Pennsylvania sports betting hold falls to 5.3% in rough December
Operators generated just $47.5m in gross revenue to end 2024, yet a proportion of the winnings were recycled as online casino hit a new record
December proved to be a forgettable final month of 2024 for Pennsylvania sportsbooks, which reported just $47.5m in gross revenue, according to new figures from the Pennsylvania Gaming Control Board (PGCB).
Fueled by a statewide 5.3% hold that registered as the worst of the year, revenue was down 51% year-over-year (YOY) and an even steeper 54% from November’s haul of $103.3m.
Monthly handle, which amounted to $893.4m, was more stable, down 3.5% from $925.6m during the same period of 2023 and 4.5% month-over-month (MOM).
Factoring in the deduction of $25.6m in promotional credits, taxable revenue for the month came to $21.9m – or nearly 70% less than December 2023. That gave way to $7.9m in tax payments back to the state, the lowest contribution of the year.
On the operator front, FanDuel continued to lead the way with $353.3m in handle and $23.8m in gross revenue, with the revenue figure equating to a full 50% of the market. FanDuel’s 6.7% hold for the month was nearly a point and a half better than the statewide average.
DraftKings maintained its firm hold on the second position, accruing $13.2m in revenue on $238.5m in handle for a 5.5% hold.
Fanatics snagged the final podium spot after amassing $3.4m in revenue on $45.5m in handle, which equated to a 7.5% win rate that topped the market.
BetMGM, meanwhile, generated $66.2m in wagering volume but got roughed up by bettors to the tune of a 2.8% hold, giving way to just $1.8m in gross revenue. When factoring in the $2.1m in promotional credits the company handed out, BetMGM actually finished the month in the red.
Despite the rocky final month, 2024 still registered as a banner year for sports betting in the Keystone State, which produced new annual records for both handle ($8.4bn) and revenue ($778.4m) while notching a cumulative 9.3% win rate.
On the igaming side, operators generated $223.6m in gross revenue, a new monthly high for the state. This total was up 35% on the $165.1m achieved for the same month in 2023.