Positive Trends For Sports Betting In Pennsylvania

It’s been yet another great month for sports betting in Pennsylvania. Recently released figures from the Pennsylvania Gaming Control Board shows that the state’s sportsbooks enjoyed an increase in both their sports betting handle and their overall revenues. This is despite the summer months being traditionally slow for sports betting.

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Increased sports betting handle and revenues in PA 

The Pennsylvania Gaming Control Board has just released its figures for sports betting in the state which revealed broadly positive trends. The overall year-on-year sports betting handle in the Keystone State was up compared to the previous year.

This is because $338.4 million was taken in PA sports bets in July 2023, compared to just $336.5 million in July. However, July’s figures were also a 9% decrease compared to June 2023’s sports betting handle of $373.1 million.

Sportsbooks in Pennsylvania also enjoyed an overall increase in their revenues for July. With $39.4 million gained in revenues, it was a 19% increase compared to the $33.2 million reported in July 2022.

This was also a 16% increase in revenues compared to June 2023 that just saw revenues of $33.8 million. All of this meant that Pennsylvania’s state coffers collected $11.5 million in sports betting taxes from July 2023.

Who’s winning the war of sports betting in PA?

There are currently 13 sports betting apps all operational in Pennsylvania and all of them are fighting hard to claim a share of the market.

FanDuel once again regained top slot of the PA sports betting market with $126.3 million taken in sports bets which represents a 40% of the total market share. What’s impressive is the fact that FanDuel managed to enjoy a win rate of over 13% that helped it to produce just short of $17 million in revenue for July.

However, it looks like it is Caesars who is enjoying a real upturn in fortunes. This is because the online sportsbook has seen its market share steadily rising over the past few months, and this positive trend continued in July.

The figures from the Pennsylvania Gaming Control Board showed that Caesars took in $18.5 million in sports bets for the whole of July 2023. This represented just short of 6% of the overall sports betting handle for the state in the month. What’s remarkable is that Caesars only held just over 5% of the market as recently as April 2023, and even that is a huge rise compared to the 1% of the market that it held in January 2022.

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What to expect from sports betting in Pennsylvania

Much of the increased revenues will be down to the fact that Pennsylvania’s online sportsbooks put on far fewer promotional campaigns compared to other months of the year.

This is due to the relative lack of major sporting events during summer, and such a trend was mirrored in the fact only $7.3 million in bonus bet credits were served up in July 2023. In comparison, Pennsylvania’s sportsbooks launched promotional offers that offered up over $16.4 million in bonus bets in May 2023.

What’s interesting is the fact that the PA sports betting market could see the exit and entry of several key players over the coming month. Earlier this month,

WynnBet made the shock move to pull its recently updated app out of several markets, and it looks like the brand’s online casino will no longer be coming to the Keystone State. This is in addition to Fox Bet starting the process of winding down its operations in several states including Pennsylvania.

However, it’s not all doom and gloom because Pennsylvania could soon be welcoming a brand new sports book in the form of ESPN Bet. This is the new project from Penn Entertainment and it promises to be one of the most hotly anticipated sports betting apps for quite some time. Penn Entertainment will no longer be operating the Barstool brand due to the arrival of ESPN Bet and it promises to give a real shake-up to the PA sports betting scene.

Conclusion – Good news for Pennsylvania’s online sportsbooks

While the summer months are traditionally a strange time of year for sports betting, Pennsylvania’s online sportsbooks have managed to forge ahead and create some excellent figures. Not only has there been an overall rise in the sports betting handle compared to the previous year, but PA sportsbooks have also experienced a growth in revenues too.

Much of this must be balanced against the fact that these sportsbooks don’t put on as many promo offers during the summer months, but it’s still an overwhelmingly positive trend for sports betting in Pennsylvania.