In the preceding month, Pennsylvania's gambling enthusiasts placed over $800 million in bets, a new record high.
Monthly Pennsylvania sports betting stepped up the ante in October, shattering records with a $829 million handle, never before seen in the Keystone State. This whopping figure can be attributed to the packed football schedule, featuring high-profile teams from Philadelphia, Pittsburgh, and State College.
The latest statistics, revealed in the monthly report by the Pennsylvania Gaming Control Board, show a 4% increase from October 2022's record of $797.1 million. This figure also represents a 14.1% jump from September's betting volume.
Although the $73.6 million in gross winnings and $48.2 million in revenue after promotional deductions wasn't an all-time high, the books' hold rate of 8.9% left much to be desired, especially when compared to the record $84.9 million/$63.7 million revenue month of November 2021.
Despite doling out substantial promotional credits totaling $25.5 million last month, the figure paled in comparison to the record $29.5 million given away in September.
With a 36% tax rate (higher than most states), sports betting generated $17.3 million in tax revenue for state and local governments in October.
A Tight Race at the Top
Across the nation's legal betting jurisdictions, FanDuel and DraftKings are often neck and neck in their bid for supremacy. In Pennsylvania, too, the competition remains fiercely close. While FanDuel continues to dominate in online betting, DraftKings managed to outshine it in net revenue for the first time in a while.
FanDuel's online handle stood at $325 million, delivering $18.1 million in revenue after adjustments for promotional credits. DraftKings, on the other hand, reported handle of $255.5 million and revenue of $18.7 million, thanks to a hold percentage of 10.9%, significantly above the statewide average.
BetMGM remained a steady third player with a handle of $51.6 million and revenue of $4 million. October marks the last month of PENN Entertainment's operations of Barstool Sportsbook, replaced this week with ESPN BET, a joint venture aiming to boost betting activity. Caesars Sportsbook, PointsBet, and Wind Creek/Betfred rounded out the list, each with their unique performance and challenges.
Retail betting at casinos and off-track betting parlors continues to account for around 7% of Pennsylvania's total legal wagering. October's retail betting figured at approximately $55.8 million, a $2.4 million increase from the previous month. The operators' revenue from in-person betting amounted to $5.1 million.
As with online sportsbooks, several retail sportsbooks were beaten by the public, with Harrah's Philadelphia and Hollywood Casino Morgantown posting losses of $173,990 and $69,583, respectively.
- In the sports-betting industry, FanDuel and DraftKings are in a tight race, exhibiting a close competition that is also visible in Pennsylvania.
- DraftKings, despite being behind in online handle compared to FanDuel, managed to outshine it in net revenue for the first time, thanks to a hold percentage of 10.9%, significantly higher than the statewide average.
- The sports betting line for October revealed that while FanDuel received $18.1 million in revenue, DraftKings generated $18.7 million, a notable achievement considering the stiff competition in the market.
