Summary: The sports betting industry of Pennsylvania continues to expand, with two new operators starting services.
A new sports book opened this week in Pennsylvania and one more is set to open next week, giving the state even more options within the new industry. All eyes have been on several states in the US as sports betting continues to be approved and regulated. Sports betting has easily overtaken the online gambling industry as a hot topic, as more and more states begin to get in on the action.
New Betting Options
The newest sports book to open in the state is the Parx Race and Sports Book of the South Philadelphia Turf Club. The facility began taking wagers this week and this is the fifth sports betting facility to open in the state within a two month time frame.
The new sportsbook is in a prime location and may be the most profitable in the state. Located near the sports mecca of the state, the facility is situated near NHL, NBA and NFL team homes. The Turf Club is just steps from the Citizens Bank Field which is the home of the Philadelphia Phillies MLB team. The facility is also within walking distance to the home of the NFL Eagles, the Lincoln Financial Field. The NHL Flyers and NBA’s 76ers are also just blocks away.
The location of the Parx Race and Sports Book means the facility will be able to take wagers from visitors as they attend games. Fans can easily walk to the sportsbook, place a wager and then head to the game. the location is expected to be a major factor in just how much revenues are earned.
A second sportsbook will be launching next week, this time at the Harrah’s Philadelphia Casino. The property is owned by Caesars Entertainment Corp and is about to finish their testing phase. The sportsbook is expected to open Thursday.
The space being used at Harrah’s for sports betting has been reworked to accommodate 45 large screen televisions, used to show the top professional sports games. Several different seating options were added to visitors will be comfortable and hang around to place bets on their favorite teams.
The introduction of two new sportsbooks to the area is set to only bring about even more revenues. Already, the state has seen great success. In December, three casinos offered sports betting in the state. During the month, over $16 million was placed in sports bets. This resulted in over $2 million in hold.
The Rivers Casino brought in just over $5.5 million while the SugarHouse also brought in just over $5.5 million. Hollywood Casino came in last with just over $5 million. Both the Rivers and SugarHouse were not open a full month so the figures are quite impressive.
Once this month is over, there will be figures to review, but the full spectrum as to how the industry is being affected by new operations will not be seen until February comes to an end. Once February is finished, the five operators will be in business for a full month. This will show just how much is wagered and how much is brought in via hold.
The sports betting industry is certainly growing in the region and the state is set to start offering online gambling this year. With the introduction of online gambling, the earnings of the state will only skyrocket as players have more options for gambling.