/https://specials-images.forbesimg.com/imageserve/5f63950e8b140b88527063d5/0x0.jpg?cropX1=0&cropX2=4963&cropY1=0&cropY2=2791 "More Sports-Betting Records Fall: Gamblers In Pennsylvania Bet $365 Million In August")
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Topline
Pennsylvania is the latest state to announce staggering and record-shattering figures from sports betting, as the Pennsylvania Gaming Control Board reported Wednesday that it generated approximately $365 million in sports betting wagers in August—a record high for the state—up from $109 million during the same period last year.
Sports betting slip
Key Facts
After months of U.S. sports being on hold due to the coronavirus pandemic, the MLB regular season and the NBA and NHL playoffs are in full swing, giving bettors a wide variety of options to choose from.
In July, more than $164.5 million was generated in sportsbook wagers located throughout Pennsylvania, but that number increased to $364,985,422 in August (which is 4.8% higher than the state’s previous record of $348.4 million bet in January).
“In what has been a difficult year, August’s packed schedule of major sports helped Pennsylvania sportsbooks make up some of what was lost from pandemic-related shutdowns,” said Dustin Gouker of Play Pennsylvania.
Mobile wagering has played a vital role in the burgeoning industry, as online wagering accounted for 88.1%, or $321.6 million, of all bets.
On Monday, it was announced that bettors in New Jersey had set an all-time national record for the most money ever wagered on sports in a single month by betting nearly $668 million in August.
The previous record ($614 million) was set in November of 2019 by Nevada.
Key Background:
Online wagering has also exploded in New Jersey. Internet gambling in the Garden State brought in $87.7 million last month, more than twice what it generated last August. “The continuing build-up of online and mobile sports betting, in addition to online casinos and poker rooms, is paying enormous dividends,” said Dustin Gouker. “Some gamblers appear to still be reluctant to visit casinos in-person, and technology is bridging that gap.” Last week, Penn National Gaming announced that the company received approval from the Pennsylvania Gaming Control Board for a soft-launch of the Barstool Sportsbook mobile sports betting app, which is set to debut on Sept. 18. As high as August’s numbers were, many industry insiders anticipate that revenues will continue to climb in September due to the highly anticipated return of NFL and NCAA football.
Crucial Quote:
“Football season is a peak time for sports betting, and volume is expected to be higher than usual this year with sports like basketball still in action due to the pandemic,” said Jason Robins, CEO of DraftKings
Further Reading:
Pa. has record-breaking sportsbook wagers in August (Trib Live)
New Jersey sets nationwide sports betting record at $668M in August (Fox News)
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