Thanks to figures released by the Pennsylvania Gaming Control Board (PGCB) it has been revealed that $1.38 million in tax dollars has been collected in Pennsylvania thanks to daily fantasy sports (DFS) wagers.
$320,000 in tax revenue was generated for the state in September with October tax revenue jumping to $435,000, making it the best month so far for the state.
As the NBA season got underway, October saw 36% revenue growth, with $2.9 million in DFS revenue generated across the board. The NFL season has been underway since September which bolstered numbers last month.
DFS operators DraftKings and FanDuel are still leading the pack when it comes to entry fees and revenue generated. Both grew 32% between September and October, with DraftKings still sitting in the top spot.
For the first time in two months, Yahoo made a profit. Despite having its best month to date in terms of entry fees in September (taking in $300,000 in September compared to $225,000 in August), October was even better. $478,000 was generated in entry fees which was enough to see the site get into the black.
Notably, the basketball-only DFS operator SportHub kicked into gear in October taking $230 million in entry fees, putting it third in the market for revenue but not in entry fees due to their high margin.
Sports Wagers Goes Live in PA
October also saw the exciting launch of sports betting in Pennsylvania. Hollywood Casino went live with its sportsbook on Saturday November 17.
Hollywood Casino is the first casino in Pennsylvania to offer live sports betting, beating its competitors to market.
Partnering with sportsbook operator William Hill, this is the fifth US market to see the British provider go live with its operations.
With 36% in taxes going to the state each month from all sports betting revenue, things look pretty good for the PA government right now.
