The casino segment generated approximately half of total betting handle ($50.4 million). Recent casino product launches including a custom-branded slots category, a new original game Cash & Dash and the release of Casino.exe on our iOS mobile app in Ontario set the stage for continued growth and increased player wallet share.
- Modest decline in operating expenses sequentially continues the trend of effective cost management while still maintaining significant year-over-year growth rates at the company.
- Net loss was $5.6 million for Q3 2023, a 6% reduction from the net loss of $6.0 million in Q3 2022 and 12% decrease sequentially.
- Rivalry Corp launched an industry-first same-game parlay product for eSports within the quarter, supporting an improved sportsbook product mix and contributing to an enhanced margin profile.
- The company had $7.4 million of cash and no debt as at September 30, 2023.
- On November 15, 2023, Rivalry Corp strengthened its balance sheet with the announcement of a private placement offering of $14 million principal amount senior secured convertible debentures to scale several strategic verticals across marketing, product development and geographic expansion.
Year-to-Date 2023 Highlights:
- Betting handle for the nine-month period ended September 30, 2023 was $338.1 million, an increase of $189.2 million or 127% from $148.9 million in the comparable period of 2022 while marketing spend decreased by 8%.
- Revenue was $29.2 million in the first nine months of 2023, representing an increase of $12.0 million or 70% from $17.2 million of revenue the previous year.
- Gross profit was $13.2 million in the first nine months of 2023, an increase of $8.4 million or 175% from $4.8 million of gross profit a year earlier.
- Net loss of $15.2 million in the nine-month period ended September 30, 2023, a reduction of $3.6 million compared to a net loss of $18.8 million over the same period in 2022.
Rivalry Corp is pleased to announce a virtual investor day to be held at 10:00am EST on January 17, 2024. The company will discuss its outlook for 2024, growth initiatives, upcoming product innovations and insights into the Gen Z consumer. More details will be revealed in the coming weeks.
Investor Conference Call:
Management will host a conference call at 10:00am EST on Wednesday, November 29, 2023 to discuss the company’s third quarter 2023 financial results.
- Dial-in: 888-886-7786 (toll free) or (+1) 416-764-8658 (local or international calls).
- Webcast: A live webcast can be accessed from the Events section of the company’s website at www. RivalryCorp .com. A replay of the webcast will be archived on the company’s website for one year.
Rivalry Corp’s financial statements and management discussion and analysis for the period ended September 30, 2023 are available on SEDAR+ at www. SedarPlus.ca and on the company’s website at www. RivalryCorp .com.
The company also announces that it has approved a grant of stock options, pursuant to the terms of the company’s equity incentive plan, to an investor relations service provider. A total of 44,444 stock options have been awarded to such investor relations service provider. The stock options will be exercisable at an exercise price equal to the closing price of the subordinate voting shares on the TSX Venture Exchange two trading days following the issuance of this press release, for a period of five years from the date of the grant. The stock options vest in equal quarterly instalments over a period of twelve months, commencing on the three-month anniversary of the date of the grant.
Oddin.gg Boosts United States Expansion with Key Licensing Efforts and High-Profile Partnership
Oddin.gg, a leader in eSports betting, is excited to announce significant strides in its North American expansion. Building on Oddin.gg’s existing licenses in Ontario, New Jersey and Colorado, the company is actively pursuing licenses in key states including Ohio, Maryland, Kansas and five more, underscoring their commitment to broadening the company’s footprint in the dynamic United States market.
The United States sports betting landscape is evolving rapidly, with regulations varying across states. This complexity makes navigating the legal requirements challenging but also presents a unique opportunity for innovation and growth in eSports betting. The market is projected to see exponential growth, with an estimated betting volume of around US$10 billion by 2025. The goal of Oddin.gg is to be at the forefront of this surge, offering an unparalleled betting experience.
In this ambitious venture, Oddin.gg is thrilled to partner with Bill Pascrell III, a distinguished figure in political and legal circles. His extensive experience as Counsel to the Governor of New Jersey, Passaic County Counsel and a trusted advisor to high-profile political campaigns and officials including John Kerry and United States Senators like Jon Corzine, Frank Lautenberg and Cory Booker, positions him uniquely to navigate the complex regulatory landscape.
“Our pursuit of additional state licenses in partnership with Bill marks a significant advancement in our mission,” the co-founder and Chief Executive Officer for Oddin.gg, Vlastimil Venclik, said. “We’re not just growing our footprint; we’re innovating and enhancing the eSports betting experience, setting new industry standards. This expansion reflects our dedication to providing engaging, reliable and compliant betting services to eSports enthusiasts across the United States. We’re excited about what the future holds and are committed to being at the forefront of this rapidly-evolving market. We strive to be the leading force dispelling the misconceptions surrounding eSports betting and vigilant guardian of the integrity not just in North America but globally.”
“It is an honor for me to be retained by the number-one choice for eSports betting, Oddin.gg,” Pascrell said. “I will be assisting it as outside counsel with licensing and regulatory compliance in North America. Vlastimil Venclik, co-founder and Chief Executive Officer, and Marek Suchar, co-founder and Managing Director, are trail blazers in the eSports betting market. Vlastimil and Marek have tremendous reach and the best odds feed and risk management as a major B2B provider. The recent decision to expand the reach into the North American market by pursuing faster licensing in more jurisdictions in the United States has generated incredible interest in the ever-growing eSports betting market.”
The company’s goal goes beyond market presence. The aim is to create a richer, more engaging betting environment, tapping into the potential of a market ripe for transformation. This journey is about setting new benchmarks in eSports betting and creating lasting impacts that resonate with their users nationwide. Other news on how Oddin.gg continues to break new ground in the United States eSports betting scene will follow.
MDC Showcases Exciting $5 Crash Gambling Offer for Canadian Players
Minimum Deposit Casinos (MDC), a top casino affiliate site, is excited to feature an exclusive offer from Jackpot City Casino, introducing an innovative crash gambling experience in Canada. This promotion, highlighting a special $5 deposit option for engaging crash gambling games, is set to transform the Canadian digital gaming landscape, marrying affordability with high-energy gaming.
A New Era in Online Gaming
Amidst the rising popularity of crash gambling games, this featured offer caters to a wide spectrum of players, emphasizing both strategic gameplay and the excitement of real-time betting. The $5 deposit option democratizes access to online gambling, inviting more players to experience the thrill of high-stakes gaming without the associated high costs.
Exclusive $5 Offer – FlyX Awaits
In a special promotion, Jackpot City Casino is offering an exclusive deal for players directed through MDC. With a simple $5 deposit, players can unlock 40 free spins on the popular crash gambling game, FlyX. This offer enhances the gaming experience, providing increased opportunities for winning and an affordable gateway into crash gambling.
MDC: Curating Top Gaming Deals
A spokesperson at MDC remarks, “Featuring this offer from Jackpot City Casino aligns with our mission to bring the most exciting and affordable gaming experiences to our community. This $5 deposit initiative not only makes gaming more accessible but also showcases our commitment to offer our users exceptional deals.”
Diverse Gaming Opportunities Await
The inclusion of $5 deposit casino options presents a rich variety of crash gambling experiences. Each game offers unique challenges and rewards, ensuring that players of all preferences and budgets have access to engaging gaming options through MDC.
Turning Modest Deposits into Significant Wins
This initiative underscores the potential for players to achieve significant returns from modest investments. Crash gambling games, known for their dynamic and thrilling nature, provide opportunities for impressive wins, even from small starting bets.
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