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Pennsylvanians Bet Less On Sports In July But Fared Worse At It 3x5r2u

Sportsbook operators had unusually high hold of 11.6% on $338.5 million in bets last month 4v3a70

Gary RotsteinGary Rotstein
August 17, 2023
in Industry

Mitchell Leff/Getty Images 4b3f2h

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Pennsylvanians wagered less money on sports in July than the month before, but they lost more to the sportsbooks than they did in June.

The Pennsylvania Gaming Control Board sports betting public that operators retained 11.6% of what was wagered in July, compared to 9.1% the month before.

The sportsbooks’ gross revenue for the month amounted to $39.4 million, and after deductions for $7.3 million in promotional credits, their taxable revenue added up to $32.1 million. At the state’s 36% tax rate, governments would have received $11.2 million of that.

The total betting volume, or handle, spread among 13 online and 19 retail sportsbooks was $338.5 million, which was 9.3% less than in June. Coming in the middle of summer after winter sports have crowned their champions and before football season has begun, July is commonly the lightest month for sports betting.

Betting in July 2022 amounted to nearly the same amount, $336.5 million, reflecting how sports wagering activity has basically plateaued in Pennsylvania after increasing for several years after the first legal bets were taken in November 2018.

FanDuel’s market share: 40% 11b5n

Some 93% of legal sports betting in Pennsylvania is done by smartphone or computer, and FanDuel retained its commanding lead of that in July.

With $126.4 million in handle, it took 40% of all online bets in the state. FanDuel’s gross revenue of $17 million and adjusted, taxable revenue of $13.4 million also far outpaced all competitors.

DraftKings was once more second in the state with $88 million in handle (27.8% of the market) and $9.6/$8.4 million in gross/adjusted revenue.

While BetMGM remained third in the state with handle of $23.9 million, its 18.2% drop from its volume of June betting was the largest among major operators. It had revenue of $2.7/$1.8 million.

By comparison, fourth-place Caesars Sportsbook dropped only 7% in handle to $18.5 million, with revenue of $1.4/$1.1 million.

Barstool Sportsbook is in the process of being rebranded by PENN Entertainment through a new partnership with ESPN, and July’s Pennsylvania numbers help explain why. It fell to a sixth-place position in handle in July with $13.7 million, just a 4.3% share of the Pennsylvania market. It had revenue of $1.3/$1.2 million.

BetRivers moved up to fifth in the state with handle of $14.5 million and revenue of $1.7/$1 million.

Of note on a smaller scale is FOX Bet, which parent company Flutter is winding down this month from taking sports bets. In its last full month of operations, it saw handle of $3.2 million (1% of the market), with gross revenue of $293,230 and adjusted revenue of $281,939.

In addition, Fanatics through its acquisition of the Australian company’s U.S. assets. PointsBet took $4.6 million in bets last month, with gross revenue of $307,380 and adjusted revenue of $136,885.

Two of the state’s smallest online operators took tiny revenue losses last month instead of profiting from bettors. Betfred took a $440 loss on $519,617 in bets.

Rivers Philadelphia leads in-person bets 4ds59

The casinos and off-track betting locations with physical sportsbooks took $22.4 million in bets in July, retaining $3 million in revenue from them. The three most active locations were all in the Philadelphia area.

Rivers Philadelphia saw the biggest volume with $4.1 million, keeping $466,798 as revenue. Parx Casino took $3.6 million in bets, keeping $590,883. Live! Philadelphia had handle of $2.8 million and revenue of $320,186.

On the other side of the state, Rivers Casino Pittsburgh took $2.6 million in bets and claimed $250,442 as revenue.

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Gary Rotstein

Gary Rotstein 49114z

Gary is a longtime journalist, having spent three decades covering gambling, state government, and other issues for the Pittsburgh Post-Gazette, in addition to stints as managing editor of the Bedford (Pa.) Gazette and as a reporter for United Press International and the Middletown (Conn.) Press. Gary at [email protected].

This site contains commercial content. We may be compensated for the links provided on this page. The content on this page is for informational purposes only.

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