Pennsylvania Saw Less Sports Betting Profit In August

Pennsylvania sports betting was up in handle for August but down in revenue due to sportsbook promotions for the month.
Revenue was down 7.9% month-over-month while handle was up 14.5%.
The 2021-2022 NFL season is expected to have the industry see a surge in handle and revenue from all of the football wagers being placed.

HARRISBURG, Pa. – While Pennsylvania saw sports betting activity in August, the revenue was on the decline. The Pennsylvania Gaming Control Board (PGCB) released its monthly sports gaming financial report on Tuesday, revealing the dip.

Regulated sports betting has been a gold mine of a market in Pennsylvania since it went live in 2018. However, the state suffered from the summer lag that this industry often sees worldwide. It isn’t until the start of the NFL betting season do wagers on sporting events surge so quickly.

Pennsylvania’s August Sports Betting Report

The PGCB August report showed that $348.5 million was collected in bets through the combined sportsbooks of the Commonwealth for the month. That’s a recorded spike of 14.5% month-over-month since July had $304.4 million in handle.

However, the revenue from these August wagers was at $25.3 million, down 7.9% from July when $27.4 million was seen in revenue. It’s being said that the decline was due to the $7.3 million paid by sports betting operators for promotions to attract more users to their platforms. Pennsylvania saw a 7.3% tax hold that equated to $6.5 million for the economy for the month from the sports gaming industry.

The Heavy Hitters For Sports Wagering In PA

As is the norm for sports betting throughout the nation, mobile sportsbook applications saw the lion’s share of wagers in August in PA. FanDuel had 42.6% of all bets placed through their app for a total of $318.1 million. DraftKings came in second with 25.3% of wagers on their platforms, taking 25.3% of bets from Pennsylvanians. BetMGM came in third with 8.9% of all August sports betting through their app for $28.4 million.

Fourth place went to a newer sportsbook in Barstool Sportsbook, which had $26.3 million wagered with them or 8.3% of the market. In fifth place was BetRivers with $13.2 million seen in August sports wagers, accumulating 4.1% of the industry’s monthly activity.

Both the handle and revenue for Pennsylvania sports betting are expected to see a steady incline as the NFL season continues.

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Christina Monroe

Christina has been writing for as long as she can remember and does dedicated research on the newly regulated sports betting market. She comes from a family of sports lovers that engage in friendly bets from time to time. During the winter months, you can find Christina baking cookies and beating the entire staff at Mario Kart…the N64 version of course.