Pennsylvania Can't Escape Monthly Dip in Sports Betting Activity

Jalen Hurts of the Philadelphia Eagles looks on as he walks off the field after his team's loss against the New York Giants, and we offer new U.S. bettors our exclusive BetMGM bonus code. — Jalen Hurts of the Philadelphia Eagles looks on as he walks off the field after his team’s loss against the New York Giants. Photo by Elsa/Getty Images via AFP.

Pennsylvania has officially been added to the list of U.S. jurisdictions that experienced a decrease in legal sports betting activity in February.

Although one team from Pennsylvania was in the Super Bowl this year, the state’s sports betting handle for February saw a significant decrease compared to the previous month due to there being only one NFL game during that time.

Despite the negative news, there were some positive findings in the Pennsylvania Gaming Control Board’s report.

The state’s sportsbooks saw a small increase in revenue compared to the previous month, while the hold rate for wagering providers in Pennsylvania also experienced a modest rise. Many residents of Pennsylvania placed bets on the Philadelphia Eagles to win the Super Bowl and unfortunately lost, which may be disappointing for them but beneficial for the state’s sports betting sites.

Pennsylvania’s February handle

Despite a slower February, Pennsylvania remains one of the top-performing sports betting markets in the U.S. The state achieved a major milestone by becoming the fourth in the nation to surpass $20 billion in lifetime sports betting handle.

In February, bettors wagered a total of $599.5 million at Keystone State sportsbooks, marking the lowest monthly betting total for Pennsylvania since August.

Pennsylvania’s sports betting handle in February 2023 was 22% lower than January’s $772.3 million, but approximately 0.41% higher than the $597 million reported in February 2022.

What about revenues?

In February, Pennsylvania sportsbooks saw an increase in revenue despite a decrease in overall handle, thanks to the loss of Eagles fans.

Sports betting providers in the Keystone State earned nearly $62.2 million in February, a 6.8% increase from the $57.98 million they made in January. Compared to February 2022, profits skyrocketed by 181.4%, rising from $22.1 million to $62.2 million.

It came as no shock that Keystone State Underscoregs saw the greatest benefit from a significant increase in hold rate. In January, Pennsylvania providers held 7.7%, which jumped to 10.3% in February. For Pennsylvania sportsbooks in February 2022, the hold rate was only 3.7%.

In February, tax contributions to the state increased to $14.7 million from $14.1 million in January.

FanDuel outduels all

FanDuel Pennsylvania outperformed all other sportsbooks in the Keystone State market by generating $235.1 million in handle for February, with a 13.7% hold which was 3.4% higher than the state average.

DraftKings Pennsylvania ranked as the second top-performing sportsbook in the market, bringing in $157.3 million in revenue. When combined, FanDuel and DraftKings accounted for 65.5% of Pennsylvania’s total handle.

In February, BetMGM came in third place with $43.3 million in bets, followed by Barstool Underscoreg in fourth place with $33.3 million in bets, and Caesars in fifth place with a $30 million handle.

Written By:
Perry Sandra

Perry Sandra and betting go hand-in-hand. Both are characterized by “odds”. Dave fancies himself as one of the most dedicated sports and pop-culture junkies around, to the chagrin of his family and friends. Following sports for 50 years and writing about it for 20, Dave hasn’t found a sport yet that can’t contribute to 2-3 straight hours of couch time. That search remains ongoing. As a good old Canadian boy, hockey is in Dave’s heart, as is curling sadly. But evolution is a real thing and that’s why football, baseball, and just about every sport on the planet has become a passion. Dave isn’t afraid to kill some time obsessing over politics or the far-too-frequent awards shows the consume the airwaves.