Pennsylvania sportsbooks bring in record $526m handle for October
Pennsylvania online and retail sportsbooks reported a record $526m in handle for the month of October, a 118% year-on-year jump.
Operator revenue reached a record $48m in October with $13m going to state taxes.
Two years after launching sports betting, the Keystone State is poised to stake its claim as one of the top markets in the country. Pennsylvania has greatly benefitted this fall from its two NFL teams, the Philadelphia Eagles and the Pittsburgh Steelers.
“Pennsylvania could conceivably catch Nevada in a matter of months to become the nation’s No. 2 market, especially if the Steelers continue to roll and the Eagles can somehow make a playoff run to spike local interest,” said Dustin Gouker, lead analyst at PlayPennsylvania.com.
Nevada posted sports betting handle of $575m in September. The state has not posted its October handle yet.
Online wagers accounted for 90% of Pennsylvania’s October sports betting handle, or $472m.
The FanDuel Sportsbook at Valley Forge Casino was the overwhelming winner with $181m in wagers, followed by DraftKings/The Meadows ($121m), Barstool/Hollywood Casino ($61m) and FoxBet/Mount Airy ($28m).
Rivers-Philadelphia led retail sportsbook with handle of $11m. Overall, retail produced $54m in bets, up from $49m the month prior.
November could spell trouble for Rivers-Philadelphia, which will temporarily close Nov. 20 after the City of Philadelphia ordered new Covid-19 business shutdowns due to a spike in cases.
On the flip side, online sportsbooks are poised to bring in an even greater share of wagers as Pennsylvanians bunker down under new restrictions.
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