Pennsylvania Sportsbooks Fare Better Than Neighbors In Slow April

Posted on May 18, 2021
Pennsylvania sports betting

Pennsylvania sports betting handle fell 14% month-on-month in April to $479 million, but the figures still represented a relative win for the state.

The dip was almost all down to the sports calendar, with PA faring much better than Indiana and Michigan.

Those states dropped 25% and 26%, respectively.

More sports being played than April 2020

The year-on-year comparison is also interesting in PA sports betting, with April 2020 marking the depths of the coronavirus shutdown.

Subsequently, sports betting handle was up eight-fold year-on-year, from $60 million last year.

Revenues were up nearly 13x year-on-year to $36 million, per the state report. That still marked a 12% decline month-on-month, however.

Pennsylvania sportsbooks ran a 7.5% hold for the month, while the state earned $8.9 million in taxes.

Meanwhile, operators dished out $9.7 million in bonuses.

Who leads Pennsylvania sports betting?

FanDuel held onto its lead in handle, taking a 35% share.

It turned that into $14 million in gross sports betting revenue. That dipped to $11.4 million in net revenue after bonuses were taken into account.

DraftKings was second in handle share at 22%, leading to $6.5 million in GGR and $5.5 million in NGR.

Barstool likes to bonus

Barstool Sportsbook came in third in the market with a 12.2% share of handle. However, it bonused more than FanDuel, despite having a third of the handle. That led to just $150k in net gaming revenue.

That would have been good for 12th in the market, although it is worth noting the operator had just a lower-than-usual 4.8% hold.

That said, the bonus spend is somewhat at odds with Barstool’s previous claims it did not need to spend on acquiring customers like its competitors. Barstool founder Dave Portnoy said the previous uptick in bonusing was a one-off to make up for an outage around the Super Bowl.

Rounding out top five in Pennsylvania sports betting

Relative newcomer BetMGM came in fourth in handle at 6.9%, although it spent big to get there. It made $2.5 million in GGR, with $1.4 million in bonuses. That equaled $1.1 million in NGR.

BetRivers rounded out the top five, with a 10.2% handle share and $2.2 million NGR.

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Brad Allen

Brad has been covering the online gambling industry in Europe and the US for more than four years, most recently as the news editor at EGR Global.

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