Sports betting is alive and well across the United States, as more individual states legalize the industry and operators being launching services. Pennsylvania is one such state allowing online and land-based sports betting with iGaming offered via a partnership with a brick and mortar casino in the state. Just this week, it was announced that the Wind Creek Casino has partnered with BetFred, an international operator, to focus on sports betting in the state.
The BetFred company is considered an old-school operator internationally. Having launched in 1967 as a retail option, the betting company has a colorful history and continues to be a top operator today. The business has grown over the decades and now operates more than 1,600 shops across Europe. They also recently expanded online via the OptimaMGS platform.
The company began their foray in the US sports betting market in the summer of 2019 when they began offering retail services in Iowa. Now the company is partnered with the Wind Creek Casino, the new facility that was formerly known as the Sands Bethlehem.
The casino was previously owned by the Las Vegas Sands and was sold to Wind Creek Hospitality in May 2019 for $1.3 billion. The hospitality organization is owned by the Poarch Band of Creek Indians. Wind Creek is a huge casino in Pennsylvania, offering more than 3,000 slot games.
Wind Creek will need to apply for a license to offer sports betting before they can launch a retail space. The operator would still have the option to launch online as well. The company is expected to launch online poker and casino gaming as well in the future.
For sports betting in the state, Wind Creek will make 13 retail operators in Pennsylvania. If they go online, they would be the 9th offering.
Sports Betting Progress
When sports betting first launched in Pennsylvania, only three retail outlets were on offer. That number grew, with mobile betting exploding throughout the year. By the end of last year, players had wagered almost $1.5 billion via regulated channels.
For the year, the state saw just over $111 million in revenues with taxes of $30. 3 million paid. Many analysts are now wondering if the industry could reach around $5 billion by the end of 2020. Projections have been made based on the market maturity with hold, revenue and handle. It is estimated that sports betting in the state could reach as much as $6 billion in handle, producing up to $350 million in revenues.
With new operators like Wind Creek getting in the mix, it offers even more potential for the state to reach such numbers. We shall see as the months go by if the state is reaching their handle and revenue potential as more operations get underway. The state will be expecting even more revenues as other gaming options get started, such as video gaming terminals and satellite casinos, both options are currently in the works.