Pennsylvania Sportsbooks Top $800 Million in Bets in March

The Pennsylvania sports betting industry continues to show strength with yet another $800-million monthly handle during March.

The Pennsylvania Control Board's March earnings report is out, and for the fifth time in the last six months, Pennsylvania sports betting apps combined to take in over $800 million. March's sports betting totals also came in as the fifth-highest ever for the Keystone State in 65 months of operation.

As has become customary, FanDuel came in as the top-performing best sports betting site in Pennsylvania in March. It led the way in terms of both handle and revenues among sportsbooks, despite a sub-10% hold.

$800.7-million March handle

Pennsylvania best sports betting apps combined to take in $800.7 million in March, the fifth-highest monthly total ever for the state's robust scene and better than the overall wagering activity from last March.

The $800.7-million figure represents a 10.7% year-over-year increase from the nearly $723.6 million from March 2023 and about a $138 million or 21% month-over-month spike from the $661.74 million from February.

Roughly 95 % of all sports wagers in the Keystone State came from those who used Pennsylvania sportsbook promos.

March's totals took Pennsylvania's best sportsbooks past $2.32 billion in wagers for the calendar year.

$63.7 million in gross sports betting revenue

Despite the fifth-best handle ever for Pennsylvania sportsbooks, revenue for Keystone State providers didn't quite reach that level. Gross revenues for March checked in as the 10th-highest in history.

A hold rate of slightly under 8% kept the best live betting sites in the Keystone State from reaching top-five territory.

The March revenues represent a 4.2% year-over-year dip from the nearly $66.5 million from March 2023 when the hold rate was nearly 1.2% higher and the handle was $76.5 million lower.

The figure does, however, represent a nice month-over-month $13.4 million improvement from the $50.4 million in gross sports betting revenue from February.

Adjusted gross revenue after deductions and promotions came in at $45.6 million in March. From that, $15.5 million in taxes was generated for needy state and local tax coffers. March's totals took the year-to-date tax contribution figure to $49.6 million, up $4.3 million from the first three months of last year.

FanDuel tops Pennsylvania market

FanDuel was once again the top-performing Pennsylvania sports betting app in March. It led the way in both handle and revenue figures among Keystone State providers.

FanDuel accepted $330.9 million in wagers in March and reported $32 million in revenues off of a 9.7% win rate. FanDuel has now taken in $976.2 million in wagers in the Pennsylvania market in 2024 and has $111.4 million in revenues.

DraftKings was the second-most-popular Pennsylvania sports betting site in March. It reported $207.3 million in accepted wagers for the month and $14.7 million in revenues off of a disappointing 7.1% hold.

ESPN BET was third in terms of handle and fourth in terms of revenues. The PENN Entertainment product saw a $53.4 million handle in March and $3.2 million in revenues, while BetMGM reported $51.1 million in March wagers and  $3.5 million in revenues.

BetRivers was fifth with $35.4 million in March wagers and $2.4 million in winnings off of a 6.8% hold.

Caesars rounded out the top six with $31.7 million in accepted bets in March and $1.8 million in revenues off of a 5.8% hold rate. Fanatics made some noise in March, doubling the wagering on its site month-over-month. It took in $30.8 million in bets in March and made $1.7 million in revenue off of an unflattering 5.6% hold.