The revenue reports for May continue to filter in, including the latest from Pennsylvania. Like Michigan, the state’s sports betting handle dipped from April to May, while online casino revenue was virtually identical month over month.
Sports betting handle was down 13.9% from $572.8 million in April to $493.4 million last month. This is in line with other states, which all experienced an expected dip with the winding down of the pro hockey and basketball betting options. Hold was a mere 7%, resulting in $35 million in revenue.
As is always the case, FanDuel and DraftKings dominated the state with $193.4 million and $111.5 million respectively. BetMGM Sportsbook rounded out the top three, but only posted $54.1 million in handle. Like in Michigan, while other operators produced unremarkable hold, FanDuel led the pack with 13% hold before promotional deductions and $19.8 million in revenue. The top operator continues to not only generate the most bets, but make the most money off those bets not just in PA but elsewhere.
Even though Pennsylvania is one of the older markets for sports betting in the US, it is still growing, just at a slower pace. Handle was up 3% year over year from $479.4 million in 2021. However, revenue jumped from $27.7 million in 2021 to just over $35 million in 2022.
On the online casino side, revenue was virtually identical to April. The month of April produced $113.1 million in revenue across slots and table games, while May generated $113.3 million. The Barstool Casino brand was the top performer with $45.5 million in revenue, followed by BetRivers and FanDuel Casino with $26.9 million and $21.2 million.
The PA online casino industry is still growing strong, with revenues up 11.91% YoY.