The Pennsylvania Gaming Control Board announced that the state’s legal sports betting market took in $495.5 million in May, a 13% decrease from April’s $572.1 million.
From those bets, Pennsylvania’s online and retail sportsbooks netted $41.1 million (after promotional deductions) which was a 17% year-over-year increase.
Despite the drop in handle, revenue actually reported a gain compared to the previous month, thanks to an increase in hold percentage. Sportsbooks held 11.6% of its bets, leading to an 11.2% boost in monthly revenue.
FanDuel leads across the board
The Valley Forge Casino and its partner FanDuel saw the most action in Pennsylvania with $194.3 million, a 13.8% monthly drop. DraftKings in the Meadows casino came in second, again, with $133.2 million in wagers — a 15.5% monthly decline.
It wasn’t all bad news for DraftKings in its rivalry with FanDuel. Yearly data shows that it was DraftKings that saw larger growth (24.8% vs. 13.75%).
However, neither sportsbook grew as much as the third-place operator in the Keystone State, BetMGM, who reported $36.8 million in handle... and compared to May 2022 grew a whopping 86.8%.
While FanDuel saw modest growth it still dominated in revenue, with its $22.2 million in online profits making up 60% of the entire Pennsylvania sports betting market.
