Despite Pennsylvania being a mature sports betting market, the vertical appears to be reaching new highs every month. Figures released by the Pennsylvania Gaming Control Board (PGCB) show that sportsbooks produced an August record of $485.3 million in handle and $45.4 million in revenue.
PA sportsbook handle increased 23.5% year-over-over and 17% month-over-month. August is not necessarily a busy month on the sports calendar, but the addition of NFL preseason and a full week of college football on the final day of the month certainly helped the cause.
PlayPennsylvania Managing Editor, Tyler Andrews, said of PA online sportsbooks:
“While FanDuel and DraftKings continue to dominate the PA sports betting market, intense competition among the next tier of operators has boosted state revenue totals. This level of competition is great for the state and for bettors.”
August 2024 numbers for Pennsylvania sports betting
? Handle: $485.3 million (17% MoM increase; 23.5% YoY increase)
? Revenue: $45.4 million (13.9% MoM decrease; 48.4% YoY increase) / Adjusted Gross Revenue (taxable): $30 million
? Hold: 9.4% (down from 12.7% last month)
? Percent of bets placed online: 94.3%
? Promotional credits: $15.4 million
? August sports betting taxes: $10.2 million
? State and local entities: $600,051.50
? Top sports betting app by handle: FanDuel Sportsbook PA with $176.5 million
? Top sports betting app by revenue: FanDuel Sportsbook PA with $18.4 million
Quick analysis from August PA sports betting figures
Bet365 immediately becomes top four operator
Bet365 Sportsbook PA displayed an impressive showing in its first full month of operation in the Keystone State. The new operator generated $28.6 million in handle and $2.1 million in revenue.
Bet365 finished fourth in handle behind FanDuel, DraftKings and BetMGM, which isn’t a surprise. The fact that it placed above other platforms such as Caesars, BetRivers, Fanatics and ESPN BET is extremely impressive.
Due to spending $2.5 million in promotions as a new operator and hold percentage of 7.4%, bet365 finished sixth in revenue. Once the brand becomes established in Pennsylvania, revenue and hold should increase, while promotions are likely to decrease.
ESPN BET falls outside of top five in handle
There has certainly been whispers about the ESPN BET PA ranked outside the top five in handle last month behind the following operators:
- FanDuel: $176.5 million
- DraftKings: $124.4 million
- BetMGM: $34.8 million
- Bet365: $28.6 million
- Fanatics: $22.6 million
- ESPN BET: $21.7 million
ESPN BET has lost market share in every month of 2024. That trend continued last month as the platform garnered just 4.5% in August compared to 4.7% in July. The operator started the year at 8.9% market share in January.
The fall months will likely seal the fate of PENN Entertainment and ESPN BET. Should ESPN BET rebound and deliver during football season, concerned shareholders could easily reverse course. If the slide continues, the noise is only going to get louder.
Fanatics delivers another strong month
Fanatics Sportsbook PA is becoming a dark horse operator in the Keystone State. The platform finished in the top five in handle and revenue for the first time since launching in late January.
Fanatics is one of three operators that recorded greater than a 10% holding percentage, too. While it’s going to difficult to overtake FanDuel and DraftKings, Fanatics is sneakily becoming a top sports betting option in Pennsylvania.
PA sportsbook handle by operator in August 2024
| Licensee | Online Brand | Handle | Revenue | Hold | Taxes |
|---|---|---|---|---|---|
| Valley Forge | FanDuel | $176,451,506 | $18,412,088 | 10.4% | $4,803,191 |
| Hollywood Meadows | DraftKings | $124,432,285 | $11,302,527 | 9.1% |
$2,798,445 |
| Hollywood Morgantown | BetMGM | $34,838,408 | $2,901,502 | 8.3% | $648,399 |
| Presque Isle Downs | bet365 | $28,626,876 | $2,074,114 | 7.2% | ($169,238) |
| Hollywood York | Fanatics | $22,574,525 | $2,294,765 | 10.2% | $210,767 |
| Hollywood Penn National | ESPN BET | $21,744,154 | $1,881,711 | 8.7% | $506,384 |
| Rivers Pittsburgh | BetRivers | $21,381,776 | $2,344,404 | 11.0% | $685,612 |
| Harrah's Philadelphia | Caesars | $19,479,839 | $435,587 | 2.2% | $54,702 |
| Parx | betParx | $16,908,197 | $1,311,188 | 7.8% | $436,304 |
| Rivers Philadelphia | PlaySugarHouse | $10,623,139 | $1,390,998 | 13.1% | $435,090 |
| Live Philadelphia | Betway | $3,397,865 | $512,375 | 15.1% | $184,455 |
| Live Pittsburgh | $1,151,760 | $224,145 | 19.5% | $80,692 | |
| Mohegan Lehigh Valley | $966,350 | $25,483 | 2.6% | $9,174 | |
| Wind Creek | Wind Creek | $869,755 | $44,798 | 5.2% | $16,127 |
| Mohegan Pennsylvania | $714,682 | $106,263 | 14.9% | $38,255 | |
| South Philadelphia Race & Sportsbook | $679,710 | $50,490 | 7.4% | $18,176 |
|
| Mount Airy | $396,395 | $92,589 | 23.4% | $33,332 | |
| Parx Shippensburg | $51,916 | $30,725 | 59.2% | $11,061 | |
| Total | $485,289,137 | $45,435,752 | 9.4% | $10,800,927 |
