Pennsylvania sports betting operators set another handle record in November. The Pennsylvania Gaming Control Board (PGCB) reported a new record of $934.1 million in total November bets. This beat October’s previous record of $829 million in handle.
Despite the record wagers, PA online sportsbooks only brought in $49.1 million in revenue, down from $73.6 million last month.
PlayPennsylvania Managing Editor, Chris Imperiale, said:
“Pennsylvania sports betting continues to reach new heights. The mature market posted another new record for overall handle in the state, producing over $934 million in total bets in November. This is a 12.7% increase from October’s previous record showing and a more than 18% climb from November 2022. Of course, NFL betting drove the majority of the action, but the return of the NBA and its first in-season tournament helped, as well. The market is showing it still has room to grow, which could potentially mean another record is on the way in December.”
November 2023 numbers for Pennsylvania sports betting
💰 Handle: $934.1 million (12.7% MoM increase; 18.4% YoY increase)
💸 Revenue: $49.1 million (33.3% MoM decrease; 30% YoY decrease) / Adjusted Gross Revenue (taxable): $12.1 million
👐 Hold: 5.3% (down from 8.9% last month)
💻 Percent of bets placed online: 93.9%
🎁 Promotional credits: $36.3 million
🧾 November sports betting taxes: $4.4 million
🏢 State and local entities: $257,680.70
📱 Top sports betting app by handle: FanDuel Sportsbook PA with $384.1 million
📱 Top sports betting app by revenue: FanDuel Sportsbook PA with $19.1 million
Quick analysis from November PA sports betting figures
- Pennsylvania sportsbooks once again proved that the market has not fully matured. The state set a record in consecutive months for handle. It’s obvious that sportsbooks won’t keep up this impressive pace when football winds down, as it’s clear that football season is still king and stronger than ever in the Keystone State. Pennsylvania has another full slate of NFL and college bowl games in December before NFL playoffs take center stage in January.
- Despite the record handle, Pennsylvania sportsbooks produced just $49.1 million in revenue. Sportsbooks were not able to cash in on a record-breaking month, recording a minuscule 5.2% hold percentage. Sportsbooks are hoping for more upsets in December and January.
- Pennsylvania sportsbooks spent a record of $36.3 million in promotions in November. Operators recently set a high mark back in September, during the start of football season. Many of them have kept spending promotional dollars, which is a big contributor to the record handle. PENN Entertainment led the state in promo spend, as Barstool Sportsbook PA exited and ESPN Bet PA launched in mid-November. Partnered with Hollywood Casino, the license spent $14.8 million in promotions. It lost $7.8 million in revenue last month. As ESPN Bet PA establishes its footing in the Keystone State, it might take some time before it starts to generate significant revenue.
PA sports betting handle & revenue by operator November 2023
| Licensee | Online Brand | Handle | Revenue | Hold | Taxes |
|---|---|---|---|---|---|
| Valley Forge | FanDuel | $384,083,610 | $19,062,650 | 5.0% | $3,022,623 |
| Hollywood Meadows | DraftKings | $253,073,537 | $13,947,467 | 5.5% | $2,835,497 |
| Hollywood Penn National | Barstool | $66,826,062 | $6,981,824 | 10.4% | ($2,824,184) |
| Hollywood Morgantown | BetMGM | $54,304,013 | $1,896,837 | 3.5% | $73,263 |
| Harrah's Philadelphia | Caesars | $47,602,201 | $1,491,670 | 3.1% | $359,583 |
| Rivers Pittsburgh | BetRivers | $35,987,333 | $1,603,172 | 4.5% | $209,419 |
| Rivers Philadelphia | PlaySugarHouse | $26,019,491 | $824,759 | 3.2% | $135,711 |
| Parx | betParx | $24,474,910 | $1,241,194 | 5.1% | $363,359 |
| Hollywood York | PointsBet | $13,033,168 | $883,673 | 6.8% | $75,207 |
| Live Philadelphia | Betway | $9,596,133 | $244,273 | 2.5% | $87,938 |
| Mohegan Pennsylvania | Unibet | $9,554,327 | $220,522 | 2.3% | $30,590 |
| Live Pittsburgh | $2,034,544 | $186,691 | 9.2% | $67,209 | |
| Presque Isle Downs | $1,928,956 | $125,165 | 6.5% | $45,059 | |
| Wind Creek | Wind Creek | $1,813,732 | $135,280 | 7.5% | $47,969 |
| South Philadelphia Race & Sportsbook | $1,739,396 | $161,918 | 9.3% | $58,290 | |
| Mohegan Lehigh Valley | $1,175,238 | $104,861 | 8.9% | $37,750 | |
| Mount Airy | Fox Bet | $834,031 | $21,981 | 2.6% | $7,913 |
| Parx Shippensburg | $49,471 | $14,045 | 28.4% | $5,056 | |
| Parx Malvern | - | - | - | - | |
| Total | $934,130,151.55 | $49,147,979.21 | 5.3% | $4,638,252 |
