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Why are the national gambling companies Caesars (CZR) and Penn National (PNG) underperforming with their sportsbook operations both in Pennsylvania and New Jersey when compared to regional companies?
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Sports betting industry expert Joe Brennan, Jr. tweeted this Monday:
In PA sports betting, two national companies (CZR and PNG) are getting smoked by two regional companies (Rush Street, owners of SugarHouse and Rivers - and Greenwood, owners of Parx and South Philly). National co. getting smoked in NJ too. Why such small numbers?
The numbers don't lie.
Harrah's is owned by Caesars. They reported a handle of $2.9 million while Penn National had a handle of $3.7 million.
Those look like good numbers, right?
Not when compared to SugarHouse and Rivers.
SugarHouse sports handle was just over $7 million, Rivers just over $8 million.
Penn National operates the Hollywood Casino near Harrisburg. Overall, this casino finished in the middle of the pack in terms of all gambling revenue.
Harrah's operates in the Philadelphia area and was down nearly 7% ($20,455,490 revenue) for all gambling.
Here are the state's overall numbers:
Total Handle: $31,500,741.94 (Down from $32,011,838.76 in Jan.) - Gross Rev: $1,946,816.50 (Down from $2,607,215.09 in Jan.) - State Tax Due (34%): $661,917.61
Rivers Sportsbook lead in handle and revenue for the month.
- Aaron Goldstein, Gambling911.com
