Pennsylvania Sports Betting Industry Reaches Two Major Milestones in May

In May 2024, Pennsylvania and the top sports betting sites in the state reached two significant milestones.

On Tuesday, the Pennsylvania Gaming Control Board released a report showing that the state has surpassed $30 billion in lifetime sports betting handle, becoming the fifth state to do so after PASPA. Additionally, Pennsylvania has reached $2.5 billion in gross revenue for state providers. Along with New Jersey, New York, Nevada, and Illinois, Pennsylvania is one of the few states to achieve over $30 billion in legal wagering activity since the launch of sports betting.

May was a solid month for Pennsylvania’s legal sports betting industry, with year-over-year increases in handle, revenue, and gross gaming revenue compared to May 2023. However, the state’s overall handle did decrease from April’s figures.

$591.1 million May handle

In the Keystone State market, sports bettors wagered a combined $591.1 million using Pennsylvania sports betting apps and through the state’s retail providers.

The figure shows an 8.3% decrease in accepted wagers from April to $646.1 million, but a significant 19.4% increase from the $495.6 million in May 2023.

By 2024, Pennsylvania’s top sportsbooks have taken in more than $3 billion in bets, pushing the state’s total handle past $30 billion.

$61.7 million in gross sports betting revenue

In May, Pennsylvania sports betting providers generated a total of $61.7 million in gross sports betting revenue. This number reflects growth compared to both the previous month and the previous year, indicating that residents are still making the most of Pennsylvania sportsbook promotions.

May’s revenue increased by 7.2% compared to the $57.5 million in profits from May 2023 and showed a 4.5% improvement from April’s $59.1 million.

In the 67 months since its launch, Pennsylvania’s top sportsbooks have generated over $2.5 billion in revenue.

Adjusted gross revenues totaled $44.2 million after accounting for promotions and deductions. This resulted in $15 million in tax revenue being generated for state and local coffers. Year-to-date, Pennsylvania sportsbooks have collected $79 million in tax revenue, which is $7.2 million more than the amount collected in the first five months of 2023.

Pennsylvania sportsbooks have reported $232.4 million in AGR so far this year, marking a 10% year-over-year increase.

FanDuel takes top honors

FanDuel emerged victorious once more as the top choice for sports betting in Pennsylvania. FanDuel Pennsylvania saw a total of $243 million in wagers for the month of May, resulting in $31.2 million in monthly revenue with a 12.8% hold. Don’t forget to use our FanDuel promo code when checking out their offerings.

In 2024, FanDuel continues to dominate the Pennsylvania market with a 44% market share and has accumulated $1.1 billion in lifetime winnings within the state.

In May, DraftKings Pennsylvania came in second place with a $163.3 million handle and $15.1 million in revenue, achieving a 9.2% win rate. The company has now generated over $500 million in lifetime revenues in the Pennsylvania market since its launch.

BetMGM Pennsylvania came in third place with $36.3 million in wagers accepted in May, generating $3.3 million in revenue with a hold rate just below 9%.

In May, ESPN BET recorded $31.6 million in wagers and $3.1 million in revenue in Pennsylvania, followed by BetRivers Pennsylvania with a $22.3 million handle and $1.8 million in revenue to round out the top five.

Caesars underscored Pennsylvania lagged behind, with $19.6 million in wagers and $756,642 in revenues reported last month.