Pennsylvania put to rest the idea that the state is too mature for future growth in sports betting. The Pennsylvania Gaming Control Board (PGCB) reported a new record of $829 million in total October bets. The Keystone smashed the previous record of $797.1 million in handle set back in October 2022.
PA online sportsbooks brought in $73.6 million in revenue.
PlayPennsylvania Managing Editor, Chris Imperiale, said:
“Pennsylvania sports betting continued to feel the effects of the NFL and football betting in October. PA sportsbooks set a new record for overall handle, generating more than $829 million in total bets last month, a 14% increase from September and a year-over-year jump of around 4%. The just over $829 million beat out the state’s previous best from October 2022 by nearly $32 million. While it’s considered a mature market, there is still room for growth. It’s likely the Philadelphia Phillies’ postseason run contributed to the massive October, which means November could see a slight downturn even with lots of football remaining.”
October 2023 numbers for Pennsylvania sports betting
💰 Handle: $829 million (14% MoM increase; 4% YoY increase)
💸 Revenue: $73.6 million (11% MoM increase; 20% YoY increase) / Adjusted Gross Revenue (taxable): $48.1 million
👐 Hold: 8.9% (down from 9.1% last month)
💻 Percent of bets placed online: 93.3%
🎁 Promotional credits: $25.5 million
🧾 October sports betting taxes: $16.4 million
🏢 State and local entities: $963,001
📱 Top sports betting app by handle: FanDuel Sportsbook PA with $328.4 million
📱 Top sports betting app by revenue: FanDuel Sportsbook PA with $29.1 million
Quick analysis from October PA sports betting figures
- Despite FanDuel Sportsbook PA putting up monster handle numbers, DraftKings Sportsbook PA didn’t finish far behind in revenue. DraftKings, recording $1 million less in revenue, posted a 10.9% hold percentage compared to FanDuel’s 8.9%. DraftKings could cut into FanDuel’s revenue even more after more enhancements arrive at the sportsbook. The operator has the best product in the market, according to survey results, and could attract more customers after announcing Progressive Parlays. The new feature pays out money if up to multiple legs of a parlay miss.
- Caesars Sportsbook PA had a solid month in the handle department, producing the fourth-most total bets of any operator. However, the platform calculated a 0.7% hold percentage and made just $297,039 in revenue. Caesars has another two months of football left to rebound from a down month.
- Barstool Sportsbook PA generated $32.3 million in October handle, good for sixth-best in the state. October was the last full month of the app in operation as PENN Entertainment has turned to ESPN Bet PA as its new sports betting partner. We won’t get a good picture of ESPN Bet PA’s performance until December revenue comes out, when the operator has been fully functional for an entire month.
PA sports betting handle & revenue by operator October 2023
| Licensee | Online Brand | Handle | Revenue | Hold | Taxes |
|---|---|---|---|---|---|
| Valley Forge | FanDuel | $328,423,200 | $29,140,402 | 8.9% | $6,542,696 |
| Hollywood Meadows | DraftKings | $258,270,691 | $28,132,084 | 10.9% | $6,817,877 |
| Hollywood Morgantown | BetMGM | $53,577,187 | $3,930,469 | 7.3% | $697,936 |
| Harrah's Philadelphia | Caesars | $39,639,095 | $297,039 | 0.7% | ($121,263) |
| Rivers Pittsburgh | BetRivers | $33,514,954 | $3,306,442 | 9.9% | $818,929 |
| Hollywood Penn National | Barstool | $32,270,928 | $1,686,650 | 5.2% | $606,901 |
| Parx | betParx | $22,066,334 | $1,688,899 | 7.7% | $509,287 |
| Rivers Philadelphia | PlaySugarHouse | $20,682,296 | $1,693,686 | 8.2% | $450,710 |
| Hollywood York | PointsBet | $12,370,496 | $947,266 | 7.7% | $47,604 |
| Live Philadelphia | Betway | $10,242,771 | $976,038 | 9.5% | $351,374 |
| Mohegan Pennsylvania | Unibet | $7,652,357 | $671,906 | 8.8% | $194,816 |
| Wind Creek | Wind Creek | $2,413,788 | $58,237 | 2.4% | $20,405 |
| Live Pittsburgh | $2,164,477 | $381,673 | 17.6% | $137,402 | |
| South Philadelphia Race & Sportsbook | $1,900,784 | $226,503 | 11.9% | $81,541 | |
| Presque Isle Downs | $1,546,778 | $188,291 | 12.2% | $67,785 | |
| Mohegan Lehigh Valley | $1,473,102 | $205,493 | 13.9% | $73,978 | |
| Mount Airy | Fox Bet | $726,700 | $85,501 | 11.8% | $30,780 |
| Parx Shippensburg | $66,661 | $14,618 | 21.9% | $5,263 | |
| Parx Malvern | - | - | - | - | |
| Total | $829,002,595 | $73,631,197 | 8.9% | $17,334,020 |
