Pennsylvania operators reported lukewarm results in January following a record year.
According to data released by the Pennsylvania Gaming Control Board, sports betting operators in the Keystone State accepted $858.1 million in wagers in January, up from $772 million for the same month last year. Online wagers made up $808.7 million of the state’s total handle with retail closing at $49.3 million. Pennsylvania’s sportsbooks posted year-over-year growth but the results in January were down from a record $829 million handle in December 2023. The month-over-month decline is attributed to the end of the NFL season.
Pennsylvania is home to 12 online sportsbooks, which were led by FanDuel in January.
The operator, which partners with Valley Forge Casino, generated $55 million in gross gaming revenue in January behind a $373 million handle. In comparison, FanDuel posted a $313 million handle in January 2023, which resulted in $35.6 million in revenue.
FanDuel is the first online operator in Pennsylvania to surpass $1 billion in lifetime revenue.
DraftKings reported the second-highest handle. The Hollywood Casino at the Meadows partner accepted $211.9 million in wagers in January compared to a $202.5 million handle for the same month last year. DraftKings generated $24.2 million in revenue in January 2024, a roughly 101% increase compared to the same month last year.
ESPN Bet posted substantial growth in January following its rebrand from Barstool Sportsbook. The PENN Entertainment-owned operator, which partners with Hollywood Casino at Penn National Race Course, saw its handle close at $76 million last month, up from $41.8 million in January 2023 while operating as Barstool Sportsbook. PENN launched ESPN Bet in November 2023 after selling media brand Barstool Sports back to its founder Dave Portnoy for a $1. PENN would secure a deal with ESPN worth $1.5 billion in cash to launch ESPN Bet, which went live with initial wagering in 17 states.
ESPN Bet has become Pennsylvania’s flagship sportsbook with PENN based in the state. It reported a $1.7 million in revenue last month, compared to $2 million in revenue in January 2023. ESPN Bet dished out $1.9 million in promotional credits in January 2024, up from $643,967 for the same month last year.
Gaming continues to grow in Pennsylvania
The state’s gaming market is poised for growth with the addition of Fanatics Sportsbook.
Last month, the operator went live with sports betting and casino operations in the Keystone State. Fanatics launched iGaming in Pennsylvania through Hollywood Casino York, which previously partnered with PointsBet before Fanatics acquired its U.S. business.
Pennsylvania marks Fanatics’ 11th licensed jurisdiction for sports betting while the state is its second iGaming market. Fanatics launched iGaming in West Virginia last November.
