Pennsylvania’s online and retail sportsbooks combined to generate more than $200m in bets in a single month for the first time during October, as the state’s bettors increasingly opted to wager online. That upward trend is likely to continue, according to analysts at PlayPennsylvania.com, with DraftKings joining the online market in November, and with hockey, basketball, and football all up and running.
In all, Pennsylvania’s sportsbooks accepted a record $241.2m in bets in October, up 24% from September’s $194.5m handle. Those bets generated $19.1m in revenue, down slightly from September’s $19.3m win, leading to an injection of $5.1m into state coffers.
Pennsylvania’s five online sportsbooks generated $198.7m in October, representing 82% of the state’s total handle. That puts the state in line with New Jersey, where about 85% of all bets originate online. Pennsylvania bettors have been quick to embrace online sports betting — growing from 65% of all bets in July.
“Pennsylvania’s online market is finally maturing, and that is certainly the most important reason for the growth in the state’s handle,” said Jessica Welman, sports betting analyst for PlayPennsylvania.com. “The path for more growth is clearer now. A major brand like DraftKings coming online, coupled with intense interest in the Sixers, Flyers, and Penguins, will almost certainly give a boost to the already steady growth we’ve been seeing.”
FanDuel Sportsbook at Valley Forge Casino continued to dominate the online market, accepting a record $113.9m in October bets, up from $85.1m in September. The firm generated $8.1m in revenue, up from $7.1m in August.
It was followed in the online market by Rivers-Philadelphia, formerly SugarHouse ($30m in online handle, down from $31.2m in September; $2.5m revenue, down from $2.6m in September); Rivers-Pittsburgh ($26.6m handle, up from $23.5m; $1.6m revenue, down from $1.9m); Parx Casino ($18.4m handle, up from $13.8m; $1.7m revenue, up from $1.8m); and Fox Bet at Mount Airy ($9.8m in online handle, up from $4.5m; $591,309 revenue, up from $268,844 in revenue).
Rivers-Pittsburgh continued to lead the retail market, accepting $7.7m in bets in October, up from $7.3m in September. That yielded $699,611 in revenue, down from $957,791.
“Online betting will unquestionably be the driver to future growth in Pennsylvania,” said Dustin Gouker, lead analyst for PlayPennsylvania.com. “Most encouraging is that Pennsylvania’s online market is still expanding with new brands, including DraftKings. That should only encourage more growth.”
He added: “FanDuel’s grip on the online market could loosen with increased competition from Fox Bet and DraftKings. Overall, though, the increased competition will be a benefit to bettors, giving them more choices and spurring product innovation.”
