Pennsylvania Sportsbooks Close August with Impressive $485M Handle

Significant Growth in the Sports Betting Market

In August 2024, Pennsylvania’s sports betting market saw notable year-over-year growth. The total betting handle reached $485.2 million, up from $393 million in August 2023. Online wagering generated $25.5 million in revenue, contributing to a total revenue of $30 million. This is an increase from the $22 million in total revenue seen in August 2023, with $19.2 million from online wagering.

FanDuel Leads the Market

FanDuel dominated the Pennsylvania market, with a handle of $176.4 million and online revenue of $13.3 million in August 2024. In comparison, in August 2023, FanDuel’s handle was $134.6 million, and revenue was $5.5 million. DraftKings, a close competitor, accepted $124.4 million in wagers in August 2024, generating $7.5 million in online revenue, slightly up from $7.2 million in the same month last year.

Newcomers Join the Competition

New entrants like ESPN Bet (rebranded from Barstool Sportsbook) and Fanatics have entered the Pennsylvania market. ESPN Bet posted a $21.7 million handle and $1.1 million in revenue, but it saw a decline from Barstool’s $29.2 million handle in August 2023. Fanatics, meanwhile, accepted $22.5 million in wagers but generated only $395,201 in online revenue, a significant increase from the previous operations under PointsBet, which reported a handle of $6.4 million in August 2023.

Struggles for Some Operators

Not all operators fared well. Four licensed operators reported either zero or negative online revenue. Bet365, despite a handle of $28.6 million, saw an online revenue loss of $546,525. Caesars also lost $86,321, despite a handle of $19.4 million. Betfred had an online revenue loss of $20,790 with a handle of $869,755. Lastly, BetPARX did not generate any revenue for August 2024.

My Notes

Pennsylvania’s sports betting market continues to grow, with established operators like FanDuel and DraftKings maintaining strong performances. However, new entrants like ESPN Bet and Fanatics are still finding their footing, showing mixed results. The struggles of other operators, such as Bet365, highlight the competitive nature of the market, especially for newcomers and less established brands. The fluctuation in revenue across various sportsbooks also underscores the importance of market differentiation and customer loyalty in such a rapidly growing industry.

Source: Pennsylvania Gaming Control Board (PGCB)