Keystone Props: Pennsylvania Sports Betting Hits $600 Million Handle in January

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Pennsylvania sports betting

PA sports betting figures continued to climb to record heights in January.

A record $615.3 million was wagered last month, according to the Pennsylvania sports betting state report released Wednesday. That tops the previous record of $548.6 million in December.

The wagers generated $33.9 million in gross revenues, a dip from the $34.1 million in December.

PA sports betting regulators collected $11.5 million in taxes.

Pennsylvania sports betting stays online

More than 94% of Pennsylvania wagers were made online in January. That figure is a slight decrease from December’s 97.6% online share.

The online handle reached nearly $580 million.

Operators issued $15 million worth of promotional credit, dragging gross revenue to $29.9 million, resulting in approximately $10 million in state taxes. Pennsylvania sports betting revenue is taxed at the highest rate in the nation at 36%.

Online promo credits galore

In the lead up to Super Bowl LV, operators shelled out approximately $4 million more promo credits than December.

FanDuel’s $6.3 million made up a significant chunk of the month’s $15 million in promo credits. DraftKings doled out $2.8 million, while BetMGM increased its promos to $2.4 million, up from $719,366 in its first month.

Barstool increased its promotional credits to $1.4 million, up from approximately $800,000 in December.

BetMGM grows into the market

In its second month of operating in Pennsylvania, BetMGM grew its handle to $39.3 million, or 7% of the market. That’s up from $12.1 million and 2.3% in December.

Market leader FanDuel took $220 million in bets, good for 38% of the online market share, a dip from December’s 38.8%. Second-place DraftKings stayed relatively steady at 24.7% with $143.5 million in wagers.

Barstool’s handle dropped to $65 million11% online share — from $71.8 million.

BetRivers Sports Betting maintained its fourth-place online share at 8%. Its share has fallen from 10.6% in November as BetMGM comes nipping on its heels.

Pennsylvania sports betting keeps pace

Following a handle dip in November, the Keystone State is back with two-straight months of growth.

Pennsylvania finished 2020 with the third-highest handle, behind New Jersey and Nevada:

Now, it’s the third state to cross into the $600 million monthly handle club.

Pennsylvania will work to keep its third-place status as states like Colorado, Illinois and Michigan mature, and more populous states consider legalizing sports betting.

The state’s massive tax rate will likely keep the state near the top of tax revenue, however.