September 2024 represented the best month for PA sportsbook operators regarding handle and revenue.
To no surprise, the start of football saw a massive bump for sportsbooks in Pennsylvania. The Pennsylvania Gaming Control Board (PGCB) reported on Thursday that operators generated $811.3 million in handle and $95.8 million in revenue last month.
PA sportsbook handle increased 11.7% year-over-year and 67.2% month-over-month.
Should PA online sportsbooks continue this type of performance through football season, it’ll certainly be a memorable one.
September 2024 totals for Pennsylvania sports betting
💰 Handle: $811.3 million (11.7% MoM increase; 67.2% YoY increase)
💸 Revenue: $95.8 million (110.5% MoM increase; 44.9% YoY increase) / Adjusted Gross Revenue (taxable): $53.5 million
👐 Hold: 11.8% (up from from 9.4% last month)
💻 Percent of bets placed online: 94.3%
🎁 Promotional credits: $42.3 million
🧾 September sports betting taxes: $19.3 million
🏢 State and local entities: $944,675
📱 Top sports betting app by handle: FanDuel Sportsbook PA with $320.5 million
📱 Top sports betting app by revenue: FanDuel Sportsbook PA with $41.2 million
Quick analysis from September PA sports betting figures
ESPN BET continues downfall, slow start to football season
This is likely a make or break football season for ESPN BET, which has been subject to many sale rumors over the summer. The operator, owned by PENN Entertainment, will come under heavy fire should this performance continue.
ESPN BET had a chance to prove the doubters wrong this football season. No one expected it to compete with FanDuel or DraftKings. However, carving out a 4.1% market share last month isn’t what anyone had in mind, either. The operator’s share has dipped in nearly every month since launching last November.
Since April, there’s been a gradual decline since, according to the graph.
Sportsbooks display impressive hold rate
Hold rate is an important statistic that ultimately shows how much revenue operators make. September proved to be a terrific month for sportsbooks, and not so much for bettors.
With a full slate of NFL and college football, operators were able to hold at an 11.8% rate, the best September percentage to date. That led to $95.8 million in revenue before promotions. To put it in perspective, here are the following hold percentages for September:
- 2023: 9.1%
- 2022: 11.7%
- 2021: 8.3%
- 2020: 7.0%
The popularity of parlays over the last several years has led to operators increasing hold percentage.
bet365 PA comes back down to earth
The start of football season is a big month for all operators. Bet365 Sportsbook PA showed tremendous promise in August, placing fourth in handle with a 5.9% market share. It was the platform’s first full month in Pennsylvania.
In September, bet365 came back down to earth a bit. It ranked sixth in handle and dipped to 3.9% market share. As a new operator, it’s not all that surprising.
The operator displayed a great hold rate at 13.5%, which yielded $4.2 million in revenue. However, it distributed $6.5 million in promotions.
There will be peaks and valleys with every operator in a new state. Expect a more consistent output from bet365 once it gets its settled in the market.
PA sportsbook handle by operator in September 2024
Licensee | Online Brand | Handle | Revenue | Hold | Taxes |
---|---|---|---|---|---|
Valley Forge | FanDuel | $320,466,444 | $41,150,429 | 12.8% | $9,854,111 |
Hollywood Meadows | DraftKings | $237,227,495 | $26,766,071 | 11.3% | $4,719,233 |
Hollywood Morgantown | BetMGM | $53,478,987 | $5,500,619 | 10.3% | $899,469 |
Hollywood York | Fanatics | $34,109,082 | $4,000,489 | 11.7% | $300,205 |
Hollywood Penn National | ESPN BET | $33,271,816 | $3,240,635 | 9.7% | $886,998 |
Presque Isle Downs | bet365 | $31,586,412 | $4,248,517 | 13.5% | -$818,124 |
Rivers Pittsburgh | BetRivers | $28,072,846 | $2,475,255 | 8.8% | $692,383 |
Harrah's Philadelphia | Caesars | $25,063,318 | $2,370,689 | 9.5% | $689,771 |
Parx | betParx | $19,096,969 | $2,515,336 | 13.2% | $835,086 |
Rivers Philadelphia | PlaySugarHouse | $14,851,382 | $1,593,589 | 10.7% | $508,981 |
Live Philadelphia | Betway | $7,250,535 | $1,218,503 | 16.8% | $438,662 |
Live Pittsburgh | $1,622,514 | $198,808 | 12.3% | $71,571 | |
Mohegan Lehigh Valley | $1,569,388 | $190,984 | 12.2% | $68,754 | |
Wind Creek | Wind Creek | $1,380,296 | $54,060 | 3.9% | $19,462 |
Mohegan Pennsylvania | $1,318,505 | $195,409 | 14.8% | $70,347 | |
Mount Airy | $850,260 | $77,044 | 9.1% | $27,736 | |
Parx Shippensburg | $67,737 | $19,112 | 28.2% | $6,880 | |
South Philadelphia Race & Sportsbook | 0 | 0 | 0 | 0 | |
Total | $811,283,986 | $95,815,549 | 11.60% | $20,907,773 |