The Pennsylvania Gaming Control Board reported $661.7 million in wagers last month, a nearly 23% decline compared to January.
Pennsylvania is a competitive sports betting state, and the relatively new operators have to face not just the giants of FanDuel and DraftKings but also a handful of lesser known sportsbooks who have built a reliable customer base.. From those bets, the sportsbooks made $50.4 million in gross revenue, which is an even worse 48% month-over-month drop.
Those in the Keystone State may also get a sense that there were fewer promotions, and they would be right. Promo deductions fell from $27.7 million to $20.1 million, the lowest since August. The retail locations are still a small piece of the state’s betting market, seeing just 5.1% of the action. However they have been good to bettors as the physical locations held just 6.1% of the tickets they paid out, while the online operators kept 7.6%. Certainly, it is important for operators to report a large handle, it shows their popularity and potential in the state. But revenue is also a key indicator of strength and for two of the top five sportsbooks, March can’t come soon enough.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Kansas Handle & Sports Betting Revenue Drop For Third Consecutive MonthOverall, the statewide hold was a meager 1.5% across all retail and online sports betting in Kansas.
Read more »
Sports Betting Handle in Michigan Falls 30% in FebruaryThe Michigan Gaming Control Board announced that the state saw $415.8 million in wagers last month, marking a 30% month-over-month drop.
Read more »
Iowa Sports Betting Handle Falls to $220M in FebruaryWhile DraftKings and FanDuel are still top dogs in the Hawkeye State, there is still movement in the three sportsbooks who are fighting for third.
Read more »
Pennsylvania Man Indicted For Defrauding Investors in a Sports Betting FundFor more than five years, Goshert sent fraudulent “updates” and account statements to investors and used investor money for personal expenses.
Read more »
Maine Sports Betting Revenue, Handle Decrease in FebruaryMaine totaled $33.6 million in wagers, down from $38.1 million in January and a $44.4 million betting handle generated in December 2023.
Read more »
Maryland Sports Betting Handle Increases 30% Year-Over-Year In FebruaryOld Line State's sports betting handle of $442.5 million for the month of February a step down from January's figures.
Read more »