Pennsylvania Underscoregs Top $800 Million in Bets in March

The Pennsylvania sports betting industry remains robust, with another $800 million in bets placed in the month of March.

The latest earnings report from the Pennsylvania Control Board reveals that for the fifth time in the past six months, Pennsylvania sports betting apps have generated over $800 million in revenue. March’s sports betting figures also rank as the fifth-highest in the state’s 65 months of operation.

As usual, FanDuel was the top-performing sports betting site in Pennsylvania in March, leading in both handle and revenues among sportsbooks despite a hold of less than 10%.

$800.7-million March handle

In March, Pennsylvania’s top sports betting apps collectively generated $800.7 million in revenue, marking the fifth-highest monthly total in the state’s thriving sports betting market and surpassing the wagering activity from the previous March.

The $800.7 million represents a 10.7% increase compared to the previous year’s $723.6 million in March 2023, and a month-over-month increase of about $138 million or 21% from February’s $661.74 million.

About 95% of all sports bets in Pennsylvania were made by individuals who took advantage of promotions offered by Pennsylvania sportsbooks.

In March, Pennsylvania’s top sportsbooks surpassed $2.32 billion in total wagers for the year.

$63.7 million in gross sports betting revenue

Although Pennsylvania sportsbooks had the fifth-best handle ever, their revenue did not quite match that level. The gross revenues for March ranked as the 10th highest in history for Keystone State providers.

The best live betting sites in Pennsylvania were unable to reach the top five due to a hold rate just below 8%.

The March revenues decreased by 4.2% compared to March 2023, when the hold rate was almost 1.2% higher and the handle was $76.5 million lower, reaching nearly $66.5 million.

However, the figure does show a positive improvement of $13.4 million month-over-month from the $50.4 million in gross sports betting revenue from February.

In March, adjusted gross revenue totaled $45.6 million after deductions and promotions. This resulted in $15.5 million in taxes being generated for state and local tax coffers. Year-to-date tax contributions reached $49.6 million, an increase of $4.3 million compared to the same period last year.

FanDuel tops Pennsylvania market

In March, FanDuel maintained its position as the top-performing sports betting app in Pennsylvania, leading in both handle and revenue among providers in the Keystone State.

In March, FanDuel received $330.9 million in wagers and generated $32 million in revenue with a win rate of 9.7%. In 2024, FanDuel has accumulated $976.2 million in wagers in the Pennsylvania market, resulting in $111.4 million in revenues.

In March, DraftKings ranked as the second most popular sports betting site in Pennsylvania. The site accepted $207.3 million in wagers and generated $14.7 million in revenue, despite a lower-than-expected 7.1% hold.

In terms of handle, ESPN BET ranked third and in terms of revenue, it ranked fourth. The PENN Entertainment product had a handle of $53.4 million and revenues of $3.2 million in March, while BetMGM reported $51.1 million in wagers and $3.5 million in revenues for the same period.

In March, BetRivers placed fifth with $35.4 million in wagers and $2.4 million in winnings, resulting in a 6.8% hold.

In March, Caesars saw $31.7 million in bets with $1.8 million in revenue from a 5.8% hold rate, while Fanatics doubled its wagering to $30.8 million with $1.7 million in revenue from a 5.6% hold rate.