Sportsbooks took a hit in production, with the Super Bowl as the only NFL game scheduled last month. The Pennsylvania Gaming Control Board (PGCB) reported $661.7 million in total bets and $50.4 million in revenue for the state in February.
PA online sportsbook handle displayed a stronger February this year than last. The Keystone State recorded a 10.4% year-over-year increase.
PlayPennsylvania Managing Editor, Dave Briggs, said:
“While the Super Bowl is a tremendous betting event, the fact it was the only NFL or college football game in February clearly had an impact on Pennsylvania betting totals, leading to a 23% decline from January. The good news is February handle was up over 10% from February of 2023.”
February 2024 numbers for Pennsylvania sports betting
? Handle: $661.7 million (22.9% MoM decrease; 10.4% YoY increase)
? Revenue: $50.4 million (48.1% MoM decrease; 19% YoY decrease) / Adjusted Gross Revenue (taxable): $30.3 million
? Hold: 7.6% (down from 11.4% last month)
? Percent of bets placed online: 94.8%
? Promotional credits: $20.2 million
? February sports betting taxes: $10.9 million
? State and local entities: $605,052
? Top sports betting app by handle: FanDuel Sportsbook PA with $276 million
? Top sports betting app by revenue: FanDuel Sportsbook PA with $24.7 million
Quick analysis from February PA sports betting figures
- Despite the fifth full football season winding down in February, projecting around $800 million in handle this month.
- DraftKings Sportsbook PA. Since replacing Barstool last November, ESPN Bet has certainly had its fair share of bumps. However, the operator made $1.2 million in gross revenue, the most ever since debuting. ESPN Bet has cut down on promotional spending and, little by little, increasing revenue. Perhaps it’s starting to gain some traction in the Keystone State.
- BetMGM Sportsbook PA, and actually lost money after recording a -0.3% hold last month.
PA online sportsbook handle by operator in February 2024
| Licensee | Online Brand | Handle | Revenue | Hold | Taxes |
|---|---|---|---|---|---|
| Valley Forge | FanDuel | $276,101,981 | $24,713,502 | 9.0% | $6,383,237 |
| Hollywood Meadows | DraftKings | $177,255,919 | $13,934,465 | 7.9% | $2,763,635 |
| Hollywood Penn National | ESPN BET | $52,210,976 | $3,310,922 | 6.3% | $420,083 |
| Hollywood Morgantown | BetMGM | $36,734,788 | $2,494,119 | 6.8% | $153,655 |
| Harrah's Philadelphia | Caesars | $31,585,137 | ($89,389) | -0.3% | ($180,713) |
| Rivers Pittsburgh | BetRivers | $23,546,319 | $1,706,837 | 7.2% | $379,924 |
| Rivers Philadelphia | PlaySugarHouse | $16,650,476 | $675,656 | 4.1% | $150,509 |
| Hollywood York | Fanatics | $15,930,272 | $1,576,954 | 9.9% | $145,650 |
| Parx | betParx | $14,936,803 | $872,977 | 5.8% | $239,061 |
| Live Philadelphia | Betway | $6,139,067 | $314,926 | 5.1% | $113,373 |
| Mohegan Pennsylvania | Unibet | $5,122,730 | $352,525 | 6.9% | $120,145 |
| Wind Creek | Wind Creek | $1,643,908 | $75,318 | 4.6% | $27,115 |
| Live Pittsburgh | $1,128,582 | $211,436 | 18.7% | $76,117 | |
| Mohegan Lehigh Valley | $881,258 | $49,715 | 5.6% | $17,897 | |
| South Philadelphia Race & Sportsbook | $828,813 | $90,712 | 10.9% | $32,656 | |
| Presque Isle Downs | $560,182 | $116,917 | 20.9% | $42,090 | |
| Mount Airy | Fox Bet | $517,592 | ($408) | -0.1% | ($147) |
| Parx Shippensburg | $57,010 | $18,492 | 32.4% | $6,657 | |
| Total | $661,740,812 | $50,425,678 | 7.6% | $10,890,946 |
