Pennsylvania Sports Betting Revenue Rises 13% YoY In April

Pennsylvania Sports Betting Revenue Rises 13% YoY In April

Last Friday, the Pennsylvania Gaming Control Board reported $646 million in a sports betting handle in April 2024. That is up 12.9% compared to April 2023. Pennsylvania made $59.1 million in revenue from its $646 million betting handle. Online sportsbooks took a $19.3% decrease month-over-month. Sports betting has been legal for a while now in PA but their betting handle continues to grow year-over-year. Dave Briggs, the managing editor at PlayPennsylvania had this to say.

As the sports schedule softens as the calendar closes in on summer, we typically see a decline in sports betting in April. The good news is the year-over-year comparison that shows solid increases over April of 2023. That trend shows Pennsylvania’s sports betting sector is still continuing to grow.” – Dave Briggs

In April, gross revenue was only down 7.3% in Pennsylvania. The state was able to levy taxes on $42.4 million in adjusted gross sports betting revenue. They saw an inflow of $14.4 million in tax receipts into state coffers for April. Additionally, the state’s $188.2 million AGR was up 10.6% from 2023.

What operators saw the most revenue in April from online sports betting in Pennsylvania?

FanDuel had the most revenue of any sportsbook operator in Pennsylvania in April with $32.2 million in gross winnings. That’s an increase of $120,000 in March despite an 18.5% dip in their betting handle. They also had an 11.9% hold in April, lifting their year-to-date win rate to 11.5%. In 2024, FanDeul has paid $36.3 million worth of bonuses and credits to mobile bettors. Their $7 million in April accounted for half of Pennsylvania’s promotional credits and bonuses. 

DraftKings was second in April 2024 in Pennsylvania with $14 million in winnings. Additionally, they accepted $167 million worth of bets for an 8.4% hold. Their all-time betting handle is now over $7 billion. In April 2024, EPN Bet had its best month with a 9.2% win rate. They made $3.7 million in winnings from a total betting handle of $40.5 million. Caesars sportsbook was held under a 6% hold for the seventh consecutive month. They had $636,000 in winnings from a $24.5 million handle. In 2024, Caesars has won just over $3 million in gross revenue.

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