Caesars On The Move In PA Sports Betting Market In Recent Revenue Report

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PA sports betting

Caesars’ market share of PA sports betting handle has increased consistently during the last 17 months.

It took $25.2 million in bets in May, which was good for 5.5% of the online Pennsylvania sports betting market. In January 2022, Caesars Sportsbook‘s share of monthly handle was less than 1%.

FanDuel Sportsbook grabbed 42% of the market in May and handled $192.4 million. DraftKings Sportsbook handled $132 million in bets last month for 29% of the market.

According to figures released by the Pennsylvania Gaming Control Board, 93% of Pennsylvania sports betting happened online.

Barstool trending down

Barstool Sportsbook took in $20.2 million in mobile bets last month. Its 4.4% market share continues a steady downward trend in the last 17 months.

In January 2022, Barstool claimed nearly 10% of all online sports betting dollars.

Its handle share has decreased almost every month since, with April and May under 5% each.

PointsBet staying steady in PA

In recent months, Caesars and Barstool have been the two most noticeable market movers.

PointsBet, whose shareholders are meeting this week to approve a recently increased $225 million offer from Fanatics for its US assets, has not seen its market share fluctuate much in Pennsylvania. Since January 2022, PointsBet has averaged 1.85% of the online market.

Its highest share of the market during that time was 2.6% of handle in April 2022.

PA sports betting handle up in May

Overall, Pennsylvania sports betting handle posted slight annual gains in May. Last month, the $495.5 million handle figure was $2.2 million more compared to May 2022.

Monthly revenue increased 20% year-over-year. After paying out last month’s winners, sportsbooks held onto $57.5 million, noticeably more than last year’s May revenue of $47.8 million.

The 11.8% win rate in May was the highest hold percentage since sportsbooks held 12.4% in December 2008. Pennsylvania collected $14.8 million in sports betting taxes last month.