Philly Teams' Success Helped Drive New Retail Betting Records
The 18 retail sportsbooks in Pennsylvania are not as popular as the 14 online/mobile sites on which to place sports bets. The bets placed in person at 15 casinos and three off-track betting parlors represent only 8% of the overall wagering volume. Last month, $64.8 million in bets were placed at the brick-and-mortar sportsbook, generating $6.1 million for the casinos.
The sportsbook at Live! Philadelphia took $10.05 million in bets in October. The hold percentage of 9.3% from the bets was lower than most rivals. Pittsburgh sportsbooks increased their revenue, but their growth was smaller. The gross hold% of 9% was better than the 7.6% retained from bettors at online/mobile books.
Live! Philadelphia sportsbook took $10.05 million in bets in October. The hold percentage of 9.3% from the bets was lower than most rivals. Pittsburgh sportsbooks saw a bigger increase in revenue. The growth in handle between September and October was smaller in the Pittsburgh area sports books.
The activity at the retail sportsbooks in Pennsylvania casinos varies widely. The biggest one is Live! Philadelphia, which is on pace to set a new betting handle record for the state’s retail operations. October sportsbook activity is always higher than in September. The $62.2 million wagered in person in October 2021 was the record until last month. At Parx Casino, the 9.4% hold percentage mirrored the statewide retail number for October. Rivers Casinos in the heart of Philadelphia and Pittsburgh and Live!, in Philadelphia's stadium district draw by far the most betting action.
Rivers Pittsburgh sportsbook saw a rise in activity between September and October. The Meadows saw an increase in revenue. October's cross-state rivalry game between the Eagles and Steelers was a big factor. The Eagles won 35-13. It may have hurt the Philadelphia area sportsbooks. However, it may also have boosted the fortunes of Rivers Pittsburgh and The Meadow.
Live! Pittsburgh sportsbook took $1.36 million in bets in September. Its handle more than tripled to $4.78 million for October. It was the only retail sportsbooks in the red for the month, reporting a loss of $283,320. The Philadelphia Eagles and the Phillies did well in October, but no one expected them to do so well.
