Though Pennsylvania sportsbooks produced a slow month with $572.1 million in total bets in April, the Keystone State accomplished a big milestone. With April’s total, Pennsylvania crossed the $21 billion threshold for lifetime total bets. Only New York, Illinois, New Jersey and Nevada have surpassed that amount in handle.
Now that the sports calendar is becoming scarce, total bets are expected to take a hit. However, FanDuel and DraftKings are still supposed to dominate the PA playing field.
FanDuel and DraftKings carry PA sports betting
Just as the Keystone State reached a major milestone, FanDuel and DraftKings also crossed worthy thresholds.
FanDuel recorded $222.5 million in total bets in April, which put it over the $8 billion mark for lifetime handle. DraftKings posted $157.8 million in total bets, which took it over $5 billion in lifetime handle after April’s results.
The pair of sportsbooks make up 62% of the lifetime handle in Pennsylvania.
In the FanDuel Q1 2023 earnings report, the company reported strong sportsbook revenue. FanDuel’s sportsbook profits grew 147%, with Pennsylvania as one of its best states. According to FanDuel’s earnings report, customer retention has been a major factor due to product innovation. It stated:
- Continued innovation of our market leading Same Game Parlay products, including a broader offering on March Madness and in-play NBA betting, supported strong retention with AMPs 46% higher
- This product innovation contributed to a 2.4% increase in expected sportsbook net revenue margin in the quarter, driving greater customer lifetime value
To improve customer experience to help with retention, DraftKings has also added same game parlays, which is supported by its in-house trading platform.
Slow point of sports calendar is approaching
PA sportsbooks are heading into the dog days of the sports schedule. Once the NBA and NHL playoffs wrap up in June, MLB becomes the only sport taking center stage.
Total bet figures usually plummet in the summer months:
- June: $393.5 million
- July: $336.5 million
- August: $363 million
- June: $420.2 million
- July: $304.4 million
- August: $348.5 million
During those three months out of the year, handle for FanDuel and DraftKings dips dramatically, too. However, they still command the same market share:
FanDuel / DraftKings 2022 handle
- June: $158.2 million (40.2%) / $88.6 million (22.5%)
- July: $125.9 million (37.4%) / $76.4 million (22.7%)
- August: $132.1 million (36.4%) / $91.7 million (25.3%)
FanDuel / DraftKings 2021 handle
- June: $164.8 million (39.2%) / $87.5 million (20.8%)
- July: $108.5 million (35.6%) / 67.2 million (22.1%)
- August: $137.4 million (39.4%) / $81.3 million (23.3)
With the slow season approaching, FanDuel and DraftKings’ handle numbers will decline, although, their market share is pretty set in stone. Perhaps with so much focus on customer experience and retention, the two companies can increase handle during the summer months this year.