Pennsylvania Sports Betting Market Ends 2023 with a Bang

The top sports betting apps in Pennsylvania had their strongest months of 2023 at the end of the year, finishing with a flourish.

The Pennsylvania Gaming Control Board released its December revenue report on Thursday, revealing that December was the second-highest revenue month ever for the top 5 American jurisdictions. Following a record-breaking November, December continued the trend with over $900 million in revenue generated by PA sports betting providers for two consecutive months.

In December, a large number of bettors in Pennsylvania were inspired by the performance of their beloved teams, the Philadelphia Eagles and Pittsburgh Steelers, despite the disappointment of both teams being eliminated in the Wild Card Round of the NFL playoffs.

In December, revenue for Pennsylvania sports betting apps and retail providers reached a new monthly high, with profits doubling from the previous month.

The total annual handle for Pennsylvania sportsbooks reached a staggering $7.68 billion in 2023 with the addition of December’s figures. Residents of Pennsylvania made use of PA sportsbook promotions, resulting in another record-breaking year for the state’s sports betting market.

$925.6 million December handle

In December, sports bettors in Pennsylvania wagered a total of $925.6 million, which was only $9 million shy of the all-time high set in November. This represents a 22.6% increase from December 2023.

For the second consecutive month, Pennsylvania’s top sportsbooks have collectively exceeded $900 million in wagers in December.

The Pennsylvania scene may have better days ahead, as January 2023 surpassed the months of November and December 2022.

Ninety-four percent of all bets in Pennsylvania were placed on sports betting sites in the Keystone State.

Revenue record for Pennsylvania sportsbooks

While Pennsylvania sports betting apps did not achieve a record monthly handle in December, the revenues generated by those providers were the highest ever seen in the Keystone State.

In December, PA sportsbooks generated $98.1 million in gross revenue, marking a 100% increase from the previous month’s $49.1 million and a 37.8% jump from December 2022’s $71.2 million.

Following adjustments and deductions, the adjusted gross revenue reached a new record of $72.5 million, surpassing the previous high of $63.7 million in taxable income for sportsbooks set in November 2021.

Pennsylvania wagering providers saw a significant increase in their hold rate to 10.6%, resulting in a tax revenue of $26.1 million for state and local governments – double the amount generated in November.

FanDuel dominates, ESPN BET makes a splash

Surprisingly, FanDuel Pennsylvania was the leading sports betting app in December in Pennsylvania, with DraftKings following closely behind. However, ESPN BET also made a noteworthy impact.

In December, FanDuel recorded $394,378,356 in revenue from the Pennsylvania market, with a 11.8% hold, generating $40.4 million. DraftKings Pennsylvania saw $235,749,519 in accepted wagers, resulting in $25 million in revenue from a 10.6% hold.

In December, ESPN BET Pennsylvania achieved a strong third-place finish in its first full month of operation in the state. The sportsbook received a total of $82,586,501 in bets and generated $8.55 million in revenue.

In December, BetMGM Pennsylvania ranked fourth, recording $52 million in wagers and generating nearly $5.5 million in revenue. Caesars Pennsylvania landed in the fifth spot, with almost $41 million in bets accepted and just over $1.8 million in revenues.