Pennsylvania Sports Betting Handle On Upswing After February Dip

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Pennsylvania sports betting

Pennsylvania sports betting handle was on the upswing in March after a one-month dip.

The state recorded $560.3 million in March bets, according to a state report released Thursday.

March’s handle is up from the $509.5 million in February, but lower than January’s all-time high of $615.3 million. Prior to February’s slump, there were nine-straight months of handle growth.

February was the first month without a full slate of NFL betting and Pennsylvania sports betting received a boost from the NCAA Tournament.

Sports betting revenue up as well

Operators turned in $41 million in revenue, good for a 7% hold.

Promotional spending dipped a bit: $11.6 million compared to February’s $16.8 million.

On the $29.4 million in taxable revenue, the state collected $9.98 million in taxes.

Online dominates again in Pennsylvania

Nearly 92% of March bets in Pennsylvania were placed online.

The $514.3 million wagered online resulted in $26 million in taxable revenue.

FanDuel continues Pennsylvania sports betting lead

FanDuel held more than 36% of the month’s handle, with $205.9 million in bets.

After shelling out $3.3 million in promos, it generated $9.9 million in taxable revenue.

DraftKings maintained its second-place status, with a $118.4 million handle. It collected $6.3 million in taxable revenue after its $1.6 million in promo spending.

Barstool clocks in at No. 3

Penn National Gaming’s Barstool Sportsbook finished March at third place.

Its $65 million handle generated $6.5 million in gross revenue. With $2.8 million in Barstool promo spending, it generated $3.7 million in taxable revenue. That spending is notable considering Barstool’s previous claims that it did not need to spend on acquiring customers like its competitors.

Rivers took $54.9 million in bets generating $3.5 million in taxable revenue through its two sportsbooks.

Pennsylvania could regain No. 3 spot

Pennsylvania was overtaken in February by Illinois in overall monthly handle.

New Jersey, Nevada and Illinois all turned in handles larger than Pennsylvania in February.

With in-person registration again required in Illinois, the third spot could flip again. A large, maturing market in Michigan is also likely on its heels.

Of March figures reported so far: