Bettors in the Keystone State got the better of legal sports betting operators in August.
The Pennsylvania Gaming Control Board announced a monthly handle of $393 million, up 16% from July and 8% year-over-year, but gross revenue was down 22% month-over-month. Adjusted revenue, after over $8.5 million in promotional credits, topped out at $22 million. That’s down from 31% month-over-month and 35% from Aug. 2022.
Bettors lowered the sportsbooks’ hold (after promotions) from July by nearly four points to 7.8% of gross revenue. It’s Pennsylvania operators’ second-lowest win rate of 2023 behind January.
Online sports betting sites were hit harder than retail as the hold barely got above 7.5%. Mobile made up 93% of the Keystone State’s handle while retail claimed $25.8 million of the wagers and a 10.6% hold that produced $2.7 million of revenue.
Pennsylvania sports betting operators paid out $7.4 million to the state in taxes, down from $10.9 million in July.
FanDuel Posts Best Handle
FanDuel led the Keystone State in mobile August handle at $134.4 million, up 5.5% month-over-month, but a hold of 4% on adjusted revenue of $5.3 million was a big reason why Pennsylvania took such a dip.
DraftKings has the second-highest handle at $113.4 million and enjoyed a better hold of 6.4% for adjusted revenue of $7.4 million.
BetMGM was third with a handle of $29.5 million, just ahead of Barstool, which is owned by PENN and is transitioning to ESPN Bet this fall. It produced a handle of $29.1 million to claim fourth in Pennsylvania.
