Pennsylvania Sportsbooks Smash Handle Records in November

The October legal sports betting handle record in Pennsylvania didn't last long, as our best sportsbooks did well again in November.

The Pennsylvania Gaming Control Board’s November report was released Tuesday, and it revealed a new monthly high in both handle and revenues for 12 Pennsylvania sports betting apps and 18 retail providers in the state.

The launch of ESPN BET Pennsylvania on Nov. 14 certainly played a role in the new handle high for the Keystone State, but it is also being blamed for a significant revenue drop for its providers.

Bettors fared well against Pennsylvania sportsbooks in November, leading to state providers' lowest adjusted gross gaming revenues since June 2022. In Pennsylvania’s case, a handle record didn't translate to higher profits for the state's sports betting providers.

$934.1 million November sports betting handle for Pennsylvania

The PA sports betting industry set a new handle record in November and smashed the previous all-time high for wagering activity, which was set the month before.

The Pennsylvania Gaming Control Board is reporting an incredible $934.1 million in bets for November, some of which came from bettors taking advantage of PA sportsbook promos. Not only is it the first time that the state has eclipsed the $900 million mark, but it smashed the $829 million from October by $105 million. 

It also represents a month-over-month 12.7% improvement from October's record and is 18.3% better than the $789.2 million taken in by state sportsbooks in November 2022.

According to Chris Imperiale, PlayPennsylvania Managing Editor: “Pennsylvania sports betting continues to reach new heights. The mature market posted another new record for overall handle in the state, producing over $934 million in total bets in November. This is a 12.7% increase from October’s previous record showing and a more than 18% climb from November 2022. Of course, NFL betting drove the majority of the action, but the return of the NBA and its first in-season tournament helped, as well. The market is showing it still has room to grow, which could potentially mean another record is on the way in December.” 

Pennsylvania sports betting apps contributed 93.9% of the state's total November handle.

Revenues way down

Revenues for Pennsylvania sportsbooks failed to follow the state handle to new records. Keystone State sportsbooks experienced huge month-over-month and year-over-year declines. It's all thanks to bettors in the state faring very well against the state's sports betting providers. 

Pennsylvania sportsbooks held just 5.3% in November, down from 8.9% in October and 8.9% in November 2022.

In the end, gross gaming revenue for Pennsylvania sportsbooks reached $49.1 million in November. It is a 33.3% month-over-month decrease from $73.6 million in October and a 30% year-over-year dip from nearly $70 million in November 2022.

Adjusted, taxable revenues for Pennsylvania sportsbooks were $12.9 million after $36.3 million in promotional credits and other deductions were paid out. It is a staggering 75.6% year-over-year drop in taxable revenue.

Keystone State's 36% tax rate allowed $4.6 million in revenue to flow into state and local tax coffers.

ESPN BET makes a dent, but FanDuel and DraftKings still rule Pennsylvania

The battle to be the most popular Pennsylvania sports betting site once again came down to FanDuel and DraftKings in November. Despite the launch of ESPN BET in the state, the two wagering behemoths accounted for over 70% of the overall online wagering activity.

FanDuel Pennsylvania was tops in Pennsylvania in both handle and revenues for November. FanDuel took in $384 million in bets in the Keystone State and reported just over $19 million in revenues from a 5% hold.

DraftKings Pennsylvania was second with $253 in November wagers and nearly $14 million in revenues. 

PENN National's combination of Barstool Sportsbook Pennsylvania, which was active for the first 14 days of November, and ESPN BET, which took over for the remainder of the month, was third with $66.8 million in accepted bets. PENN's market share in the Keystone State market doubled from 3.7% in October to 7.4% in November thanks to the ESPN BET launch.

ESPN BET incurred $7.8 million in losses in Pennsylvania in November, partially because of $15 million in promotional spending during the month. 

BetMGM Pennsylvania was bumped down to fourth and took in $54.3 million in November wagers to go along with nearly $1.9 million in revenues, with Caesars Sportsbook Pennsylvania rounding out the Top-5 with $47.6 million in bets and just under $1.5 million in revenues.