Pennsylvania Sportsbooks Claim $52.7 Million in July Revenue

Pennsylvania's sportsbooks furthered the nationwide rout of the betting public in July after the state's Gaming Control Board reported Tuesday that operators combined for a 12.7% hold and claimed $52.7 million in gross sports betting revenue.

The Keystone State's report made it 21 states and jurisdictions out of 21 reporting with double-digit holds for July. The 12.7% win rate ranked second out of 69 months of wagering in Pennsylvania, trailing only the 36% set in the launch month of November 2018 when only $1.4 million was wagered after the first bets were accepted Nov. 15.

Gross operator revenue was up 33.8% from last year, outpacing the 22.5% rise in handle to $414.7 million. Despite a 10.7% dip in wagering from June, revenue surged 22.6% month-over-month as July's hold was nearly 3.5 percentage points higher.

The state was eligible to place its 34% levy on $38.6 million in adjusted gross revenue, re-directing $13.1 million into its tax coffers.

Pennsylvania joined New York as the only states to accumulate $600 million in tax revenue in the post-PASPA era, which started in June 2018, and the Keystone State's $102.3 million in receipts collected over the first seven months of 2024 is $11.7 million ahead of last year.

A Mobile Sportsbook Bonanza

The state's 11 mobile operators combined for their best monthly hold in state history at 12.6%, a full percentage point better than the previous high established in May 2023. FanDuel led the charge with $23.4 million in gross winnings, extending its streak in Pennsylvania with at least $20 million to eight months, as it crafted a 14.2% win rate from $165.5 million in handle.

The digital juggernaut also accounted for the largest share of the $14.2 million in promotional credits and bonuses doled out among sports betting apps at $5.7 million. FanDuel has had an outlay of $56.7 million in promotional offers this year, but it represents only 26.2% of its $219.9 million in gross winnings that have come from a 12% hold on $1.83 billion in handle.

DraftKings was a clear-cut but distant No. 2 for revenue at $12.7 million. Its 11.64% hold against $109.5 million worth of wagers was its highest recorded in Pennsylvania, edging out an 11.62% win rate attained in August 2022. DraftKings also nearly doubled its promotional spend from last July to $2.3 million, resulting in $10.4 million in adjusted gross revenue.

Every operator had a hold of at least 8.5%, with six landing at 10.9% or better. England-based bet365, which launched via Presque Isle Casino on July 22, had a 20.3% win rate in its first 10 days of operation in claiming $1.2 million in gross revenue from almost $6 million wagered. More than 30% of that action, though, came in the form of $1.9 million in credits and bonuses awarded.

BetMGM took the final podium spot for revenue with nearly $3.1 million, putting together a 10.9% win rate from $28.2 million in handle. Long an aggressive pursuer of business, BetMGM's $1.3 million promotional spend in July was up 37% from last year, and its $11.7 million in total credits this year is more than half its $22.8 million in gross winnings.

Fanatics Sportsbook had its best month since entering the Keystone State in late January, posting $2.4 million in gross revenue thanks to a 13.9% hold from $17 million in handle. Its $1.4 million in promotional spend was also an all-time monthly high, lifting its total to $7.2 million over the last six months.

ESPN BET edged BetRivers to round out the top five. ESPN BET had an 11.9% hold on $18.7 million handle to reap $2.2 million, while BetRivers' combined total from its Pittsburgh and Philadelphia tethers came in just under that amount while accepting $22 million worth of wagers.

Caesars, which had the lowest hold of any mobile book at 8.6%, still pocketed $1.2 million in gross revenue — its first seven-figure haul since March. It was also Caesars' highest monthly win rate since reaching 10.3% last August.

Brick-and-Mortar Sportsbooks Also Heat Up

Retail sportsbooks surpassed $3 million in revenue for the third time this year, while the 14.3% collective hold was the highest since a 14.9% win rate achieved in September 2022.

Live! Philadelphia paced all brick-and-mortar locations with $533,000 in winnings, but it was not the only location in the "City of Brotherly Love" with a six-figure haul. PARX, Rivers Casino, Harrah's and the South Philadelphia Race and Sportsbook all did likewise and combined for $1.3 million in revenue.