According to the Pennsylvania Game Control Board, the Keystone State surpassed $30 billion in an all-time betting handle. They reported $591.9 million worth of wagers in May 2024. Additionally, Pennsylvania joined New York, New Jersey, Nevada, and Illinois as the only states to have over $30 billion in an all-time handle. Their $591.1 million handle in May 2024 represented a 19.4% increase year-over-year. It was also down 8.4% compared to April 2024 with $646.1 million. The best offshore sportsbooks are closely monitoring Pennsylvania’s impressive growth.
Pennsylvania has 18 retail and 11 mobile sportsbooks in the state, They accounted for $61.7 million in gross sports betting revenue. That gave the Keystone State a 10.4% hold on the market. Their winnings were up 7.2% from last year, clearing an all-time total of $2.5 billion. Finally, the state collected $15 million in tax revenue from $44.2 million in adjusted gross revenue.
What sportsbooks were the most successful in May in Pennsylvania?
In Pennsylvania, FanDuel has the highest market share amounts all betting apps in the state. Their share for 2024 has been more than 44%. On top of that, FanDuel accounted for 49% of the state promotional spend with $8.5 million. That helped contribute to a $243 million handle that is up 26.3% since May 2023. FanDuel’s 12.8% hold in May 2024 was enough for them to have $31.2 million in gross revenue. May was the third consecutive month they’ve gone over $30 million in gross revenue. Finally, FanDuel went over $1.1 billion in an all-time handle in the Keystone State.
DraftKings had $163.3 million worth of wagers in May 2024, representing a 23.7% year-over-year increase. Their promotional spending was $4.2 million. Additionally, DraftKings had a 9.2% hold on and they cleared $500 million in all-time winnings in Pennsylvania. BetMGM had the third-highest total revenue of all sportsbooks in Pennsylvania last month. They had a $36.3 million handle and made $3.3 million in revenue. BetMGM only used $1.1 million in promotional spending. Their smallest number in nearly a full calendar year.
How did retail sportsbooks fare?
Pennsylvania has 18 physical brick-and-mortar casinos. In May, they surpassed $2.5 billion in an all-time betting handle. They accepted $34.9 million worth of wagers last month. Compared to May 2023, that number is down 1.3%. With their previous 7.4% hold sitting four points lower in 2024, revenue plummeted 35.9% to $2.6 million.
