Pennsylvania Sportsbooks Record 12.7% Hold Rate in July
Last updated on August 24th, 2024 at 08:52 pm
Sports betting in the Keystone State was very active for the month of July. It was also quite profitable, with Pennsylvania sportsbooks recording a 12.7% hold rate. Sportsbooks ideally should have a hold rate or win rate in the double-digit range. The higher the rate, the more revenue sportsbooks get to keep as revenue. This is something you need to know as you learn how to become a bookie.
And in order to know these things, you will need to use reliable bookie software to help you track your metrics. This will be important in determining your profits, and the rate of growth in your sportsbook. Take Pennsylvania, for instance. Their 12.7% hold rate is the second highest that the state has seen since sports betting became legal. That means for July, revenue is higher than usual.
Pennsylvania Sportsbooks and Their Performance in July
According to the report from the Pennsylvania Gaming Control Board, the total monthly handle for the state is $414.7 million. With a 12.7% win percentage, revenue sits at $52.7 million. To see if their market has grown, we will compare them from the same period last year, and with last month’s numbers.
The handle was 22.5% higher than July 2023’s handle. This means that the market has grown considerably in the span of a year. However, the handle is lower than June’s $464.5 million. The dip in the handle is attributed to having fewer events to bet on. During this month, bettors mostly had access to the MLB and some Olympics wagering. There were other betting events available. But these sports do not generate as much handle as football and basketball could. Revenue, meanwhile, was 34% higher from July 2023, and 22.5% higher than June 20204’s. This signifies better earnings from sportsbooks this month.
Gambling in Pennsylvania
Pennsylvania is one of the few states in the country that offers iGaming. If you want to know more about what you can offer with iGaming, these gambling software reviews can give you more details. But essentially, the state offers online table games, slots, and other casino products. iGaming in the state is a large contributor to the local market, making up for the dismal numbers of the retail gaming market.
Total gaming revenue for July is $500 million, which is 7.2% higher than the same period last year. Tax revenue is $207.7 million, with $75.5 million coming from iGaming. iGaming in the state has seen its revenue grow year-over-year by 31.2% to $174.3 million. You can check out the best online casinos to see why iGaming is the preferred platform for gamblers in the state.
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