Pennsylvania’s sportsbooks reach $1bn in lifetime revenue
Pennsylvania’s online and retail sportsbooks reported over $700m in wagering for March 2022, according to PlayPennsylvania.
The state’s sportsbooks attracted $715m in wagers for the month, a 28% increase from March 2021. Betting for the month was also up 20% from February 2022.
The bets produced $48.5m in gross revenue for sportsbooks, increases of 18% and 119% from March 2021 and February 2022 respectively. And Pennsylvania’s sportsbooks produced $30.4m in taxable revenue, yielding $10.9m in state and local taxes.
Since sportsbooks first began taking bets in late 2018, Pennsylvania’s sportsbooks have now generated $1bn in revenue on $13.7bn in wagers. The state joins New Jersey and Nevada in surpassing $1bn in total sports betting revenue.
“Of all the states that have legalised and regulated sports betting over the last four years, few can claim the level of maturity that Pennsylvania has reached,” said Dustin Gouker, Lead Analyst at PlayUSA.com, which includes PlayPennsylvania.com. “This is a stable market that is still showing healthy growth, even if some newer markets garner more attention now.”
Online sportsbooks accounted for 93% of Pennsylvania’s handle for the month, with FanDuel leading the way with $267.1m in wagers. DraftKings followed with $164.8m, with BetMGM’s $78.4m and Penn National’s Barstool-branded app’s $55.3m in third and fourth respectively.
“March couldn’t have gone any better for Pennsylvania’s gaming industry,” said Katie Kohler, Lead Analyst for PlayPennsylvania.com. “Sportsbooks got a significant NCAA Tournament sweetener with Villanova’s run to the Final Four and a small boost from New Jersey, where betting on in-state St. Peter’s is banned. And online casinos produced eye-popping results with no end to the growth in sight.”