It’s been five years since Pennsylvania first launched online sports betting, but the state’s industry continues to grow. October set a record for the most handle generated by online sportsbooks in the state, with $829 million in wagers. On top of that, the state’s online casinos nearly surpassed a record of their own set in September.
PA sportsbook revenues also bounced back after a revenue dip in September. Total adjusted gross revenues amounted to $48.2 million on the month. Some of that dip can be attributed to negative returns for Caesars Sportsbook, which lost money after promotional credit deductions, as did PointsBet, a Fanatics Experience.
Prior to promotional credit deductions, gross gaming revenue came in at $68.5 million. However, with $25.5 million in promotional spending, that number dropped to $48.2 million.
FanDuel led the way with $328.4 million in handle with DraftKings in second place with $258.3 million in bets. Despite FanDuel’s lead in handle, the two were roughly even in GGR at $29.1 million and $28.1 million respectively. FanDuel was the biggest promotional credit spender with almost $11 million compared to DraftKings’s $9.2 million.
After the top two, which comprised 70.7% of the market, the rest of the top five was as follows:
- 3. BetMGM: $53.6 million in handle, $3.9 million in GGR, $2 million in promotional credit, $1.9 million in AGR
- 4. Caesars Sportsbook: $39.6 million in handle, $297K in GGR, $634K in promotional credit, $337K in AGR losses
- 5. BetRivers: $33.5 million in handle, $3.3 million in GGR, $1 million in promotional credit, $2.3 million in AGR
If you were to combine the handle of BetRivers and its sister brand PlaySugarHouse, the two would rival BetMGM with $54.1 million in handle.
On the online casino side, it is difficult to tell exactly who is leading the pack, as numerous operators are grouped together on a single license, much like New Jersey. Collectively, online casino operators posted almost $155 million in revenues, which came within striking distance of the record $157 million posted last month.
Between online casino revenue and online sports betting revenue, the state collected more than $49 million in tax dollars on the state and local level.