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Sports betting is off and running to record levels in N.J., Pa.

by: maxiwire.com - posted on: 26-Oct-2019

Sports betting have risen to record highs in Pennsylvania and New Jersey last month, the first full month of professional and college football seasons according to state regulators.

Betters in both states made $640 million in September, and gambling operations retained $52.7 million in gross revenue. Although New Jersey took more than double the number of sports bets as Pennsylvania, the Keystone State collected more tax revenue thanks to a higher tax rate.

Pennsylvania said Thursday that the bookies raised $194.5 million on the game in September, up 78.4% from August. According to data released by the Pennsylvania Gaming Control Board, legal bookies reported a $14.9 million increase in gross revenue from sports betting.

New Jersey, which got a start on legalizing sports betting following a favorable US Supreme Court ruling, last year, reported $445.6 million in sports betting operations in September, up 51.7% from August. According to data released by the New Jersey Division of Gaming Enforcement, betting operators reported a $ 37.8 million increase in gross revenue from the previous month.

Pennsylvania took $5.3 million in tax revenue from sports betting, based on its 36% tax rate on gross revenue (2% is set aside for host communities).

New Jersey, although it generates a lot more sports-betting revenue than Pennsylvania, collects $4.5 million in taxes, a 13% tax rate on Internet sports bets, and placed in retail sportsbooks in casinos and playgrounds the bets made is based on an 8.5% tax rate.

One of Pennsylvania’s smaller casinos, Valley Forge Casino Resort, is the surprise leader for sports betting in Pennsylvania based on its partnership with popular fantasy sports giant FanDuel. In September, more than 45% of all sports held in Pennsylvania – $88.5 million – were channeled into the retail operations of FanDuel or Valley Forge.

Valley Forge reported $5.1 million in sports-betting revenue in September. Over 92% was generated from online betting.

SugarHouse Casino in Philadelphia and Parx Casino in Bensalem were second and third for sports-betting revenue with $2.9 million and $ 2.4 million, respectively. Both casinos reported more than $1 in revenue generated in their brick-and-mortar retail operations, and the rest from the Internet.

Parx’s two satellite sportsbooks at its off-track betting locations in South Philadelphia and in Audubon generated additional $636,000 in revenue.

This article is a reprint from Maxiwire.com. Read and comment on the original here.