Pennsylvania Sees Expected Month-Over-Month Dip in Sports Betting Activity in April

The spring and summer sports betting slowdown has officially begun in Pennsylvania with April’s overall handle figures the lowest since August.

The news isn’t all bad, according to the Pennsylvania Control Board April report. Despite a nearly 20% month-over-month dip in overall handle, wagering activity is up year-over-year for April and revenues for Pennsylvania sports betting apps and retail providers nearly hit the $60 million plateau once again.

FanDuel Pennsylvania led the way among Pennsylvania sports betting in terms of handle and revenues. As per usual, DraftKings Pennsylvania was second in the Keystone State market while ESPN BET ranked third and had its best month of 2024 in the state.

$646 million April handle for Pennsylvania

A total of $646 million in accepted bets were reported in Pennsylvania in April across the best sportsbooks. It is the lowest wagering output for the state since August but is a 12.9% year-over-year increase from the nearly $572.2 million wagered in April 2023.

The $646 million does however represent a 19.3% monthly-over-month drop from the $800.7 million in accepted bets from March, when the NCAA basketball tournaments dominated wagering menus in the state.

The best sports betting apps in Pennsylvania were responsible for $608.3 million of the state’s April handle total with retail making up the rest.

April’s handle figures took Pennsylvania’s year-to-date handle to nearly $3 billion. The state needed $33.4 million to reach that milestone and likely did in the first week of May. Sports betting activity for the first four months of 2024 is up around 10.8% from the same period last year.

$59.05 million in April revenues reported

Pennsylvania’s best sports betting sites benefitted to the tune of $59.05 million in revenues from the betting activity in the state in April. That number is thanks to a respectable 9.1% hold.

The $59.05 million is a month-over-month decline of just $4.7 million, despite over $150 million less in overall wagers. March’s hold rate was 1.1 percentage points lower than April’s. It is also about a $7.5 million year-over-year improvement from the nearly $51.8 million from April 2023.

Adjusted, taxable revenue figures came in at $42.4 million in April, which is about a 14.5% year-over-year increase. From that, $14.4 million in tax revenue was contributed to needy Keystone State tax coffers.

Year-to-date, gross revenue for Pennsylvania sportsbooks is up 13.6%, while adjusted gross revenue is up 10.6%. The discrepancy is due to a 21% higher promotional spend in 2024, as compared to the first four months of 2023.

FanDuel tops handle and revenues

FanDuel won the battle to be the most popular Pennsylvania best sportsbook promos in April. FanDuel Pennsylvania saw $269.6 million in sports betting activity during the month (an 18.5% month-over-month decline) and reported $32.2 million in revenues off of an 11.9% hold. 

DraftKings Pennsylvania checked in second in terms of monthly handle and revenues. It reported $167 million in April wagers and about $14 million in revenues off of an 8.4% hold. DraftKings, with April’s figures added in, has now topped $7 billion in accepted bets in the Pennsylvania market and is about $7 million short of $500 million in lifetime revenues in the Keystone State.

ESPN BET had its best month ever in the Pennsylvania market, fashioning a 9.2% win rate, taking in $40.5 million in bets and winning $3.7 million. BetMGM Pennsylvania took in $38.2 million in April wagers and $2.5 million in revenues off of a 6.5% hold, less than half the win rate it reported in March.

BetRivers Pennsylvania was fourth with $33 million in bets and $1.4 million in revenues off of a 4.4% win rate. Caesars Sportsbook Pennsylvania was fifth with $24.5 million in bets and just $636K in revenue off of a miserable 2.6% hold rate. Fanatics Sportsbook Pennsylvania checked in sixth with $19.9 million in wagers in April and $1.9 million in revenue thanks to a 9.4% win rate.