Pennsylvania Underscoregs Smash Handle Records in November

The Pennsylvania legal sports betting handle record set in October was quickly surpassed in November, with our top sportsbooks performing exceptionally well once again.

On Tuesday, the November report from the Pennsylvania Gaming Control Board showed that 12 sports betting apps and 18 retail providers in the state achieved record-high monthly handle and revenues.

The debut of ESPN BET Pennsylvania on Nov. 14 was a contributing factor to the record-breaking handle in the Keystone State, but it is also being held responsible for a substantial decrease in revenue for its operators.

In November, Pennsylvania sportsbooks saw a decline in adjusted gross gaming revenues due to successful bettors, despite a record-breaking handle. This resulted in the lowest profits for state providers since June 2022.

$934.1 million November sports betting handle for Pennsylvania

In November, the PA sports betting industry broke its own record for the highest handle, surpassing the previous all-time high set in the previous month.

In November, the Pennsylvania Gaming Control Board announced a record-breaking $934.1 million in bets, with some bettors capitalizing on sportsbook promotions. This marks the first time the state has surpassed the $900 million milestone, exceeding October’s $829 million by $105 million.

Additionally, this figure reflects a 12.7% increase compared to October’s record, and is 18.3% higher than the $789.2 million collected by state sportsbooks in November 2022.

Chris Imperiale, Managing Editor of PlayPennsylvania, stated that Pennsylvania sports betting is continuing to grow, with the state reaching a new record for overall handle in November. Total bets in the state exceeded $934 million, marking a 12.7% increase from the previous month and an 18% increase from the previous year. NFL betting was a major driver of this growth, but the return of the NBA and its new in-season tournament also contributed. The market still has potential for further growth, leading to speculation that another record could be set in December.

In November, Pennsylvania sports betting apps accounted for 93.9% of the state’s total handle.

Revenues way down

Pennsylvania sportsbooks did not set new revenue records despite a high state handle. The sportsbooks in the Keystone State saw significant decreases in revenue compared to previous months and years, as bettors in the state performed exceptionally well against the sports betting providers.

In November, Pennsylvania sportsbooks reported a hold of only 5.3%, a decrease from 8.9% in October and the same percentage as November 2022.

Pennsylvania sportsbooks saw gross gaming revenue of $49.1 million in November, marking a 33.3% decrease from the previous month’s $73.6 million and a 30% drop compared to November 2022’s nearly $70 million.

After accounting for promotional credits and other deductions, Pennsylvania sportsbooks reported adjusted taxable revenues of $12.9 million, representing a significant 75.6% decrease compared to the previous year.

The 36% tax rate in the Keystone State resulted in $4.6 million in revenue being collected in state and local tax coffers.

ESPN BET makes a dent, but FanDuel and DraftKings still rule Pennsylvania

In November, FanDuel and DraftKings continued their rivalry for the top spot in Pennsylvania sports betting, with the two companies dominating over 70% of the online wagering market despite competition from ESPN BET.

In November, FanDuel Pennsylvania led in both handle and revenues in the state. The sportsbook received $384 million in bets and generated just over $19 million in revenue with a 5% hold.

In November, DraftKings Pennsylvania came in second place with $253 million in wagers and generated nearly $14 million in revenues.

Thanks to the launch of ESPN BET in November, PENN National’s market share in Pennsylvania doubled from 3.7% in October to 7.4%. The combination of Barstool Pennsylvania and ESPN BET resulted in $66.8 million in accepted bets, making them third in the market for the month.

In November, ESPN BET experienced $7.8 million in losses in Pennsylvania, largely due to $15 million in promotional expenses incurred during that month.

In November, BetMGM Pennsylvania fell to fourth place, raking in $54.3 million in wagers and nearly $1.9 million in revenues. Caesars Underscoreg Pennsylvania finished in the Top-5 with $47.6 million in bets and just under $1.5 million in revenues.