Pennsylvania Sports Betting Thrives with $726 Million September Handle

As autumn takes hold, football season is in full swing, and so is sports betting in Pennsylvania. The Pennsylvania Gaming Control Board (PGCB) recently unveiled impressive figures for September, with the state's sportsbooks recording a total handle of $726.3 million. This represents an astonishing 85% increase compared to August and a substantial 13% boost from September 2022.

While the revenue from PA online sports betting reported a year-over-year decrease of 12.2%, PlayPennsylvania's Managing Editor, Chris Imperiale, sees the bigger picture:

“Pennsylvania sports betting received the massive boost it was waiting for with the return of NFL wagering in September.” For the month, PA sportsbooks recorded more than $726 million in total bets, a massive 85% jump up from August and around a 13% increase from a year ago in September 2022.

This is a great performance from the market and an indication of what the next few months will look like with the football season in full swing."

The PGCB's September report provides an in-depth look at the numbers:

• Total Handle: $726.3 million (85% MoM increase; 13% YoY increase)
• Revenue: $66.1 million (116% MoM increase; 12% YoY decrease)
• Adjusted Gross Revenue (taxable): $36.6 million
• Hold: 9.1% (up from 7.8% last month)
• Percent of Bets Placed Online: 92.6%
• Promotional Credits: $29.5 million
• September Sports Betting Taxes: $12.4 million
• State and Local Entities: $732,661.69

The top sports betting app by both handle and revenue remained consistent, with FanDuel Sportsbook PA securing the first-place position. Here are some insights from the latest data:

1. DraftKings Closes the Gap: DraftKings Sportsbook PA nearly closed the gap on FanDuel in online sports betting handle. Last month, DraftKings had a market share of 34.8% compared to FanDuel's 28.9%. However, this month, DraftKings further narrowed the margin, capturing a 31.7% share, while FanDuel maintained its lead with 35.3%.
2. BetPARX Hits a Billion: BetPARX Sportsbook PA considered a second-tier sportsbook, achieved an impressive milestone by crossing the $1 billion threshold in lifetime handle. In September, it recorded $22.6 million in handle. This achievement places BetPARX in the seventh position, trailing behind the primary market leaders and some smaller operators, including BetMGM Sportsbook PA, Barstool, Caesars Sportsbook PA, and BetRivers Sportsbook PA.
3. Barstool's Lasting Impact: Despite its exit from the gaming industry, Barstool had consistently strong handle figures over the last two months. After ceding market share to Caesars and BetRivers in recent months, Barstool managed to regain the fourth position, surpassing FanDuel, DraftKings, and BetMGM in August and September. Remarkably, Barstool leaves the industry having generated the third-most lifetime handle in Pennsylvania, amounting to $1.7 billion.

The fact that online bets accounted for 92.6% of all bets signifies the growing dominance of online sports betting platforms. DraftKings' rise and BetPARX's achievement underscore the thriving online sports betting market in Pennsylvania.

As the football season continues to captivate audiences, the Pennsylvania sports betting industry shows no signs of slowing down.

 The Keystone State's enduring passion for sports betting, combined with the influence of online platforms and a diverse array of sports betting apps, suggests that record-breaking figures could be on the horizon.

This surge in September highlights Pennsylvania's strength in the sports betting arena and reinforces its position as a key player in the US sports betting market.

The impressive handle and increasing bets further demonstrate the popularity and stability of sports betting in Pennsylvania. Even though revenue experiences fluctuations, the industry remains strong, fueled by online platforms and a variety of sports betting apps.

As the football season is in full swing, the state's sports betting market is expected to remain active, with potential record-breaking figures on the horizon.

This September surge reflects Pennsylvania's enduring passion for sports betting, and despite revenue fluctuations, the industry continues to thrive, fueled by online platforms and a diverse array of sports betting apps. Pennsylvania remains a top player in the US sports betting arena.

The impressive handle and increasing bets further demonstrate the popularity and stability of sports betting in Pennsylvania, showcasing the industry's resilience even in the face of economic challenges. The future of Pennsylvania sports betting looks bright, as the state maintains its position as one of the key players in the US sports betting arena.