Add Pennsylvania to the list of states that saw huge sports betting growth in August on the backs of pent-up demand and a full sports calendar.
Handle hit a record $365 million last month, up 121.5% compared to July and 234.7% from last August. That’s 4.8% higher than the state’s previous all-time record of $348.4 million bet in January.
Revenue was $27.6 million last month, though a third of that came from promotional credits, according to the state report.
Mobile sports betting in Pennsylvania remained strong with more than 88% of all bets coming from the internet.
PA sports betting still controlled by three operators
There’s not much market share up for grabs in Pennsylvania, it seems. More than 80% of all handle flowed through three sportsbook operators last month.
FanDuel Sportsbook is far and away the state’s leader, bringing in $149.2 million in handle last month for 40.9% market share. Nearly all of it – $144.6 million – came from online wagering.
DraftKings Sportsbook remains solidly in second with $88.2 million in handle, good for 24.2% market share.
Can Barstool find its place?
All eyes will be on next month’s report to see just how much of that market share might shift to Barstool Sportsbook.
Penn National and Barstool Sports have touted Barstool’s 66 million monthly unique users called ‘Stoolies’ as the key to picking up sports betting share around the US. It’s now put up or shut up time to see if this reskinned Kambi book is worth all the stock increases Penn National has seen lately.
FOX Bet hopes Eagles deal improves share
FOX Bet, which was the fifth app to launch in Pennsylvania’s sports betting market, is still struggling to find solid footing. The brand accounted for just 6.2% of handle in August, down from 7.3% share in July.
That could change depending on how the public responds to its latest deal with the Philadelphia Eagles. Along with brand mentions across all channels, a FOX Bet-branded studio will open at Lincoln Financial Field complete with an activation area.
The exposure of NFL broadcasts on Sundays should assist Fox in pushing its betting brand both in Pennsylvania and throughout other legal markets as well. That certainly is the crux if the proliferation of media deals done recently.