The NCAA Men’s Basketball Tournament helped drive more than $700m in wagering at Pennsylvania’s online and retail sportsbooks in March, which analysts said was a record figure for a month without NFL football.
Online casinos fared even better last month, making Pennsylvania the first state in history to surpass $140m in monthly online casino revenue, according to PlayPennsylvania.com, which tracks the state’s gaming industry.
Pennsylvania’s sportsbooks attracted $715.0m in wagers in March, up 27.6% from $560.3m from March 2021, according to official data released Monday.
March handle was up 19.7% from $597.1m in February.
Bets placed in March produced $48.5m in gross revenue for sportsbooks, up 18.2% from $41.0m in March 2021 and up 118.9% from $22.2m in February.
After accounting for $18.1m in promotional spending, Pennsylvania sportsbooks produced $30.4m in taxable revenue, yielding $10.9m in state and local taxes, officials said.
Pennsylvania’s sportsbooks have generated $1bn in revenue on $13.7bn in wagers since sportsbooks first began taking bets in late 2018.
PlayPennsylvania.com said the Keystone State joins New Jersey and Nevada as the only states to have surpassed $1bn in lifetime sports betting revenue.
“March could not have gone any better for Pennsylvania’s gaming industry,” Katie Kohler, lead analyst for PlayPennsylvania.com, said in a statement. “Sportsbooks got a significant NCAA Tournament sweetener with Villanova’s run to the Final Four and a small boost from New Jersey, where betting on in-state St. Peter’s is banned. And online casinos produced eye-popping results with no end to the growth in sight.”
Dustin Gouker, lead analyst at PlayUSA.com, which includes PlayPennsylvania.com, added: “Of all the states that have legalized and regulated sports betting over the last four years, few can claim the level of maturity that Pennsylvania has reached. This is a stable market that is still showing healthy growth, even if some newer markets garner more attention now.”
Online sportsbooks accounted for $667m, or 93.3% of the state’s handle in March. FanDuel led all online operators with $267.1m in wagers, winning $21.9m in revenue.
DraftKings was No. 2 with $164.8m in wagers, producing $6.7m in gross revenue. BetMGM followed with $78.4m in wagers, creating $5.2m in gross revenue. Penn National’s Barstool-branded app was fourth with $55.3m in online wagers, for $2.8m in gross revenue.
Retail sportsbooks took in $48m in wagers in March, which produced $5m in gross revenue. Live Philadelphia led all retailers with $6.7 million in wagers.
“With the NBA playoffs, baseball and major golf tournaments the main attractions, sportsbooks now enter the slow season,” Gouker said. “But the last six months have produced a significant leap forward, with wagering that never really fell below $600m. Better yet, the industry can look forward to a football season this year that should bring even bigger numbers.”
Online casinos, poker
Pennsylvania’s online casinos and poker rooms set a US record with $142.7m in gross revenue, up 27.9% from $111.6m in gross gaming revenue in March 2021 and up 15.4% from $123.7m in February.
March’s results topped Pennsylvania’s previous high of $129.99m generated in January and broke New Jersey’s US record of $137.9m set in January.
The pace at online casinos and poker rooms rose to $4.6m in revenue per day over the 31 days in March, up from the record $4.4m per day over the 28 days of February.
“The most interesting question that is still outstanding for online casinos is, where is the ceiling?” Kohler said. “There are broader economic concerns that could affect the market. But right now, it appears Pennsylvania’s market still has more room for growth.”
