Pennsylvania Hits Record Sports Betting Numbers in October

In October, Pennsylvania joined the ranks of states with record-breaking wagering activity. A total of twelve sports betting apps in Pennsylvania, along with the state’s retail providers, contributed to the record handle for the month.

Thanks to a busy sports schedule that included the Philadelphia Phillies’ World Series run and five weeks of NFL football, Pennsylvania’s top sportsbooks exceeded the previous record handle set in October 2022.

However, the state’s sports betting providers were disappointed as revenues failed to match the record highs set in November 2021 for the top sports betting apps in the Pennsylvania market.

Record handle set in October

In October, Pennsylvania saw a record number of sports bettors participating in wagering activities, with a significant increase in overall betting activity.

In October, Pennsylvania sportsbooks saw a record-breaking $829 million in total bets, surpassing the previous high of $797.1 million set in October 2022. This milestone marked the first time that sports betting in Pennsylvania exceeded $800 million in a single month.

In October 2022, there was a 14.1% increase from September’s $725.3 million to $829 million. This also marks a 4% rise from the $791.1 million in October 2021.

Sports betting apps in Pennsylvania were responsible for 93.9% of all bets placed in the state.

According to PlayPennsylvania managing editor Chris Imperiale, Pennsylvania sports betting saw the impact of NFL and football betting in October. PA sportsbooks broke a record with a total handle of over $829 million in bets, marking a 14% increase from September and a 4% increase from the previous year.

The revenue for October exceeded $829 million, surpassing the previous record set in October 2022 by almost $32 million. Despite being a mature market, there is still potential for growth. The Philadelphia Phillies’ postseason success likely played a role in the strong October numbers, but there may be a slight decrease in November even with plenty of football games still to be played.

Revenues failed to reach new highs

Pennsylvania’s October sports wagering report shows that a record handle of $73.6 million resulted in revenue. This represents an 11% increase from September’s $66.1 million and a 20% spike from October 2022’s $51.5 million.

Adjustable revenues totaling $48.1 million were reported after deducting $25.5 million in promotional credits.

In November 2021, Pennsylvania sportsbooks did not break the record set in October, with gross revenues totaling $84.9 million.

Pennsylvania betting providers were unable to achieve new revenue records due to the disappointing 8.9% hold rate in the state in October. In November 2021, Pennsylvania sportsbooks had a win rate of 11.2% from their $761.6 million handle. However, last month, providers in Pennsylvania only held 8.9%, marking the second-lowest win rate in the state over the past nine months.

Pennsylvania’s legal sports betting sector contributed $17.3 million in tax revenue to the state, thanks to its 36% tax rate.

FanDuel, DraftKings fight for top spot

Once again, FanDuel and DraftKings faced off in the competition to become the top Pennsylvania sports betting app.

In October, FanDuel led the way with a handle of $328.4 million and gross revenue of $29.1 million, while DraftKings closely followed with $255.5 million in wagers and $27.9 million in gross revenue.

In the Pennsylvania market, BetMGM secured third place with a $51.6 million handle and $4 million in revenues. Caesars followed closely behind in fourth place with $36.6 million in bets and $1.4 million in revenues, boasting an impressive 17.7% hold. Barstool, in its final full month of operation in the state, rounded out the top five with $30.6 million in wagers and $1.4 million in revenues.

On Nov. 14, ESPN BET took over the spot previously held by Barstool, potentially impacting the Pennsylvania market.