When you want to be an online bookie, you need to be aware of what is happening in the gambling industry. This means keeping track of the latest news, trends, and reports from gaming markets. This will help you in planning and managing your online sportsbook business. And if you are truly savvy, you will even add in online casino gaming and horse racing. Why? Well for one, because you can. Two, is because it is very lucrative to offer all of these instead of just sports betting. Take a look at the Pennsylvania gambling market for instance.
The combined total revenue from all forms of gambling in the Pennsylvania gambling market equals $477.1 million in January 2024. This is just a single month’s worth of activity, which is actually 2.7% better performing than January 2023. The total tax revenue generated for the same month is at $195.2 million, which is good for the state’s coffers.
What is Lucrative in the Pennsylvania Gambling Market?
There are quite a few reasons to start a sportsbook in 2024, and the main reason is profit. The total monthly handle for sportsbooks in Pennsylvania is at $858.1 million, much higher than the same period last year by 11.1%. The taxable revenue for sportsbooks is $69.9 million, which is a whopping 78.2% higher than January 2023’s revenue.
But one of the tips that experts will teach you when learning how to be a bookie is to diversify. Since you are using a good bookie software, you will have the capability to offer more gambling products to your players. Online gambling in the state has a monthly gross revenue of $149.5 million in January, with retail table games at $72.6 million. Slot machine revenue is at $179.5 million for January alone. As you can see, online casino gaming can be just as lucrative, or even more lucrative, than sports betting.
Pennsylvania also allows video gaming terminals (VGTs) in the state, which has an adjusted revenue of $3 million for January. Fantasy sports is also quite popular in the state, generating $2.4 million in revenue for the month.
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