Pennsylvania reaches $10bn in handle as numbers soar in October
Both the state’s sports betting and online casino saw records broken this month.
Fueled by five full weeks of football, October has seen records shattered throughout Pennsylvania’s gaming market as both sports betting and online casino handle reached new heights.
The state saw $776m, a 34.1% month-on-month increase, in sports betting handle, pushing the state beyond $10bn in lifetime bets as well as joining a New Jersey in producing over $1bn in revenue over a calendar year.
Katie Kohler, Analyst for PlayPennsylvania.com. struck a positive tone: “The convergence of all that betting inventory, particularly with five weekends of football, made a record in October all but assured.
“Such a big leap in October shows that Pennsylvania still has an increasing base of bettors, and those bettors are placing more in wagers as they become increasingly comfortable with in-game and proposition betting.”
In total, sportsbooks generated $42.3m in revenue during October, an 11% year-on-year decrease. This raised $8.4m in state taxes.
Of the $741m worth of wagers in October, FanDuel generated $270.8m. DraftKings followed with $201.7m, while Penn National’s Barstool Sports saw $71.5m in wagers.
Offline wagers accounted for far less than online, with retail sportsbooks reaching $62.2m in October. This led to $5.05m in gross revenue.
“Online sportsbooks in particular benefit from NFL regular season games, which offer hundreds of options for in-game betting in addition to more conventional bets,” Kohler went on to add. “Props and in-game betting are now a cornerstone for growth.”
In regard to online casino, state records were broken as Pennsylvania recorded $117.04m in gross gaming revenue. This marks a 58.8% year-on-year increase and pushes annual revenue to $1.05bn.
“Online gambling continues to thrive, while the state has a consistent and significant revenue generator,” Gouker, an Analyst at PlayPennsylvania said. “Pennsylvania taxes its online gambling industry at a higher rate than any other open market in the US, and that decision made years ago by regulators has proven to be a valuable one for the state.”
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