Pennsylvania Sports Betting Posts Record Handle in December with $548.6M

Spread the Word:

Pennsylvania bade farewell to 2020 by posting an all-time high sports betting handle of $548.6 million in December. The previous best for the state was $525.8 million posted in October 2020. The December 2020 handle was also an increase of 60.1% from December 2019, which saw $342.6 million.

According to the state report released Tuesday, total revenue made by Pennsylvania sportsbooks was $45.3 million. Of this revenue, only $34.1 million was taxable for the state, as $11.3 million was deducted in promo credit. This figure is down 8.8% from November’s record high of $37.4 million. Yet, the state managed to draw a considerable $12.3 million in taxes from that.

Overall in 2020, the Keystone State saw more than $3.5 billion in total bets placed across online and retail sportsbooks.

Pennsylvania, Third Largest Market!

In December, New Jersey – the national leader of the sports betting industry – posted the highest sports betting handle ($931.6 million) by any state in the US ever. Nevada’s numbers are yet to come, and the Silver State is likely to post the second-highest handle, as usual, falling slightly short of New Jersey. Therefore, this puts Pennsylvania as the third-largest sports betting market in the US. In the whole of 2020, Pennsylvania saw a handle of $3.6 billion after Nevada’s $4 billion and New Jersey’s $6 billion.

However, though Pennsylvania continues to flourish as the third-largest sports betting market, the Keystone State is taking home more money than industry-leading New Jersey in taxes. Despite November not continuing with the state’s record number, December saw a huge increase in Pennsylvania sports betting and made more than $10 million in taxes, among the highest on record.

Online Sports Betting Sees Unprecedented Growth

Of the $548.6 million in total handle, almost 97.6% or $535.2 million was wagered online. Usually, the mobile handle in Pennsylvania sports betting remains north of 90% mark. However, December’s share further swelled due to casino closures amid the coronavirus-led measures. Mobile sports betting revenue also saw unprecedented growth, both before and after promos. Overall revenue was $44.2 million, with taxable revenue of $32.9 million.

Of all the online operators, DraftKings and FanDuel were the leading the way. New York-based FanDuel, which is partnered with Valley Forge Casino, saw a record-setting month with $207.6 million in handle. However, due to a record amount of promo credits ($5.6 million), FanDuel’s December revenue fell to $7.1 million from a record-setting $15.1 million in November.

For the fourth straight month, DraftKings crossed the $100 million handle. The Boston-based company took $131.5 million in wagers, with a revenue of $5.4 million, a decrease from $6.9 million in November. The Keystone State’s online sportsbook handed out $11.3 million in promos.

Still, the state drew $11.2 million from sports betting taxes, in addition to $657,852 for local taxes.

Online Operators’ Market Share Dips

However, despite the impressive performance, both sportsbook giants DraftKings and FanDuel saw a decrease in their online market share in Pennsylvania. FanDuel’s digital market share dipped to 38.8% from 39.5% in November, while DraftKings’ loss was merely 0.1% to 24.5% in December.

Barstool sportsbook was the third biggest leader in Pennsylvania with 13.4% of the digital handle, up 1% from November. BetRivers witnessed the market share for its two online sportsbooks dip to 9.1% in December from 10.6% in November.

Related News

December 5, 2023

ESPN Bet Joins North Carolina Sports Betting with Quail Hollow Golf Club

Penn Entertainment’s newly launched ESPN Bet is now the second sportsbook to announce its intent to start North Carolina sports betting. It will be done via its partnership with golf […]

December 5, 2023

Maine Sports Betting November Debut Hits $37.6M in Handle

Maine’s inaugural month of legalized sports betting in November saw its two operators take in an impressive $37.6 million in bets. That’s according to the latest data release from the […]

December 5, 2023

Las Vegas Grand Prix Brought Record Revenues to MGM Casinos, Says Company Exec

The Las Vegas Grand Prix, Formula One’s first appearance in the city in four decades, was billed as a potentially record-breaking weekend for the Nevada casinos of Sin City. However, […]

December 4, 2023

Fanatics Secures Connecticut Lottery Sports Betting Partnership

Fanatics Betting & Gaming has clinched a deal with the Connecticut Lottery Corporation (CLC) to become its exclusive provider for mobile and retail sports betting in the state. The sports […]

Stay Ahead of the Game

Are you ready to take your online gambling experience to the next level? Sign up for the LetsGambleUSA newsletter and get the latest news, exclusive offers, and expert tips delivered straight to your inbox.