Pennsylvania Smashes Monthly Sports Betting Revenue Record in October
The sports betting industry in Pennsylvania continues to grow at a seemingly exponential rate, with October’s monthly revenue report revealing yet another record-smashing performance.
Per the latest figures published for October by the Pennsylvania Gaming Control Board (PGCB), the 12 sportsbooks licensed to operate in the Keystone State combined to generate $241.1 million in wagering handle. That number shatters Pennsylvania’s previous monthly record for handle – or the total amount of wagers placed before winning bets are paid out – of $194.5 million set in September.
The record-setting month also extended to revenue, or the funds retained by a sportsbook after paying out winning wagers. October’s revenue haul of $14.95 million barely beat out September’s total of $14.92 million, while both months more than doubled the previous revenue high of $6.1 million from August.
Since legal sports betting went live in the state back in November of 2018, Pennsylvania’s sportsbooks have combined to generate over $607.5 million in handle and $46.1 million in revenue.
Industry Accelerates Rapidly Thanks to Online / Mobile Integration
Since the introduction of online / mobile wagering in late May, sports betting in Pennsylvania has experienced explosive growth in terms of both handle and revenue.
The table below highlights the rapid growth of Pennsylvania’s sports betting market over the last six months:
Pennsylvania Sports Betting Handle and Revenue (Since May)
|Month (2019)||Total Handle||Total Revenue||Online Handle||Online Revenue|
In June – the first full month of online / mobile integration – Pennsylvania’s sports betting handle grew by $10.4 million for an instant expansion of nearly 29 percent.
By July – the first month in which online / mobile handle exceeded that of brick and mortar bet shops – that growth continued apace with the industry adding $13 million in handle for a 28 percent increase.
Shifting the focus to October, the monthly handle of $241.1 million climbed by $46.6 million month-on-month for a 24 percent rate of growth. Of the month’s total handle, $198.7 million originated via one of Pennsylvania’s five online / mobile sportsbook apps – meaning the essential vertical accounted for 82.4 percent of the state’s overall market.
In the five full months of operation since online / mobile wagering went live, sports betting handle in Pennsylvania skyrocketed by more than $205 million for a staggering 571 percent rate of growth.
Valley Forge Casino + FanDuel = Dominant Market Leader
October’s revenue report reveals Valley Forge Casino Resort, located just outside of Philadelphia, to be the state’s clear market leader in both handle and revenue. In fact, Valley Forge’s FanDuel-powered sports betting app is a big reason that Pennsylvania sports betting revenues soared over the past 4 months.
Pennsylvania Sports Betting Handle and Revenue by Vertical (in October)
|Operator (Online Partner)||Total Handle||Total Revenue||Online Handle||Online Revenue|
|Valley Forge (FanDuel)||$118,042,775||$5,800,924||$113,935,565||$5,645,194|
|Parx Casino (Parx)||$25,949,811||$2,261,411||$18,443,839||$1,247,286|
|Mount Airy (FOX Bet)||$10,387,320||$509,253||$9,746,233||$422,453|
|Presque Isle Downs||$3,194,587||$194,829||N/A||N/A|
|South Phil. Race and Sportsbook||$2,808,684||$402,272||N/A||N/A|
|Mohegan Sun Pocono||$2,093,817||$305,697||N/A||N/A|
|Oaks Race and Sportsbook||$1,135,541||$162,127||N/A||N/A|
As recently as July, the Valley Forge Casino Resort languished in the middle of the pack well behind SugarHouse, Parx, and Rivers – all of which boasted online / mobile sportsbook products at the time.
FanDuel Sports Betting App Pushed Valley Forge to No. 1 in the Market
But after the late July launch of its affiliated FanDuel Sportsbook app, Valley Forge surged into the market lead and never looked back.
FanDuel Sportsbook generated $35.3 million in monthly online / mobile handle for August, beating its closest competitor PlaySugarHouse.com by more than $10 million.
And by October, the Valle Forge / FanDuel alliance accounted for $118 million in total handle between its land-based and online / mobile offerings – nearly enough to beat out all 11 of its competitors combined ($123.1 million).
As for the FanDuel Sportsbook app itself, an October handle of $113.9 million was indeed enough to surpass its four competitors combined ($84.75 million).