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Taking advantage of the first football games that were accessible for betting, Pennsylvania sports bettors increased their activity in August as was predicted, and they also fared better on their wagers. The Pennsylvania Gaming Control Board reported that the state’s 13 mobile betting companies and 19 retail sportsbooks handled $393 million in authorized sports bets last month. After subtracting $8.6 million for promotional credits, they kept $30.6 million in gross revenue (for a hold rate of 7.8%) and $22 million in taxable revenue.
The amount wagered increased by 16.1% compared to July and 8.3 compared to August 2022, respectively, but the sportsbooks fared far better financially in each of those comparable months because of abnormally high hold rates (the percentage bettors lost) exceeding 11%. In the three years that sports betting has been permitted in Pennsylvania, the most recent 7.8 percent hold has been more normal. The gross/adjusted revenue of $30.6 million/$22 million for the previous month was lower than the figures of $39.4 million/$32.1 million for July and $42.2 million/$34 million for August 2022.
In August, a new angle was added to the long-running fight between FanDuel and DraftKings for dominance among Pennsylvania’s online sportsbooks, with DraftKings asserting its uncommon position as the main revenue generator. Typically, DraftKings falls short of FanDuel in both handle and revenue, while being considerably superior to all other mobile sportsbooks it competes with.
From $112.5 million in online wagers, DraftKings reported $9.4 million in gross income and $7.3 million in taxable revenue last month. From $133.4 million in volume, FanDuel reported $9.2 million/$5.3 million in income.
As usual, FanDuel was the operator with the most activity, although the distance between it and DraftKings shrank. FanDuel and DraftKings each held 36.3 percent of the online market, compared to a 40/27.8 difference in July. The rivalry behind the two online sportsbook goliaths changed, but they still accounted for around two-thirds of all activity in the state.
Barstool Sportsbook operated by PENN Entertainment, which had experienced a decline in activity in recent months, recovered to claim $28.4 million in handle, more than double what it had in July. It claimed $1.1 million in total and adjusted revenue from that, while offering paltry promotional credits in comparison to rivals. Despite the monthly profit of its sportsbook, PENN is in the process of rebranding it as ESPN BET this fall.
For the first time in many months, Barstool nearly ousted BetMGM from third place with the help of its handle increase. With a handle of $28.8 million and a revenue of $2.7/$1.7 million, BetMGM held 7.8% of the online market.
Caesars Sportsbook, with $17.8 million ($1.8 million/$1.6 million in revenue), and BetRivers, with $16.4 million ($1.4 million/$0.6 million), were the two other online sportsbooks with handle totals exceeding $10 million.
Six million dollars worth of wagers were placed on PointsBet in August, which Fanatics is in the process of renaming as a result of its recent acquisition. It generated $382,531 in gross revenue and $165,282 in adjusted revenue.
The three casinos in the Philadelphia area that had among the highest handle totals in the state last month—Rivers Philadelphia ($4.5 million; $289,785 revenue), Parx ($4.2 million; $344,624 revenue), and Live! Philadelphia ($3.1 million; $347,995 revenue]. On the other side of the state, Rivers Pittsburgh reported the greatest revenue, totaling $365,203, after taking $3.2 million in wagers.
