Pennsylvania Sports Betting Handle On Upswing After February Dip

Posted on April 16, 2021
Pennsylvania sports betting
Posted By on April 16, 2021

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:

  • Pennsylvania: $560.3 million
  • Indiana: $316.7 million
  • Iowa: $161.4 million
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Pat Evans

Pat Evans is a Las Vegas-based reporter covering sports business. Evans previously worked at Front Office Sports and the Grand Rapids Business Journal. He has authored two books: Grand Rapids Beer and Nevada Beer.

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