Share 
March Madness betting took a nosedive last month, as the Pennsylvania Gaming Control Board reported that operators produced $730.9 million in handle and $67.7 million in revenue.
Because of college basketball, the month usually rivals football totals of October and November. However, Pennsylvania sportsbooks did not get nearly the same action they did last year.
Whether this was a blip or a trend is something that remains to be seen.
Dramatic drop
Handle took a drastic dip compared to March’s of years past. The state did have Villanova and Penn make the NCAA Tournament, however, each school was one-and-done.
That certainly did not help excitement, especially with Xfinity Mobile Arena hosting first- and second-round games.
Handle did increase month-over-month at 23.5% but fell year-over-year at 13.3%.
- 2021: $560.3 million
- 2022: 597.1 million
- 2023: $723.5 million
- 2024: $800.7 million
- 2025: $842.9 million
- 2026: $730.9 million
This was the first year since the pandemic that March Madness betting did not increase on a year-over-year basis.
We’ll have to wait until next March to see if wagering has reached its peak for the tournament. However, football season coming up will be a good indicator on the overall trajectory of the market.
March sports betting at a glance
- Handle: $730.9 million (23.5% month-over-month increase; 13.3% year-over-year decrease)
- Revenue: $67.7 million (24.2% MoM increase)
- Adjusted Gross Revenue (taxable): $47.9 million
- Hold: 9.3% (up from 9.2% in February)
- Percent of bets placed online: 95.6%
- Promotional credits: $19.8 million
- March sports betting tax revenue: $16.3 million
- State and local entities tax revenue: $957,118
- Top sports betting app by handle: FanDuel Sportsbook with $243.6 million
- Top sports betting app by revenue (taxable): FanDuel with $26 million
FanDuel regains some control
DraftKings Sportsbook had started to close the gap on FanDuel Sportsbook, especially in February.
FanDuel had captured 32.6% while DraftKings closed in at 30.5% market share. In March, FanDuel was able to widen the margin, slightly, to 33.3%, while DraftKings captured 29%.
FanDuel has led Pennsylvania in market share for years, and has kept everyone else at arm’s length. However, DraftKings has proven to be stiff competition for the market leader.
Despite that, FanDuel still has a tight hold on the market, and widened it slightly in a crucial month.
The sports calendar slows drastically in the spring and summer months, but once football starts in September, the battle for market share is sure to heat up.
PA sportsbook handle by operator in March
| Licensee | Online Brand | Handle | Revenue | Hold | Taxes |
|---|---|---|---|---|---|
| Valley Forge | FanDuel | $243,576,879 | $26,033,834 | 10.7% | $6,696,100 |
| Hollywood Meadows | DraftKings | $211,806,593 | $19,246,320 | 9.1% | $5,233,624 |
| Hollywood York | Fanatics | $64,627,955 | $4,111,862 | 6.4% | $950,698 |
| Hollywood Morgantown | BetMGM | $52,516,280 | $4,211,451 | 8.0% | $713,638 |
| Presque Isle Downs | bet365 | $44,921,338 | $4,692,519 | 10.4% | $828,842 |
| Hollywood Penn National | theScore Bet | $27,545,055 | $1,911,227 | 6.9% | $535,566 |
| Rivers Pittsburgh | BetRivers | $25,232,832 | $2,284,645 | 9.1% | $672,587 |
| Harrah's Philadelphia | Caesars | $23,688,128 | $1,840,118 | 7.8% | $496,370 |
| Parx | betParx | $15,306,047 | $1,212,986 | 7.9% | $390,797 |
| Rivers Philadelphia | PlaySugarHouse | $9,949,364 | $1,001,411 | 10.1% | $305,805 |
| Live Philadelphia | Betway | $6,559,783 | $696,094 | 10.6% | $250,594 |
| Mohegan Sun Pocono | $1,365,581 | $105,984 | 7.8% | $38,080 | |
| Live Pittsburgh | $1,287,229 | $71,966 | 5.6% | $25,908 | |
| Wind Creek | Wind Creek | $1,142,407 | $189,244 | 16.6% | $68,128 |
| Mohegan Lehigh Valley | $706,239 | $48,140 | 6.8% | $17,330 | |
| Mount Airy | $554,388 | $17,303 | 3.1% | $6,229 | |
| Parx Shippensburg | $67,511 | ($6,054) | -9.0% | ($2,179) | |
| Total | $730,853,609 | $67,669,050 | 9.3% | $17,228,117 |
