Pennsylvania Online Sports Betting Sees a Summer Surge in August

The month of August marked a notable uptick in Pennsylvania's sports betting activity. As the summer drew to a close, Pennsylvania's online sports betting market experienced a surge of activity in August.

Online sportsbook operators reported a total handle of $393 million and revenue of $30.6 million for the month. This strong performance indicates that the return of football betting is set to rejuvenate the state's sports betting market in the coming months.

Here's a detailed breakdown of the key statistics for Pennsylvania's online sports betting in August:

• Total Bets: Online sportsbook operators recorded a total of $393 million in bets for the month of August.
• Revenue: Despite a 22.3% month-over-month decrease, sportsbooks still managed to generate $30.6 million in revenue.
• Hold Percentage: The hold percentage for August was 7.8%, down from the previous month's 11.6%.
• Online Dominance: An impressive 93.4% of all bets were placed online.
  Promotional Credits: Sportsbooks extended a total of $8.6 million in promotional credits to bettors.
• Taxes: The state collected $7.9 million in taxes from sports betting activities.
  Top Sports Betting App by Handle: FanDuel Sportsbook PA led in terms of handle with $134.7 million.
• Top Sports Betting App by Revenue: DraftKings Sportsbook PA generated the highest revenue with $9.5 million.

DraftKings, one of the leading sportsbook operators in Pennsylvania, posted impressive figures in August. It achieved its highest handle percentage since September 2022, coming in at 28.9%, while FanDuel Sportsbook maintained its lead with a handle percentage of 34.4%.
With DraftKings continuously improving its product, it appears to be closing in on the market leader, FanDuel. The revenue report for September is eagerly awaited to determine the standing of these two giants in the market.

In a notable development, DraftKings outperformed FanDuel in revenue for the month, marking the first time the operator achieved this feat.

DraftKings reported a hold percentage of 8.4%, surpassing FanDuel's 7.0%, which resulted in $9.5 million in revenue for DraftKings and $9.4 million for FanDuel. The competition between these two sportsbook giants is heating up, promising a dynamic market ahead.

August turned out to be a winning month for bettors, with Pennsylvania sportsbooks reporting a hold percentage of 7.8%, down from the previous month's 11.6%. While sportsbooks attracted more bets in August, revenue decreased compared to the previous month.

This decrease in revenue can be attributed to the various sportsbook promotions related to the start of college football and NFL preseason games.

Here's a breakdown of the handle and revenue for various sportsbook operators in Pennsylvania for August 2023:

• Valley Forge (FanDuel): Handle - $134,663,277, Revenue - $9,373,816, Hold - 7.0%
• Hollywood Meadows (DraftKings): Handle - $113,569,949, Revenue - $9,513,048, Hold - 8.4%
• Hollywood Morgantown (BetMGM): Handle - $29,618,413, Revenue - $2,826,512, Hold - 9.5%
• Hollywood Penn National (Barstool): Handle - $29,236,566, Revenue - $1,284,317, Hold - 4.4%
• Rivers Pittsburgh (BetRivers): Handle - $19,599,054, Revenue - $1,735,462, Hold - 8.9%
• Harrah's Philadelphia (Caesars): Handle - $18,868,921, Revenue - $1,924,095, Hold - 10.2%
• Parx (betParx): Handle - $14,622,358, Revenue - $1,436,346, Hold - 9.8%
  Rivers Philadelphia (PlaySugarHouse): Handle - $12,742,383, Revenue - $831,034, Hold - 6.5%
• Hollywood York (PointsBet): Handle - $6,449,757, Revenue - $474,769, Hold - 7.4%
• Live Philadelphia (Betway): Handle - $4,328,485, Revenue - $352,064, Hold - 8.1%
• Mohegan Pennsylvania (Unibet): Handle - $4,050,626, Revenue - $297,084, Hold - 7.3%
• Wind Creek (Wind Creek): Handle - $1,246,005, revenue - $18,376, Hold - 1.5%
• South Philadelphia Race & Sportsbook: Handle - $1,030,028, Revenue - $131,967, Hold - 12.8%
• Live Pittsburgh: Handle - $852,031, Revenue - $184,018, Hold - 21.6%
• Mohegan Lehigh Valley: Handle - $825,436, revenue - $75,598, Hold - 9.2%
• Presque Isle Downs: Handle - $550,944, revenue - $49,692

With the NFL season having kicked off earlier in September, these numbers indicate a promising start for Pennsylvania's sports betting market.

As Pennsylvania football bettors and fans across the PA sports betting landscape have placed many bets early in the season, it's likely that the PA online gambling market will continue to thrive in the coming months.