Pennsylvania Sportsbooks Report $756.9M Handle for February
Pennsylvania sportsbooks pulled in $756.9 million in bets this February, a solid 14.4% jump from $661.7 million last year. Yet, taxable revenue nosedived to $7.5 million. That’s a 75.3% drop from $30.3 million in February 2024. Analysts blame a wave of winning bets, especially from the Philadelphia Eagles’ Super Bowl win. That game alone cost operators $6.5 million more in payouts than they collected.
Online Betting Fuels the Surge
Online platforms dominated with a $726.7 million handle. Still, that’s down from January’s $830.4 million. Meanwhile, online gross revenue crashed from $81.9 million in January to $36.8 million in February.
FanDuel topped the list, taking $282.9 million in bets and banking $21.8 million. DraftKings trailed with $178.9 million wagered and $8.7 million earned. However, some struggled; BetMGM saw $58.3 million in bets but only kept $897,376.
Fanatics Sportsbook handled $95.2 million and earned $3.9 million. Bet365 ended February with $30.7 million in bets and $1.6 million in revenue
On the flip side, ESPN BET scored just $776,136 from $27.2 million in bets. Caesars barely scraped by, pulling $114,807 from $20.4 million. BetRivers, with $17.5 million wagered, ended at $504,769.
Super Bowl Drains the Books
The Eagles’ Super Bowl victory flipped the script. Bettors cleaned up, slashing operator profits. The $756.9 million handle shines, but $7.5 million in revenue stings.
Last February, revenue hit $30.3 million with a lower handle. Consequently, state tax revenue shrank to $2.7 million this time. Analysts say the $6.5 million Super Bowl payout gap explains a lot. So, despite big betting action, sportsbooks felt the pinch.
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