PA Sports Betting Saved by Hold Rate As Handle Plummets In March

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PA sports betting

PA sports betting felt the effects of the sports shutdown in March, as handle fell by 60% month-on-month to $131.3 million.

Revenues weren’t hit as hard as handle, falling 25% to $8.6 million, according to new figures from the Pennsylvania Gaming Control Board. That’s because the PA sports betting hold was nearly double February’s at 6.5%.

As expected given the environment, operators cut back bonusing in a major way. Bonus bets dropped from $6.7 million last month to just $1.7 million in March.

More than 90% of the reduced handle was taken online or via mobile, just a tick above the 89% rate in February. The move over 90% mobile share is a first for any US state in a single month.

FanDuel still PA sports betting market leader

Among the individual operators, FanDuel was the clear market leader yet again. The firm attracted $54.5 million in bets via its Valley Forge license, good for a 42% market share. More than 98% of the operator’s handle was taken online for sports betting in Pennsylvania.

DraftKings came in second place in the market, with $29.2 million in handle and a 22% share – the same percentage it held in February.

After that, Rush Street Interactive, which operates Rivers Philadelphia and Rivers Pittsburgh with Kambi, combined for third place with $24.3 million in handle. That equates to an 18% market share – up five percentage points on the prior month.

Parx (also powered by Kambi) followed close after that with $9.9 million in handle, followed by Fox Bet on the Mount Airy license with $6.9 million.

Steep dropoff in line with NJ sports betting

The PA sports betting revenue decline is broadly in line with the New Jersey figures from yesterday. NJ sports betting revenues fell 22% month-on-month.

However, Pennsylvania didn’t see quite the same spike in online gaming revenues. Online casino was up around 8% month-on-month, thanks in part to an abnormally low 4% hold on online slots.

Given that March still saw half a month of a normal sports calendar, expect PA sports betting handle to plunge farther in April. The NFL Draft might provide some respite from the pain, with betting interest expected to be four times higher than last year, according to Fox Bet.

Outside of that, it’s up to esports betting, Belarussian soccer, and table tennis to fill the odds boards. until the big sports resume.