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Pennsylvania Sports Betting Handle Clears $645 Million In April

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The Pennsylvania Gaming Control Board reported $646 million in sports betting handle for April on Friday, up 12.9% compared to last year.

Year-to-date handle moved within $33.4 million of $3 billion, which is 10.8% higher compared to the first four months of 2023. Handle originating via sports betting apps totaled $608.3 million, with digital operators posting a collective hold of 9.5% to reap $57.6 million in gross revenue.

As expected, handle dipped compared to March, down 19.3% from the $800 million wagered. Gross revenue was only 7.3% lower, as April’s hold was 1.2 percentage points higher.

After promotional credits and other deductions were counted, the state was able to levy taxes on $42.4 million in adjusted gross sports betting revenue. That led to an inflow of $14.4 million in tax receipts into state coffers for the month. The $188.2 million in AGR this year is up 10.6% from last year, lagging behind the 13.6% increase in gross revenue, partly because the $82.7 million in promotional spend is 21% higher compared to the same period in 2023.

FanDuel wins more with less handle in April

FanDuel paced all mobile operators with $32.2 million in gross winnings, an increase of $120,000 from March despite an 18.5% dip in handle to $269.6 million. The digital leviathan crafted an 11.9% hold in avoiding a third consecutive month below 10% and lifted its year-to-date win rate above 11.5%.

FanDuel also kept the pressure on other operators, as its outlay of $7 million in promotional credits and bonuses accounted for close to half of the state’s overall total of $16.6 million. FanDuel has put forth $36.3 million worth of bonuses and credits to mobile bettors in 2024.

DraftKings was second in both revenue and handle, claiming $14 million in winnings and $167 million in accepted bets, good for an 8.4% hold. It moved within $7.1 million of $500 million in all-time Keystone State revenue while also clearing $7 billion in overall handle in the state.

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ESPN BET had its best month of 2024 in Pennsylvania, attaining a 9.2% win rate while keeping $3.7 million of the $40.5 million handle it generated. It had failed to post a hold above 6.5% the first quarter of the year after closing out 2023 with double-digit marks in November and December. When including predecessor Barstool Sportsbook, the PENN Entertainment-owned licensees are $5.7 million shy of $2 billion in all-time action.

Bettors kept BetMGM below a 7% hold for the third consecutive month, with the sportsbook landing at 6.5% to reap $2.5 million from $38.2 million in placed bets. That was less than half its 13.2% hold in January, when it collected $6 million in revenue.

Bettors on both sides of the state fared well against BetRivers, which claimed $1.4 million in revenue from $33 million in bets placed through its Pittsburgh and Philadelphia locations and managed only a 4.4% win rate. Pittsburgh-based app users cleared $1.25 billion in total handle after wagering $22.6 million in April.

After seeing handle more than double from February to March, Fanatics Sportsbook found a good landing spot in April, as handle dipped to $19.9 million. Like FanDuel, it generated more revenue in April than March, posting a 9.4% hold in claiming $1.9 million in winnings. The combined all-time revenue of Fanatics and predecessor PointsBet topped $25 million in 27 months since launch.

Caesars was held to a sub-6% hold for the seventh consecutive month, landing at 2.6% in winning just $636,000 from $24.5 million in handle. Its year-to-date hold is just 2.4% from $124.4 million worth of bets placed; Caesars has won barely more than $3 million in gross revenue in 2024.

Digital operators across the state combined for a 9.3% hold in the first four months of 2024, 1.1 percentage points higher than the 8.2% mark achieved all-time.

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