Pennsylvania posts record $776m betting handle for October

Bettors in the Keystone State spent a record $776 million in October, according to the latest sports wagering revenue report published by the Pennsylvania Gaming Control Board (PGCB).

The report shows that Pennsylvania sportsbooks took in $776,277,954 in bets last month, an increase of 34.1% from the $578.8 million handled in September. October’s betting handle also showed an improvement of 47.6% year-on-year when compared to the $525.8 million reported in October 2020.

The operators retained 5.4% of the amount wagered to post $42.3 million in revenue, which was a decrease of 12.1% from the $48.1 million held in September.

After deducting the $18.7 million spent by online sportsbooks on promotions, the taxable sports wagering revenue for the month was $23.5 million. The figure shows 17% month-on-month decrease in taxable revenue when compared to September’s $28.3 million.

The state collected $8.0 million in taxes from the industry, while $470,656 went to the local municipalities and counties where the licensed sportsbooks are located.

How did PA bettors place their bets in October?

Like in the previous months, sports fans in the Keystone State preferred to use mobile sportsbook apps to place their bets, with only a few visiting physical wagering venues.

The volume of bets processed by online sportsbooks tallied $714.1 million, up by 35.4% from September’s $527.4 million internet handle. The online market generated $37.2 million in total revenue for the month, which came down to $18.5 million after deducting the amount spent in promotional credits.

Physical sportsbooks, on the other hand, took in $62.2 million in bets for the month, indicating an increase of 21.2% month-on-month from September’s $51.3 million retail handle. The combined hold posted by retail sportsbook operators in October was $5.0 million, down 30.6% from the $7.2 million reported in the month prior.

The October figures push Pennsylvania’s total sports betting handle for the financial year 2021/2022 to $2.0 billion.

Valley Forge and FanDuel continue to set the pace

The Boyd Gaming-owned Valley Forge Casino in King of Prussia was the leading operator in terms of betting handle, having taken $275.4 million worth of bets for the month, up 46.8% from the $187.6 million reported in September.

The casino’s online partner, FanDuel Sportsbook, accounted for 98% of the volume at $270.8 million. The licensee’s total hold for the month was $19.9 million, with the online platform generating $19.3 million.

Hollywood Casino at the Meadows came in second with $204.1 million in handle, up from $166.6 million in September. The DraftKings online sportsbook tied to the facility generated $201.7 million of the sports betting handle for October, up from $164.7 million in the previous month.

The casino’s total revenue from sports betting also saw a month-on-month increase as the figure climbed from $5.3 million in September to $9.8 million in October.

Hollywood Casino at Penn National Race Course in Grantville and its online partner, Barstool Sportsbook, reported the third-highest handle in the month at $73.6 million, while BetMGM and Hollywood Casino Morgantown came in fourth with $65.9 million in handle.