In October, Pennsylvania became the third US state to surpass $500m in sports betting handle in a single month.
PA betting handle hits record $525.8m in October
Pennsylvania‘s online and retail sportsbooks combined to propel sports betting revenues to more than $500m for the first time in October. The new monthly high, and Pennsylvania’s third consecutive record month, also marked the two-year anniversary of legal sports wagering in the state as bettors swarmed sportsbooks for football.
In total, online and retail sportsbooks generated a record $525.8m in bets during the period, while handle was up 118% from $241.2m in October 2019, topping the previous record of $462.8m.
October’s bets produced a record $47.8m in operator revenue, more than doubling the $19.1m in October 2019 and shattering the previous record of shattering the previous record $31.6m set in January. October’s revenue yielded $12.5m in state taxes and another $735,539 in local share assessments.
“Pennsylvania could conceivably catch Nevada in a matter of months to become the nation’s No. 2 market, especially if the Steelers continue to roll and the Eagles can somehow make a playoff run to spike local interest.”
FanDuel led online operators with $181m in bets, up 7.7% from $168m wagered in September. Online betting made up 89.8%, or $472.3m, of October’s total handle. Those bets produced $14.7m in taxable revenue. “For two years FanDuel and DraftKings have dominated the market, but the new Barstool-branded app seems to be offering the first real threat to the leaders’ market position.
Retail sportsbooks accepted $53.5m in bets in October, up from $48.7m in September. Rivers-Philadelphia led with $11.1m in bets and revenue of $1m.