Pennsylvania’s sportsbooks have been getting more bang for their buck recently, as weaker wagering in June still translated into stronger revenue figures for operators.
The Pennsylvania Gaming Control Board announced on Monday that the sports-wagering handle in the state for June was nearly $420.2 million, down from May’s $447.5 million, April’s $479.4 million, and March’s $560.3 million.
Most of last month's handle was generated online, as internet sports wagering clocked in at approximately $379.3 million. Retail handle in June was $40.9 million.
Yet the books took that action and ran with it last month, turning a lower level of wagering into a higher amount of revenue than in previous months. Sports-wagering revenue in Pennsylvania, which is handle minus payouts to winning bettors, was $42.5 million in June, an increase over May's $37.4 million.
Based on those numbers, the unofficial hold for Pennsylvania sportsbooks last month was around 10.1 percent. The May win rate for the state had been about 8.4 percent.
Sports-wagering gross revenue last month in the Keystone State also amounted to $34.2 million, better than May, April, and March. Gross revenue is handle minus payouts to winning bettors and promotional credits provided to players. Promo credits fell in June in Pennsylvania to just shy of $8.3 million, the lowest amount since July 2020.
The difference a year makes
Furthermore, June's take by the books in Pennsylvania was greater than the $6.6 million in gross revenue they managed in the much more pandemic-affected June of 2020.
“The Board notes that sports wagering numbers were greatly affected in June 2020 due to the shutdown of major North American sports leagues,” the regulator said in its press release.
Pennsylvania allows both online and in-person sports betting in the state. State tax due last month from sports wagering was $11.6 million.
The most action taken by an individual book last month in Pennsylvania was $164.8 million, by the Valley Forge Casino Resort and its partner FanDuel.