Pennsylvania has enjoyed yet another great month of sports betting. Recently published figures from the Pennsylvania Gaming Control Board showed that in May 2023, the state’s overall sports betting handle was $495.5 million which is $2.2 million higher than it was in the same month last year.
Not only has there been an increase in the amount spent on sports betting, but there was also an impressive 20% increase in monthly revenues compared to May 2022. This meant that once the winning bets had been paid out, Pennsylvania’s sportsbooks managed to keep revenues of $57.5 million – a clear improvement on May last year’s revenues of $47.7 million.
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Who is winning the battle for sports betting in PA?
FanDuel
once again proved to be the most popular sportsbook in the Keystone State. The platform took in $192.4 million in sports bets and claimed a 42% share of the total sports betting market. Close behind was FanDuel’s rival brand, DraftKings, who enjoyed a sports betting handle of $132 million while taking hold of 29% of the market.
However, it is Caesars Sportsbook who seems to be enjoying the greatest upward mobility in Pennsylvania. In May 2023, Caesars managed to take in $25.2 million in sports bets which gave it a respectable 5.5% share of the sports betting market in the Keystone State.
When compared to the 1% that Caesars had of the state’s sports betting handle in January 2022, it’s clear that things are looking up for the brand.
For every winner, there has to be a loser, and it looks like Barstool Sportsbook could be feeling the effects of Caesar’s success. This is because Barstool only took in $20.2 million in sports bets in May which means that it now holds just a 4.4% share of the sports betting market in Pennsylvania.
Barstool used to have a 10% market share in Pennsylvania’s sports betting scene in January 2022, but has been leaking customers over the past year and a half. With a market share below 5% in the last two months, it’s clear that the brand cannot afford to let this trend continue.
What next for PointsBet?
In the increasingly competitive space, all eyes will be on what happens next to PointsBet in Pennsylvania. The Australian sports betting brand was one of the first to set up in the Keystone State, but it has struggled to beat its high watermark of 2.6% market share that was recorded in April 2022.
This has made PointsBet the subject of a bidding war between
DraftKings
and Fanatics, and it looks like Fanatics latest bid of $225 million could see a brand new operator moving into Pennsylvania.
If Fanatics does succeed with its offer, it will need to work hard to improve on PointsBet’s average market share of 1.85% of the total PA sports betting market. This increased competition can only mean good news for sports betting fans in the Keystone State.
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