Pennsylvania sports betting numbers dip in February
Heavy promotional spend results in net loss for month while igaming figures remain strong
Pennsylvania saw an across-the-board dip in sports betting numbers in February, with the state’s retail and online sportsbooks generating just over $597m in handle, the lowest figure since September’s $579m.
Total revenue for the month came to $22.1m, but a combined $22.6m in promotional spend led to an operating loss of $442,847. Online betting once again reigned supreme at 93.5% of total volume.
While February marked the first month since September that Pennsylvania bettors wagered less than $750m, the lull was anticipated due to a combination of fewer days and only one football game – the Super Bowl – on the sports calendar.
Super Bowl LVI generated a state-record $68m in betting volume – or just over 11% of handle for the month – but overall handle was down 24.7% month-over-month from January’s $793.7m.
FanDuel retained its status as the market leader, amassing $215m in handle and just under $6m in revenue.
With a majority of the NCAA basketball tournament taking place in March – and the American Gaming Association projecting a record $3.1bn to be wagered – Pennsylvania sportsbook operators can count on a resurgence in March.
Despite the downtick on the sports betting side, igaming continued to perform very well in February, as Pennsylvania’s online casinos – which include online poker – generated gross revenue of $102.4m.
Of the combined revenue, $68.1m came from online slots, while online table games generated $31.4m. Online poker contributed $2.9m. That resulted in $42.3m in tax payments back to the state.
Total igaming revenue was up a robust 31.7% year-over-year from last February’s $77.8m.