Daily Fantasy Sports in Pennsylvania Generated a $12.4 Million Turnaround in its First Month of Operations
The state of Pennsylvania just started offering Daily Fantasy Sports activities across the state, and so far, they are off to a superb start. For the first month DraftKings and FanDuel, the market leaders in the US have accounted for 98% of DFS activities in the state. Pennsylvania earned $673,013 in adjusted revenues and paid out $632,008.
The state of Pennsylvania harvested right around $200,000 in tax revenues. Ten different DFS operators have paid $50,000 in licensing fees that were required by the state’s Gaming Control Board and agreed to the GGR tax rate of 15%. $12.4 million in DFS revenues were generated by five leading companies. DRAFT was trailing against the two market leaders alongside Fantasy Draft and Yahoo Fantasy Sports. All three companies or operators trailed to the bottom of the list.
Pennsylvania started offering DFS activities in May. Pennsylvania was the 19th state to pass legislation regarding daily fantasy sports. All DFS operators and websites are monitored closely by the Pennsylvania Gaming Control Board, and must comply by the state’s regulations. One month of offering DFS activity and netting more than $200k, it’s safe to say DFS is a win, win for the state.