Sports Betting Continues to Flourish in Pennsylvania
Pennsylvania online and retail sportsbooks enjoyed record revenues of $85 million in November from total wagers of more than $760 million.
Sportsbooks in the state took in $761.6 million in bets in November, the state’s second-highest tally and an increase of 59% year-on-year. While November didn’t quite reach October’s record of $776.3 million, the daily betting volume was up slightly at $25.4 million per day, compared to $25 million in October.
November produced $849 million in gross revenue. This was up 75% year-on-year, and it resulted in $63.7 million in taxable revenue after $21.3 million in promotional spending, which produced $23 million in state taxes.
Of the total handle, 92% came from online sportsbooks, with Fanduel leading the online market with $238.6 million in bets. It was followed by DraftKings with $215 million, and then Penn National’s Barstool-branded app came in third with $74.3 million in bets.
A total of $57.5 million was wagered at retailers in November, up 7% from $53.5 million in October.
There was $114.5 million in gross gaming revenue from online casinos and poker rooms, which was slightly below October’s record $117 million. Over the thirty days of November, online casinos brought in $3.8 million in daily gross gaming revenue, which was similar to the previous month. However, betting at online casinos dropped to $3.8 billion in November from $4.1 billion in October.
There was $2.8 million in revenue from poker, with PokerStars leading the market with a $1.8 million share. In total, online casinos and poker produced $93.9 million in taxable revenue, resulting in $39.1 million in state taxes.
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