Pennsylvania Sports Betting Revenue Jumps 48.4% in August
August proved to be a record-setting month for Pennsylvania’s sports betting market, with gross gaming revenue soaring 48.4% year-over-year.
Online Betting Leads the Charge
The total handle reached $485.3 million, a 23.5% increase compared to the same period last year. This surge resulted in a combined revenue of $45.4 million for the state’s online and retail sportsbooks, edging out last year’s figures.
The online segment continued to dominate, contributing the majority of the handle with $457.6 million in bets. Mobile operators, benefiting from a 9% hold rate, generated $41 million in revenue.
Retail sportsbooks, though smaller in scope, remained competitive with a 16% win rate, earning $4.5 million from $27.7 million in wagers.
FanDuel Holds the Top Spot, bet365 Makes a Strong Entrance
FanDuel solidified its position as Pennsylvania’s leading sportsbook, handling $175.3 million in wagers, a 22% increase over the previous month.
Notably, the entry of bet365 into the Pennsylvania market made waves. Launching at the end of July, the sportsbook secured a $28.1 million handle in its first full month, earning $2 million in revenue.
DraftKings and BetMGM followed closely behind, with handles of $123.1 million and $34.3 million, respectively. While ESPN BET posted over $20 million in wagers, it saw its position shift due to the rise of newer entrants like bet365 and Fanatics Sportsbook.
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