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Oneil Cruz of the Pittsburgh Pirates signs autographs for fans before inter-league play against the Chicago White Sox at PNC Park in Pittsburgh, Pennsylvania. Photo by Justin K. Aller/Getty Images via AFP.
Oneil Cruz of the Pittsburgh Pirates signs autographs for fans before inter-league play against the Chicago White Sox at PNC Park in Pittsburgh, Pennsylvania. Photo by Justin K. Aller/Getty Images via AFP.

The state of Pennsylvania, one of the most reliable sports betting destinations in the bustling American market, released their June earnings report Tuesday, and it revealed mixed results for the gambling industry there.

While a predictable summer drop off was revealed for Pennsylvania sports betting, the percentage decline wasn’t nearly as steep as seen in other states that have already reported their June statistics. Pennsylvania's sports betting handle also dropped from the same period last year, although year-over-year revenues increased dramatically.

June handle down

Pennsylvania sports betting operators saw a decline in wagering activity in June, both from the month prior and over the same period last year. A total of $373,171,415 was wagered on sports in the Keystone State in June with the best sports betting apps and the best sportsbooks.

It is an eye-opening $120 plus million, or almost 25% drop from the $495.59 million wagered in May and under half of the record $789.2 million handle from November 2022.

The June 2023 handle is also 5.16% lower than the $393,494,222 that was taken in by the state's providers in June 2022.

Revenues down dramatically from May

With the large drop in sports betting activity in the Keystone State came a drop in taxable revenues, after all deductions and winnings were paid out by the state's providers.

Taxable revenues for Pennsylvania sportsbooks came in at $23,060,076 in June, far from the $41,104,590 in May. It represents a 44% month-over-month drop in profits for the Keystone State sports betting providers.

The hold rate for Keystone State sportsbooks was 9% in June, lower than the 11.6% hold reported in May.

However, year-over-year taxable revenues showed an increase for the state’s sports betting sites. The $23,060,076 is a whopping 80.59% higher than the $12,769,552 in taxable revenues reported in June 2022. 

Thanks to the Keystone State's 36% tax rate, taxes paid to Pennsylvania state and local coffers was $8,301,627 in June 2023, according to the Pennsylvania Gaming Control Board report. That number is down from $14.8 million in May 2023 but is up from $4.6 million in June 2022.

FanDuel leads the way

To nobody's surprise, it was the "Big 2" American legal sports betting providers that prevailed in the battle of the best pa online sportsbooks.

FanDuel led the way both in terms of handle and revenues. In June, FanDuel accounted for $139.6 million of the overall $373.1 million handle with DraftKings coming in second with $100.8 million in bets placed.

The two sports betting behemoths accounted for almost 65% of all wagering activity in Pennsylvania.

Caesars was next with a $21.2 million handle, Barstool took in $17.2 million, and betParx rounded out the top-five with a $12.8 million June handle.

On the revenue side, FanDuel was far-and-away tops with $16.7 million in profits in June and DraftKings was second with $7.9 million.

Next came BetRivers with $1.8 million in June revenues, Caesars with $1.3 million, Barstool with $1.2 million and betParx with $914,000.