We can officially add the state of Pennsylvania to the list of jurisdictions that saw steep declines at betting sites in overall handle, revenues, and tax contributions from March to April.
Despite a seemingly steep month-over-month sports drop in April, Pennsylvania's legal sports betting slowdown is in line with other states that have already reported out with their April financials.
No NFL, no March Madness, and pared-down playoff schedules in the NBA and NHL have dramatically affected the bottom line for Pennsylvania's legal sports betting scene. Things are guaranteed to pick up once again in September when the bread-and-butter NFL returns, and basketball and hockey are readying for the kickoff to their respective seasons.
Pennsylvania's April sports betting figures
Pennsylvania sportsbooks took in $572.1 million in April which represents a $150 million, or 20.9% month-over-month decrease from the $723.5 million reported in March. It is also a miniscule 0.11% year-over-year drop from the $572.8 million in April 2022, according to the Pennsylvania Gaming Control Board.
Online betting sites in Pennsylvania made up 93.7% of the overall handle in Pennsylvania, with retail making up the other 6.3%.
With April’s sports betting figures in the books, Pennsylvania betting sites officially crossed the $21 billion lifetime handle mark. They join only Nevada, New Jersey, New York, and Illinois as the only states to reach that milestone.
The best betting sites in the Pennsylvania market reported $51.8 million in total revenues for April - a 21.1% drop from the $66.5 million in March but a slight year-over-year 5.5% increase from the $49 million reported in April 2022. The hold rate for the bets Pennsylvania sports betting sites was 9%, about the same that was posted in March.
Net revenues for the Keystone State’s sports betting scene, after promotional costs were factored in, came in at $51.7 million – the lowest total in the last eight months.
Roughly $13.33 million in taxes was paid to state and local coffers from Pennsylvania's sports betting revenues thanks to the state-friendly 36% tax rate levied on its state’s wagering providers.
FanDuel rules Pennsylvania
FanDuel has been the market leader in Pennsylvania since Day 1 and was far-and-away the most popular sportsbook in the state again in April. FanDuel was responsible for $225.6 million of the overall $571.1 million handle. They also led the way with $28 million in revenue in April.
DraftKings finished a familiar second in the Pennsylvania market with $157.8 million in bets taken in and $11.3 million in revenue, BetMGM was a distant third with $44.2 million, Caesars Sportsbook was next with $29.5 million, and Barstool Sportsbook rounded out the top five with $26.3 million in betting activity.
Singing an optimistic tone?
With summer coming, it is expected that the Pennsylvania, and broader American legal sports betting scene will continue to see month-over-month declines.
PlayPennsylvania managing editor Chris Imperiale is singing a slightly different tune.
"May could provide a boost to figures with the 76ers’ NBA playoff run and NHL playoffs ongoing; however, don’t expect PA betting handle to spike again until the start of NFL,” Imperiale said, per PlayPennsylvania's Corey Sharp.
With the 76ers now eliminated from the NBA playoffs and the Keystone State MLB teams having pedestrian seasons thus far, it is hard to see how Imperiale’s positivity will come to fruition.