Pennsylvania sportsbooks also fell prey to the expected downturn in betting activity in April, as the end of March Madness took its toll on wagering in the Keystone State.
The Pennsylvania Gaming Control Board posted numbers on Tuesday showing the state’s sportsbooks drew US$479.4 million in bets last month. They also generated US$36 million in revenue after paying out winners, making for a hold of 7.5 percent.
More than 90 percent of the handle came from online play. Promotional credits offered by the books also fell to US$9.7 million last month, which was the lowest it’s been since August 2020, but still reduced taxable revenue to about US$26.3 million.
A not-unexpected slowdown
Pennsylvania’s figures are consistent with what other states have reported for April. While last month’s haul by Pennsylvania was greater than that of pandemic-affected April 2020, it was below that of March 2021 thanks to a weaker slate of sporting events.
With March Madness afoot, March 2021 saw US$560.3 million in wagers at Pennsylvania sportsbooks, which translated into US$41 million in revenue. However, despite the jump in handle and revenue compared to April, the win percentage was slightly lower at 7.3 percent.
Promo credits for sports wagering were nearly US$11.7 million in March, while gross revenue was about US$29.3 million.
Pennsylvania was among the first out of the gate to implement legalized sports betting after the Supreme Court of the United States struck down a law standing in the way in May 2018. The state allows bets to be placed online and in brick-and-mortar sportsbooks.
The top sportsbook for April in Pennsylvania was the Valley Forge Casino Resort, which is partnered with FanDuel. The total sports-wagering handle for the partners was US$169.8 million, more than 98 percent of which came from online bets.