Pennsylvania Sportsbooks Smash Revenue Record In November

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NCAA College Basketball Villanova's Brandon Slater

Pennsylvania sportsbooks almost doubled their monthly revenue record in November thanks to strong handle and a gaudy hold rate.

PA sports betting revenue came in at $84.9 million, smashing the previous record of $49.3 million set in January 2021.

The revenue figure was up 101% month-on-month compared to October, per the state report.

Bad month for Pennsylvania bettors

November handle was down 2% from the record set in October to $761.6 million. Some of that downturn may be explained by the hefty 11.7% hold, as bettors had less money to recycle.

There was also one less weekend of football and fewer days total.

On a per-day basis, betting volume actually ticked up to $25.4 million per day from $25.0 million in October. That suggested NBA and college basketball was also driving handle.

More than 92% of the month’s handle was placed online.

Tax windfall for the state

PA sportsbook apps are allowed to deduct promotional costs before revenue is taxed, which can encourage bonusing. Operators gave out $21.3 million in promos in November, the most ever.

Despite that, strong revenue and a chunky 36% tax rate meant nearly $23 million was paid back to state and local governments for the month.

In the broader picture, the numbers put PA in second place among US sports betting states in November. Pennsylvania was around $500 million in handle behind New Jersey, but $260 million clear of third place Michigan.

Nevada and Illinois have yet to report, but was behind only New Jersey in October.

Who led among PA sportsbooks?

FanDuel Sportsbook continued to lead the market with a 31.8% share of handle, ahead of DraftKings at 28.5%.

FanDuel is also turning that handle into revenue more efficiently than its rivals. The operator had $37.5 million in revenue, good for a 44% share.

After FanDuel came:

See the full breakdown here.

FanDuel’s 15.5% hold was the best rate among the market leaders, with Barstool second at 11.1%.

Elsewhere, BetMGM spent the most amount on bonuses relative to GGR, handing out 95% of its GGR as promos.