Latest Esports News

Pennsylvania Sports Betting Handle Clears $645 Million In April


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.

Sign Up For The Sports Handle Newsletter!

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.

Read the original article Here

Visit the Association of Certified Gaming Compliance Specialists Here

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More

Privacy & Cookies Policy