Pennsylvania sportsbooks start 2022 with record $793m handle

Sportsbook operators in the Keystone State saw a 5.8% month-on-month increase in betting handle in January, according to the latest financial report released by the Pennsylvania Gaming Control Board (PGCB).

The 17 licensed facilities across the state took in a combined $793.7 million in wagers for the month, up from $750.4 million in December 2021. The figure, which is a new high for Pennsylvania, also shows an increase of 29% year-on-year when compared to the $615.3 million reported in January 2021.

Operators held $53.4 million of the total amount staked during the month, which translates to 6.73% in hold percentage. The revenue reported in December was $38.0 million, indicating a 40.5% increase month-on-month.

The report further reveals that Pennsylvania sports betting licensees spent $21.2 million in promotional credits in January, up by 11% from $19.1 million in December.

The taxable revenue was down to $32.2 million after deducting the amount spent on bonuses and promotions. The amount was 71.3% higher than the $18.8 million reported in December, but down by 5.3% when compared to the $33.9 million posted in the same period last year.

The market generated $10.9 million in tax revenue for the state, up from $6.4 million in December. The counties and municipalities hosting the gaming establishments offering the market also received $643,399 in payments from operators during the month, thanks to a 2% local share assessment fee imposed by the state.

Online betting handle hits new highs

As PA’s overall sports wagering handle reached new heights in January, online licensees across the state also saw an increase in betting action.

The total amount wagered via mobile sportsbooks throughout the month was $737.4 million, which is an increase of 6.4% from December’s $693.3 million. The internet handle was also up by 27.2% year-on-year when compared to the $579 million reported in January 2021.

The online handle for January is the highest reported by the state. The previous record was October 2021’s $714.1 million.

Moving on to the retail market, the amount handled by land-based operators during the month was $56.3 million, a slight decrease from the $57.1 million posted in December. There were 17 retail locations open for sports betting during the month.

FanDuel, Valley Forge Casino continue to reign supreme in PA

For yet another month, the consortium of FanDuel Sportsbook and Valley Forge Casino in King of Prussia had the best handle numbers at $276.2 million. Some $273.3 million came from online customers, while the on-site sportsbook at the casino took in $2.9 million in wagers for the month.

The operator’s hold for the month was $24.9 million, while the taxable revenue was $18.9 million.

Hollywood Casino at the Meadows had the second-highest combined handle in January at $197.6 million, down from $206.4 million in December. DraftKings, which partners with the facility for online sports betting, accounted for $195.8 million of the handle, while retail customers brought in $1.9 million in wagers. The licensee won $8.4 million in the month, but the taxable revenue after deducting the amount spent on promotions was $3.2 million.

The third licensee in terms of betting handle was Hollywood Casino Morgantown, which reported $84.4 million in sports wagers for the month. The casino’s online partner, BetMGM, accounted for $83.7 million of the volume.

Hollywood Casino at Penn National Race Course and its online partner, Barstool Sportsbook, came in fourth after reporting $74.7 million in bets for the month.