Pennsylvania Gambling Market Jumps in August
The Pennsylvania gambling market experienced significant growth in August. Both sports betting and iGaming enjoyed a boost in handle and revenue. Sportsbooks record a 48.4% increase in gross gaming revenue compared to the same month in 2023. Meanwhile, the total handle reached $485.3 million, marking a 23.5% year-over-year increase. The Pennsylvania Gaming Control Board reported that online and retail sportsbooks collectively generated $45.4 million in monthly revenue.
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Pennsylvania Sports Betting Gets Boost
Several factors contributed to the jump in betting handle. This includes betting on the Olympics, an exciting MLB playoff race, NFL preseason games, and an early start to the college football season. As a result, the adjusted gross revenue of $30 million nearly matched the gross total of $30.6 million from August 2023.
Furthermore, the hold percentage from gross revenue in August was 9.4%, representing an increase of over 1.5 points compared to the previous year. However, this figure was down more than three points from July, when Pennsylvania sportsbooks achieved $52.7 million in profit on a smaller handle of $414.7 million.
Online sports betting dominated the market, accounting for $457.6 million of the total handle. Mobile operators generated $41 million in revenue with a 9% hold rate. Meanwhile, retail sportsbooks performed even better, achieving a 16% win rate that resulted in $4.5 million of revenue from an in-person wagering handle of $27.7 million.
Pennsylvania Gambling Market Growth
Online casinos also showed strong performance, generating $183.7 million in revenue. While this figure was up from the $145 million produced in August 2023, it was lower than July’s $207.7 million. Nevertheless, iGaming operators contributed nearly $82 million in taxes to the state coffers.
The state of Pennsylvania benefited significantly, collecting $10.2 million in taxes, which was nearly $3 million more than the previous year’s tax revenue. The total gaming revenue for August reached $510.17 million. This represents an 11.6% year-over-year increase. This figure includes revenue from in-person table games and slots, online casinos, sports betting, video gaming terminals, and fantasy sports, collectively generating $215 million in tax revenue for the state. If you want to keep track of your sportsbook’s data, you should check out this online gambling solutions service and find out how it can help you with your sportsbook’s metrics.
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