May daily fantasy sports powers was supposed to lead to June flowers. Unfortunately for Pennsylvania, its latest online gambling expansion instead was subject to a slow sports schedule.
A debut month of $1.3 million in revenue in May was followed by this past month’s total of just over $1 million. All told, revenue for DFS in the Keystone State decreased by $313,844.02 month-over-month — a 30 percent drop.
That said, considering the absence of major sports for the majority of June, the outlook for the state’s DFS future is rosy.
DraftKings takes over as leader
In June, however, DraftKings took over as the leader. Despite earning $120,000 less in June, the DFS giant still posted $511,234.93 in revenue last month to outpace its chief rival FanDuel, which had $490,038.78.
Here’s a breakdown of the DFS market in Pennsylvania:
Of note is Yahoo, which filed for a loss in June, paying out more prizes than it collected in fees, and claimed a refund.
Consider what sports were in action
The decrease in revenue — and, as a result, taxes — is understandable. Pennsylvania’s first month of DFS included, notably, the MLB and the tail ends of the NBA and NHL seasons.
The Las Vegas Golden Knights took the sports world by storm with a run to the NHL Stanley Cup Final, where they fell to the Washington Capitals for the franchise’s first championship.
There was the Western Conference Finals in the NBA, featuring a Game 7 between the Golden State Warriors and Houston Rockets that was the highest-rated conference title-clinching game in 16 years. But a short NBA Finals, a four-game sweep by the Warriors, cut short what could have been a longer NBA postseason.
So when talking heads discuss the sixth month of the year as the Death Valley of sports months, there is reason for that.
Coming up next…
Fortunately, DFS made it through the desert and is nearing the oasis. Football kicks off in just over a month, for example, which will be huge for Pennsylvania DFS companies.
Revenue figures for July will be interesting to see, considering the height of the World Cup — albeit with the absence of the US Men’s National Team — as well as golf and MLB. Likely, the lowlight for the still-young DFS industry in Pennsylvania may have already been realized.
And likely, there is nowhere to go but up.