Pennsylvania Sports Betting Reach Historic Handle in March 

Pennsylvania’s sports betting market achieved another milestone in March, with the handle reaching $800.7 million, marking the fifth instance in the state’s history that betting activity has hit this high.

Pennsylvania

This level of wagering is among the top five in all 65 months since sports betting was legalized in the Keystone State. Remarkably, all five occurrences of exceeding the $800 million threshold have happened in the last six months.

Revenue Insights

Despite the high volume of bets, sports betting operators experienced a slight dip in revenue. The total gross sports betting revenue for March was $63.7 million, a decrease of 4.1% from the previous year. This decline can be attributed to a lower hold rate of nearly 8%, down 1.2 percentage points from last year’s figures.

The NCAA Tournament, a major driver of sports betting activity in March, saw operators offering $18.1 million in promotional credits and bonuses, a year-over-year increase of 14.2%. However, this promotional spend was 10.1% lower compared to February, which featured the Super Bowl—a key betting event that traditionally sees high levels of engagement.

Tax Contributions and Adjusted Revenue

The adjusted gross revenue after accounting for promotional credits stood at $45.6 million, allowing the state to collect $15.5 million in taxes.

Furthermore, the state tax revenue from sports betting for the first quarter of 2024 amounted to $49.6 million, marking an increase of $4.3 million compared to the same period last year. Adjusted revenue for the quarter rose by 9.5%, reaching $145.8 million.