Pennsylvania Betting Report Shows Dip in November Revenue
LISTEN TO THIS ARTICLE:Pennsylvania has recorded its highest sports betting handle ever in the month of November at $900m, breaking October’s $829m record by 8.5%.
The handle was also an increase of 18.4% compared to the $789.2m reported in the same month last year. However, despite the all-time high handle, the state’s gaming revenue dropped 1.7% in November. Operators in the jurisdiction reported a combined $444.5m in revenue, down from the $452.4m generated the same month in 2022.
The Pennsylvania Gaming Control Board attributed the revenue decline to a low hold percentage and the launch of ESPN Bet in November.
ESPN Bet, operating within the Hollywood Casino at Penn National, incurred a $7.8 million loss, mainly due to a substantial volume of non-taxable promotional play aimed at establishing its presence in Pennsylvania. The operator launched across 17 states in the US on 14 November.
iGaming Market Stats in November
FanDuel, operating within the Valley Forge Casino Resort, dominated the Pennsylvania market in November with a total revenue of $8.4m off a $381.4m handle. DraftKings trailed with a reported handle of $253.1m and $7.9m in revenue. Parx Casino secured the third position with earnings of $1m.
iGaming also continued its positive upward trend in the state, accounting for $158m of the total revenue, a 22.8% rise year-on-year, and a 2.1% increase compared to the $154.8m reported in October 2023.
Several aspects of the iGaming industry saw improvements during the month. Compared to the previous year, slots revenue increased by 26.2%, while table games also saw a 17.6% rise.
Pennsylvania's rise in iGaming revenue mirrors the trend in Michigan, one of the few US states providing online gaming. In November, Michigan's commercial and tribal iGaming operators achieved an all-time high gross revenue of $175.3 million, surpassing previous records set at $171.8 million in March and $160.3 million in October.
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