In a football season where the public and Pennsylvania sportsbooks went back and the forth, it was the public that landed the knockout blow to officially end the season. The Philadelphia Eagles‘ Super Bowl victory over the Kansas City Chiefs ensured that February would be a poor one for the local sports betting industry.
The Pennsylvania Gaming Control Board (PGCB) reported that sportsbook operators produced $756.9 million in handle, but less than $34.0 million in revenue last month.
Sportsbooks’ handle declined 13.3% on a month-over-month basis, but that was still an increased of 14.4% from last February—a positive for when the industry is nationally in a year-over-year slump. However, that was a mixed blessing, as the bump was due in large part to Pennsylvanians’ desire to back the Eagles. Their victory means that additional handle equated to negative revenue.
Because of the Eagles’ win the books’ total hold percentage for the month came in at a dismal 4.5%. Revenue was down 60% from last month and 32.5% from last year.
Pennsylvania February sports betting at a glance
- Handle: $756.9 million (13.3% MoM decrease; 14.4% YoY decrease)
- Revenue: $34 million (60% MoM decrease; 32.5 YoY decrease)
- Adjusted Gross Revenue (taxable): $7.5 million
- Hold: 4.5% (down from from 9.7% last month)
- Percent of bets placed online: 96%
- Promotional credits: $26.5 million
- February sports betting tax revenue: $2.5 million
- State and local entities tax revenue: $149,704
- Top sports betting app by handle: FanDuel Sportsbook with $284.5 million
- Top sports betting app by revenue: FanDuel with $21.3 million
Super Bowl turned into a bust for sportsbooks
The entire city of Philadelphia was celebrating a huge Eagles win in the Super Bowl. A lot of those fans also supported their team monetarily, in the form of a wager.
The PGCB reported last month that sportsbooks accepted accepted $101.5 million in bets on Super Bowl Sunday. However, operators lost $6.5 million on the day because of the Eagles’ blowout victory.
The $101.5 million in bets was a 41.6% bump from 2024 and a 20.4% increase from two years ago, the last time the Eagles participated in the Super Bowl.
However, the PGCB disclosed that, which is no surprise, that many bets were placed on the Eagles:
“At the same time, patrons overwhelmingly placed winning wagers resulting in negative revenue for the sports wagering operators of $6,532,147. The Board noted in particular a high percentage of wagers placed on the Eagles to win.”
Fanatics finishes third in handle
Fanatics Sportsbook made a statement in February, placing third in handle behind FanDuel and DraftKings. It passed BetMGM, who has held that third position, by a wide margin.
Here is how the top five operators finished in February:
- FanDuel: $284.5 million
- DraftKings: $180.7 million
- Fanatics: $95.9 million
- BetMGM: $58.8 million
- Bet365: $31.3 million
While FanDuel and DraftKings are still the reigning market leaders, Fanatics is proving that it is already one of the next-best operators in the Keystone State. We’ll see if Fanatics can keep it up through March Madness.
ESPN BET falls out of top 5
ESPN BET had been building some slight momentum during football season, almost reaching 5% market share. However, the operator took a big hit in February.
ESPN BET placed sixth in handle, behind bet365, which launched last summer. Market share dipped all the way to 3.7%.
Here are the following market share percentages for the sportsbook during football season:
- September: 4.1%
- October: 4.6%
- November: 4.7%
- December: 4.9%
- January: 4.8%
- February: 3.7%
There has been rumors about PENN Entertainment potentially selling its online business, which would include ESPN BET. The company also has an opt-out clause in 2026 it could exercise, if results don’t pick up fast.
ESPN BET has a lot of ground to make up, especially since the emergence of Fanatics and bet365.
PA sportsbook handle by operator in February
| Licensee | Online Brand | Handle | Revenue | Hold | Taxes |
|---|---|---|---|---|---|
| Valley Forge | FanDuel | $284,520,950 | $21,305,651 | 7.5% | $4,922,923 |
| Hollywood Meadows | DraftKings | $180,657,692 | $8,685,264 | 4.8% | ($55,382) |
| Hollywood York | Fanatics | $95,902,714 | $3,857,123 | 4.0% | ($166,547) |
| Hollywood Morgantown | BetMGM | $58,762,862 | ($1,078,350) | -1.8% | ($1,174,151) |
| Presque Isle Downs | bet365 | $31,293,179 | $1,675,955 | 5.4% | $37,024 |
| Hollywood Penn National | ESPN BET | $28,257,257 | $548,997 | 1.9% | ($167.818) |
| Harrah's Philadelphia | Caesars | $21,845,900 | ($127,257) | -0.6% | ($156,262) |
| Rivers Pittsburgh | BetRivers | $20,451,276 | $341,816 | 1.7% | ($3,092) |
| Parx | betParx | $13,374,243 | ($624,665) | -4.7% | ($270,941) |
| Rivers Philadelphia | PlaySugarHouse | $12,051,573 | $245,661 | 2.0% | $41,467 |
| Live Philadelphia | Betway | $5,632,178 | ($723,922) | -12.9% | ($260,612) |
| Wind Creek | Wind Creek | $1,026,939 | ($163,686) | -15.9% | ($58,927) |
| Mohegan Pennsylvania | $903,231 | ($134,467) | -14.9% | ($48,408) | |
| Live Pittsburgh | $866,247 | $145,583 | 16.8% | $52,410 | |
| Mohegan Lehigh Valley | $786,789 | $46,071 | 5.9% | $16,586 | |
| Mount Airy | $539,970 | ($27,788) | -5.1% | ($10,004 | |
| Parx Shippensburg | $53,215 | ($10,008) | -18.8% | ($3,603) | |
| Total | $756,926,216 | $33,961,978 | 4.5% | $2,694,664 |
