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The Pennsylvania Gaming Control Board unveiled the revenue figures for the second month of regulated fantasy sports, well, they are even less impressive than the first.
For the month of June, FanDuel, DraftKings, and a series of lesser known collectively generated $ 1.02 million in adjusted revenues, of which $ 152.7 million was paid in taxes in Pennsylvania. This represents a sizable decline for the fledgling industry, which totaled $ 1.332 million in its first full month of operations.
It also represents a misery compared to what almost all other vertical games of chance produce for the state, including a
Two and the rest
As was the case last month , the big hitter DraftKings and FanDuel dominated the show, with the first pulling $ 511,235 and FanDuel, $ 490,039. It should be noted that the two reversed positions, as in May it was FanDuel which generated a little more income.
Despite their mbadive advance on the rest of the pack, the two operators experienced a fairly significant monthly decline, with DraftKings revenues fell by 19.1% and FanDuel by 27.2%. This sharp decline easily explains by the month of June rather calm for major sports, the NHL and NBA seasons ending at the beginning of the month, leaving only MLB. In the same vein, we should see a sharp rise towards the start of the NFL season in September
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- More games coming soon [19659011] In third place was DRAFT, with a derisory income of $ 10,192. DRAFT was an badet in a recently completed acquisition that saw FanDuel and international gaming giant Paddy Power Betfair join forces, in what is a concentrated effort to become a dominant force in the US sportsbook landscape. . The resulting FanDuel group is composed of FanDuel, Betfair US, TVG and DRAFT.
Behind DRAFT, the other seven operators of the fantasy contest each generate less than $ 5k, with a Fantastic Alternative FastPick site under $ 100, and Full Time Fantasy Sports and Fantasy Football Players Championship doing exactly zero deals. The very famous Yahoo Fantasy Sports itself had a negative month, with revenues of $ 269.18. On the bright side, it looks like he'll receive a $ 40 tax refund and change
Low man on the totem
Fantastic sport has never been expected to be a boon for Pennsylvania, and up to this point it has been true, other gambling in the state brings in a lot more revenue.
Operators paying a fee of $ 50,000 billed to the state, which several operators probably already regret paying, have generated about $ 900,000 for Pennsylvania. In the future, it seems that the industry will pay some $ 3 million in taxes each year. At 15%, fantasy competitions are taxed much lower than most other gaming formats.
Here's a glimpse of what other gaming formats have contributed to the state coffers:
- 18, the 12 state land casinos generated a record $ 3.248 billion and paid $ 1.337 billion in taxes
- Mini-casino licenses : Earlier this year, PA has sold five mini-casinos, Generating $ 127.7 million
- Licensing Games Online : In a better than expected result, nine land-based casinos have applied for interactive gaming licenses covering the machines slot, table games and sports. Collectively, $ 90 million will go to the state coffers, not to mention the promise of substantially higher revenues once the sites are operational.
- PA iLottery : Even the state's discrete online lottery outperforms fantastic sports Given the low revenue cap of daily fantasy, it's no surprise that FanDuel and DraftKings have unreservedly adopted sports betting. FanDuel has already launched a land-based brand book at the Meadowlands, New Jersey, with the goal of launching a NJ online sports book and online casino before the start of the NFL season. DraftKings recently partnered with Del Lago Casino & Resort in New York to operate a land-based book and is currently seeking to raise $ 200 million for a $ 1.5 billion valuation.
Neither one nor one has announced definitive sportsbook plans for the Pennsylvania market. The door has been opened for potential sports betting operators, manufacturers and suppliers to submit their applications since July 11, but so far there have been no reported bites. The prohibitive tax rate of 34% on sports betting may play a role in the heist.
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