Pennsylvania Sports Betting Sets Record with $462 Handle
Pennsylvania sports betting market broke its own record in September with $462 million in handle, representing 26.8% up from its previous best. The Keystone State has joined the party along with New Jersey, Indiana, and other states that welcome every new month by setting new betting records.
According to the Pennsylvania Gaming Control Board, the state witnessed $992.6 million wagered in the first quarter of the fiscal year. In addition, the report further said that $463 million in sports bets were placed in September within the Keystone State, representing a 27% increase from August and a 137% bounce from September 2019.
More importantly, it is the first Pennsylvania betting market to ever cross the $400 million handle mark.
However, revenue could not hit a new record, according to the report. There was $18.3 million in sports betting revenue for September, which is not bad for a 3.9% hold, following a national trend of modest hold despite record-breaking betting number.
Pennsylvania Sports Betting Figures
Pennsylvania has been one of the top sports betting states since its launch. The state saw a 26% jump in betting handle from August to September, representing a $100 million increase in a month. However, revenue did not depict a similar tale of glory as it reflected a decrease from $27.6 million in August to $18.3 million in September.
Nevertheless, this is a common trend amid high customer sign-ups ahead of the NFL season, as Pennsylvania sports betting sites give away plenty of free welcome bonuses to woo people. Although the overall wagering increased, the hold percentage and revenue dipped from deposited money being wagered due to the bonuses.
Pennsylvania Sports Betting Operators
Still, September was a great month for Pennsylvania operators. Both DraftKings Sportsbook and FanDuel saw more than $100 million wagered on their platforms. FanDuel was the most popular betting platform among the enthusiasts that saw $171.2 million wagers in September.
Along with FanDuel, DraftKings and Rush Street Interactive boasted the top three largest handles in September, with customers wagering $118.8 million and $64 million, respectively. The fourth place was claimed by Barstool Sportsbook, although it was operating in the state for only 13 days. It took $32.3 million in bets after offered customers with $2.2 million in promotional credits, which cost the sportsbook $2.4 million losses in revenue.
Almost 90% of the total betting handle came from smartphones. Around $414 million was bet online, as the pandemic continues to affect people’s usual choices. Many states have witnessed online betting numbers touching 90% due to the reduced capacity at casino establishments.
Other State Records for September
The inclusion of the NBA and NHL playoffs in September helped sports betting flourish throughout the US, with many states hitting new records.
For instance, New Jersey sports betting boasted a national record-setting September with $748.6 in handle. It came a month after New Jersey set the previous record only a month ago in August. In addition, sports betting in West Virginia, Oregon, Indiana, and Iowa hit new handle records as well. New records from other states like Nevada, Rhode Island, and New Hampshire are expected soon.
Illinois, Colorado, Michigan, and Washington DC all had their top handle months in September as well.
Will Pennsylvania Persist with this Trend in October?
Pennsylvania had an incredible month in September, thanks to all four major sports and college football that coincided throughout, but October will see only the NFL, MLB, and College Football. The NBA Finals did conclude this month, but it was only for the first ten days.
The Keystone State’s betting handle will inevitably see a plunge as October usually involves fewer sports activity. Yet, the state is likely to witness an increase in betting revenue. Now that most sports enthusiasts signed-up ahead of football season, plenty of free plays and welcome bonuses will be put aside for deposited money to be bet on games.
This will swell the hold for the state in addition to bringing in more taxable money in October. So, despite the possibility of a decreased handle, Pennsylvania should extract more taxable revenue in October.