Sports Betting Operators Display Worst Hold Percentage of This NFL Season in December

Written By Corey Sharp on January 17, 2025
Jalen Hurts under center for the Philadelphia Eagles in a game with the Pittsburgh Steelers

December was a good month for NFL bettors but a poor one for Pennsylvania sportsbooks, which have been experiencing considerable ups-and-downs since the beginning of this year’s football season. The Pennsylvania Gaming Control Board (PGCB) reported that sports betting operators produced $893.4 million in handle but only $47.5 million in revenue last month.

December took a dip in both the handle and revenue categories. Handle went down 5% month-over-month and 3% year-over-over.

Revenue, on the other hand, took an even bigger dive because of the 5.3% low hold rate in December, which is the lowest of the year. Month-over-month change represented a 54% decrease, while year-over-year fell 51%.

That’s in stark contrast to the state’s online casinos, which finished the year in blazing-hot fashion.

Pennsylvania December sports betting at a glance

  • Handle: $893.4 million (5% MoM decrease; 3% YoY decrease)
  • Revenue: $47.5million (54% MoM decrease; 51% YoY decrease)
  • Adjusted Gross Revenue (taxable): $21.9 million
  • Hold: 5.3% (down from from 11% last month)
  • Percent of bets placed online: 95%
  • Promotional credits: $25.6 million
  • December sports betting tax revenue: $7.9 million
  • State and local entities tax revenue: $1.5 million
  • Top sports betting app by handle: FanDuel Sportsbook with $353.3 million
  • Top sports betting app by revenue: FanDuel with $23.8 million

Last full slate of football ends in a downer for operators

Hold rate determines the amount of revenue sports betting operators collects in a given month. It’s a good gauge to tell how the public performed, too.

A 5.3% hold rate is the worst since November 2023, when operators posted the same percentage. In the four full months of football, hold rate has been up and down:

  • September: 11.6%
  • October: 6.8%
  • November: 11%
  • December: 5.3%

It’s fair to say that operators and public have beaten up on each other this year. For sportsbooks, though, it has to feel like it missed out on golden opportunity with the success of the Steelers, Eagles and Penn State all season long.

ESPN BET inches closer to 5% market share, but loses money

The end of the full slate of football season saw ESPN BET slowly improve market share in each month. This season has become a pivotal year for the operator, given all of the sale speculation over the summer.

ESPN BET did cede way to Fanatics, in terms of market share. However, it still improved against itself. Here’s how it fared during the last four months:

  • September: 4.1%
  • October: 4.6%
  • November: 4.7%
  • December: 4.9%

Despite the improvement, ESPN BET only posted a 1.8% hold rate in December, yielding $794,626 in total revenue. After promotional credits, the operator lost $470,150.

PENN Entertainment announced last week that 10 properties across the country, including three in Pennsylvania, are rebranding its retail sportsbooks to feature ESPN BET material. That is certainly an indication the company is sticking with ESPN.

While market share is slightly improving, ESPN BET has to be able to turn that into a profit, too.

2024 sports betting sets records across the board

Sports betting operators made new highs in handle and revenue in 2024, producing $8.42 billion and $778.4 million, respectively. In 2023, totals came in at $7.68 billion and $686.9 million.

Despite the inconsistent football season, sportsbooks also posted better hold percentages in 2024. Operators recorded a 9.2% rate in 2024 compared to an 8.9% in 2023.

December’s total left lifetime handle sitting at just below $35 billion and revenue at $3 billion. Those are likely the next milestones to be discussed for January.

PA sportsbook handle by operator in December

LicenseeOnline BrandHandleRevenueHoldTaxes
Valley ForgeFanDuel$353,310,807$23,799,6126.7%$5,069,602
Hollywood MeadowsDraftKings$238,486,496$13,230,1975.5%$2,624,128
Hollywood MorgantownBetMGM$66,158,480$1,845,6952.8%($93,481)
Hollywood YorkFanatics$45,517,954$3,388,8927.4%$281,559
Hollywood Penn NationalESPN BET$43,369,953$794,6261.8%($169,254)
Presque Isle Downsbet365$37,127,760$1,535,8514.1%($295,001)
Rivers PittsburghBetRivers$32,037,750$719,1582.2%($12,385)
Harrah's PhiladelphiaCaesars$30,815,567$621,6322.0%$87,963
ParxbetParx$17,318,284$877,1795.1%$218,279
Rivers PhiladelphiaPlaySugarHouse$16,667,686$318,2121.9%$32,780
Live PhiladelphiaBetway$6,728,887$302,4584.5%$108,885
Live Pittsburgh$1,416,702($12,023)-0.8%($4,328)
Mohegan Pennsylvania$1,380,895$46,7063.4%$16,814
Wind CreekWind Creek$1,309,273($30,477)-2.3%($10,972)
Mohegan Lehigh Valley$1,053,236$57,7995.5%$20,808
Mount Airy$618,323$10,3141.7%$3,713
Parx Shippensburg$53,556($17,091)-31.9%($6,153)
Total$893,371,609$47,488,7415.3%$7,872,958
Photo by Matt Slocum/Associated Press
Corey Sharp Avatar
Written by
Corey Sharp

Corey Sharp is the Lead Writer at PlayPennsylvania bringing you comprehensive coverage of sports betting and gambling in Pennsylvania. Corey is a 4-for-4 Philly sports fan and previously worked as a writer and editor for the Philadelphia Inquirer and NBC Sports Philadelphia.

View all posts by Corey Sharp
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