Pennsylvania Sportsbooks Report Strong Growth in January
LISTEN TO THIS ARTICLE:Sports betting operators in Pennsylvania reported a sports betting handle of $858.1m in January, an increase of 11.15% compared to the $772m wagered in the same month last year.
As per data published by the Pennsylvania Gaming Control Board, online bets accounted for $808.7m of the handle, while retail bets generated totaled $49.3m. However, January’s handle fell below the all-time high of $925.6 million recorded in December 2023.
The significant boost in the previous month’s handle was primarily attributed to the NFL betting frenzy and impressive showings from the college football bowl season. As such, the end of the NFL season contributed to the month-on-month handle decline in the state.
FanDuel Surpasses $1BN in All-Time Revenue
FanDuel, in partnership with Valley Forge Casino, led the Pennsylvania market in January, with a handle of $373m and $55m in gross gaming revenue. The operator’s results were ahead of January 2023’s reported $35.6m revenue behind a $313m handle.
With January’s revenue, FanDuel has surpassed $1 billion in revenue, becoming the first operator in Pennsylvania to achieve this feat. DraftKings, partnered with the Hollywood Casino at the Meadows, is in second position with a reported $211.9m in wagers and $24.2m in revenue. In comparison, the operator posted $202.5m in handle in the same month in 2023.
ESPN Bet achieved the third position with a handle of $76m and revenue of $1.7m. Last January, when the sportsbook still operated under its previous brand Barstool Sportsbook, it recorded a handle of $41.8m and $2m in revenue.
In November 2023, PENN unveiled ESPN Bet following the sale of the media brand Barstool Sports back to its founder, Dave Portnoy, for $1. PENN later secured a $1.5 billion cash deal with ESPN to launch ESPN Bet, which started offering online betting services in 17 states.
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