Pennsylvania sportsbooks amass $591.9m in May handle to cross $30bn lifetime mark
Keystone State sees 19.4% year-over-year growth in total wagering volume as monthly taxable revenue amounts to $44.2m
Pennsylvania reached a sports betting milestone in May, becoming the fifth state to cross the $30bn mark for lifetime handle after operators reported $591.9m in monthly wagering volume, according to the Pennsylvania Gaming Control Board.
The handle figure represented a 19.4% year-on-year (YOY) increase from $495.6m during the same period of 2023.
Operators generated $61.7m in gross gaming revenue (GGR) in May, good for a strong 10.4% hold. After the deduction of $17.5m in promotional credits, adjusted gross revenue (AGR) came to $44.2m – a 7.6% YOY uptick.
Despite an 8.3% decrease in handle from April’s $646.1m, the higher-than-average statewide hold helped drive a 4.3% increase in taxable revenue for the month, giving way to $15.9m in tax payments to state coffers.
Turning to operators, FanDuel maintained its stranglehold on the Pennsylvania market, amassing $244.7m in handle – or 41.3% of statewide volume – and $31.4m in GGR. It also spent more than any other operator on bonuses and promotions ($8.5m), giving way to $22.9m in AGR.
DraftKings was second, registering $164.6m in handle and just under $11m in taxable revenue after the deduction of $4.2m in promotional credits.
BetMGM took the last spot on the podium with $32.6m in handle and $3.2m in GGR. It also doled out $1.1m in promotional credits, leading to $2.2m in AGR.
Online casino, meanwhile, continued to thrive in the Keystone State, as aggregate revenue for May totaled $174.1m, a 23.5% YOY surge from just under $141m in May 2023.
Online slots accounted for the lion’s share of revenue at $126.9m, followed by online table games at $44.9m.
Hollywood Casino at Penn National Race Course topped the operator ranks with $65.1m in revenue. Valley Forge Casino Resort ($44.4m) and Rivers Casino Philadelphia ($31.3m) rounded out the top three.