Pennsylvania sportsbook revenue surges nearly 50% YOY to $45.4m in August
Keystone State operators generate $485.3m in handle as part of strong overall month
Pennsylvania sportsbooks enjoyed a strong August, notching $45.4m in gross revenue, according to data released by the Pennsylvania Gaming Control Board (PGCB).
The revenue figure marked a 48.4% year-over-year (YOY) surge from $30.6m during the same period of 2023.
Total August handle amounted to $485.3m, up 23.5% YOY and the highest volume month since May for Keystone State operators.
Monthly handle was up 17% from $414.7m in July, but gross revenue dipped 13.9% month-over-month (MOM) on account of a statewide hold that stabilized at 9.4% in August after reaching a robust 12.7% the previous month.
Adjusted gross revenue (AGR) came to $30m after the deduction of $15.4m in promotional credits. That gave way to $10.2m in tax payments back to the state.
For the year, operators have contributed $112.5m to tax coffers.
Looking at the operator ledger, FanDuel held firm at the top, amassing $176.5m in handle while generating $18.4m in gross revenue for a strong 10.4% hold. The US market leader was also generous with its bonusing, handing out a state-high $5.1m in promotional credits.
DraftKings continued to remain unchallenged in the second spot, totaling $124.4m in handle and $11.3m in revenue. That equated to a 9.1% hold in line with the statewide average. DraftKings also gave out $3.5m in bonuses.
BetMGM rounded out the podium after accepting $34.8m in cumulative wagers, from which it generated $2.9m in revenue while spending $1.1m on promotions.
Notable on the bonusing front was bet365, which issued $2.5m in credits — more than any operator apart from FanDuel and DraftKings — nearly $500,000 more than the $2.1m in revenue it accrued for the month.