Pennsylvania Sees Expected Month-Over-Month Dip in Sports Betting Activity in April

The decrease in sports betting activity during the spring and summer months has officially started in Pennsylvania, as the overall handle in April was the lowest since August.

According to the April report from the Pennsylvania Control Board, there is some positive news amidst the negative. Even though there was a 20% decrease in overall handle from the previous month, wagering activity has increased compared to the previous year. Additionally, revenues for Pennsylvania sports betting apps and retail providers came close to reaching $60 million once again.

FanDuel Pennsylvania dominated the Pennsylvania sports betting market with the highest handle and revenues. DraftKings Pennsylvania followed closely behind in second place, while ESPN BET ranked third and experienced its most successful month of 2024 in the state.

$646 million April handle for Pennsylvania

In April, Pennsylvania’s top sportsbooks reported $646 million in accepted bets, marking the lowest wagering output since August. However, this figure represents a 12.9% increase from the nearly $572.2 million wagered in April 2023.

The $646 million represents a 19.3% decrease from the $800.7 million in bets accepted in March, when NCAA basketball tournaments were the main focus of wagering in the state.

In Pennsylvania, the top sports betting apps accounted for $608.3 million of the total handle in April, with retail betting contributing the remainder.

April’s handle figures brought Pennsylvania’s year-to-date handle close to $3 billion, needing only $33.4 million to reach that milestone. It is likely that this milestone was achieved in the first week of May. Sports betting activity for the first four months of 2024 has increased by approximately 10.8% compared to the same period last year.

$59.05 million in April revenues reported

In April, Pennsylvania’s top sports betting sites saw a revenue of $59.05 million from betting activity in the state, with a solid 9.1% hold contributing to this success.

In April, there was a month-over-month decrease of $4.7 million in total wagers, amounting to $59.05 million. Despite this decline, the hold rate was only 1.1 percentage points lower than March. This also represents a year-over-year increase of roughly $7.5 million from April 2023’s total of nearly $51.8 million.

In April, adjusted taxable revenue totaled $42.4 million, representing a 14.5% increase from the previous year. Of that amount, $14.4 million was contributed to the tax coffers of Pennsylvania.

Pennsylvania sportsbooks have seen a 13.6% increase in gross revenue year-to-date, with adjusted gross revenue up 10.6%. This difference is attributed to a 21% increase in promotional spending in 2024 compared to the same period in 2023.

FanDuel tops handle and revenues

In April, FanDuel emerged as the top choice for sportsbook promos in Pennsylvania, with $269.6 million in sports betting activity. Despite an 18.5% month-over-month decline, FanDuel reported $32.2 million in revenues with an 11.9% hold.

In April, DraftKings Pennsylvania ranked second in monthly handle and revenues, with $167 million in wagers and approximately $14 million in revenue from an 8.4% hold. Including April’s figures, DraftKings has surpassed $7 billion in accepted bets in the Pennsylvania market and is close to reaching $500 million in lifetime revenues in the Keystone State.

ESPN BET experienced its most successful month in the Pennsylvania market, achieving a 9.2% win rate and generating $40.5 million in bets, resulting in $3.7 million in winnings. On the other hand, BetMGM Pennsylvania had a lower performance in April, with $38.2 million in wagers and $2.5 million in revenues from a 6.5% hold, which was significantly less than its win rate in March.

In terms of betting volume and revenue in Pennsylvania, BetRivers ranked fourth with $33 million in bets and $1.4 million in revenues from a 4.4% win rate. Caesars Underscoreg came in fifth with $24.5 million in bets and only $636K in revenue from a low 2.6% hold rate. Fanatics Underscoreg followed in sixth place with $19.9 million in wagers and $1.9 million in revenue due to a 9.4% win rate in April.