Pennsylvania Sports Betting Reaches $842.9M Handle in March

March Madness Fuels Betting Surge

March Madness, rivaling the NFL season’s betting frenzy, drove the surge, outpacing September’s football kickoff. Online bets dominated, making up 95.7% of the handle, or $806.5 million, with $22.2 million in promotional credits handed out.

However, a low 5.8% hold, up from February’s 4.5%, led to mixed revenue results, with taxable revenue at $27 million, generating $9.2 million in state taxes and $540,536 for local entities.

The NCAA Tournament’s impact was clear, but its outcomes hurt operators. All four No. 1 seeds reaching the Final Four, a rare event since 2008, favored bettors, slashing profits.

Compared to February, revenue rose 45%, but it fell 40.7% from March 2024’s $45.6 million.

Operator Performance

FanDuel led, handling $328.6 million and earning $18.6 million in revenue at a 5.7% hold. DraftKings followed with a $209.2 million handle and $13.9 million in revenue, posting a stronger 6.6% hold.

BetMGM, with a $78.2 million handle, jumped 33% from February, securing third place with $4 million in revenue at a 5.1% hold. Fanatics Sportsbook, however, saw its handle plummet 39% to $58.9 million, dropping to fourth with $3.9 million in revenue, though its 6.6% hold matched DraftKings.

ESPN Bet, with a $35.1 million handle, shone with a 7% hold, earning $2.4 million and boosting its market share to 4.2%.

Smaller operators showed varied results. betPARX, with a $15.7 million handle, achieved an 8% hold, earning $1.3 million, while Wind Creek’s $1.1 million handle yielded $97,608 at a state-high 8.7% hold.

Caesars struggled, with a $30.5 million handle and a 3.1% hold, netting $940,145. BetRivers and PlaySugarHouse, both at $13.8 million handles, earned $1.6 million and $789,080, respectively, with holds of 6.1% and 5.8%. bet365’s $35.3 million handle produced $1.3 million at a low 3.6% hold.