Pennsylvania sportsbooks report $572.8m handle for April

Figures released by the Pennsylvania Gaming Control Board revealed that bettors in the state wagered $572.8 million on sports through the month of April, which indicates a 19.9% month-of-month decrease from March’s $715 million handle. When compared to the $479.6 million staked in the same period last year, April’s handle showed an improvement of 19.4% year-on-year.

The revenue generated by the industry in April was $49.1 million, indicating a win rate of 8.57%. April’s hold was up by 1.2% when compared to the $49.0 million reported in March and it was also 36.4% higher than the $36 million won in April 2021.

The report also revealed that operators spent $15.4 million on promotions throughout April, down from $18.1 million in the previous month. After deducting what was spent on promotional credits, the taxable revenue for the month was $33.7 million, up from $30.4 million in March.

The sector generated $11.4 million in tax revenue for the state, with an additional $673,341 going to the local share assessment fund.

Online vs retail

For the month ended April, Pennsylvania online sportsbooks handled a combined $536.1 million worth of sports wagers, a decrease of 19.6% from March’s $667.0 million. The handle generated $46.1 million in total revenue for the 14 online licensees, up from $43.5 million in the previous month. The taxable revenue after deducting promotional credits was $30.7 million.

Looking at the retail sector, a combined $36.7 million in handle was reported by the 18 licensed sports wagering venues across the state.

The figure showed a decline of 23.5% month-on-month when compared to March’s $48 million retail handle, and it was also 8.9% lower than the $40.3 million posted in April 2021.

The licensees held nearly $3 million of the retail handle, down from $5 million in March.

FanDuel leads online betting in Pennsylvania

Valley Forge Casino in King of Prussia continued to show strong performance in April after reporting $228.2 million in wagers for the month. FanDuel Sportsbook, which is tied to the Boyd Gaming’s facility, accounted for more than 99% of the licensee’s handle at $226.6 million.

The casino’s sports betting revenue for the month was $28.7 million, with $28.4 million of the hold coming from online operations.

Penn National Gaming’s Hollywood Casino at the Meadows had the second-highest overall handle at $120.3 million. The casino’s online partner, DraftKings, handled $119.1 million of the wagers with $1.2 million coming from retail customers. DraftKings’ win from online sports wagering was $5.3 million, while retail operations generated $77,699 in revenue for the month.

Hollywood Casino Morgantown came third with $66.4 million in total handle and $4.8 million in revenue. The BetMGM sports betting app tied to the facility accounted for $65.9 million of the licensee’s handle and $4.7 million of the revenue.

The casino with the fourth-highest handle was Hollywood Casino at Penn National Race Course. The Grantville located establishment posted $39.7 million in handle and $3.8 million in sports betting revenue for April. The Barstool app tied to the establishment handled $38.2 million worth of wagers and won $3.6 million during the month.

Rivers Casino Pittsburg followed closely with $30.5 million in sports betting handle and $4.2 million in hold. As with other establishments across the state, the lion’s share of the sportsbook’s handle came from its online partner, BetRivers.

Pennsylvania has reported $2.679 billion in sports wagers since January, with the handle generating nearly $173.2 million in total revenue for operators and $32.5 million in taxes for the state.

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