Pennsylvania Sports Betting Handle In February Down 23%
Pennsylvania Sports Betting Handle In February Down 23%
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Pennsylvania
According to the Pennsylvania Gaming Control Board, the sports betting handle for February stood at $661.7 million, marking a nearly 23% decline compared to January. In terms of gross revenue, sportsbooks generated $50.4 million, reflecting a 48% month-over-month drop.
In addition to the decrease in handle and revenue, players in the Keystone State may have noticed a drop in promotions. Promo deductions fell from $27.7 million to $20.1 million, hitting the lowest since August.
While physical sports betting locations only accounted for 5.1% of the state’s betting market, they proved profitable for bettors. Physical sportsbooks held 6.1% of the tickets they paid out, while online operators retained 7.6%.
The downturn also impacted the state’s tax collection. The state’s tax bill from sports betting was only $10.8 million, compared to the $25.1 million collected in the previous month.
While a large betting handle is a positive indicator of a sportsbook’s popularity and potential, revenue is equally important. Unfortunately, two of the top five sportsbooks in Pennsylvania had a difficult month.
BetMGM, typically a top-three sportsbook, fell to sixth in revenue. On the other hand, Caesars, despite being in the top five for bets, didn’t see similar success with its revenue. The sportsbook also ranked last in gross profits among the state’s 18 sportsbooks, 13 of which offer online betting.
