As expected, March (and specifically March Madness) brought Pennsylvania bettors back from their February lull. While the short-term gains were strong, long-term the state sees iGaming as the revenue cash cow.
The Pennsylvania Gaming Control Board announced that sportsbooks in the Keystone State (both retail and online) accepted $800.7 million in bets last month, a 21% increase over February. Operators improved their winning percentage, seeing a 26% jump in gross revenue at $63.7 million.
Promotional credits continued to fall, from $20.1 million to $18.1 million, which is the first time promos dipped under $20 million since August, a dead zone in sports betting action.
The hold percentage grew from 7.6% to a slightly better 7.9%, bringing the tax bill up to $16.4 million, more than February’s $10.8 million but less than January’s $25.1 million.
Online giants claim huge share
Every month, there is a bit of shuffling on where sportsbooks rank in handle and revenue in Pennsylvania sports betting, but FanDuel’s dominance in the market remains constant. And while DraftKings is second, they still see a huge share of the tickets compared to the remaining operators in the state.
Here are the operators with more than $1 million in revenue in March:
| Operator | March handle | March revenue |
|---|---|---|
| FanDuel | $333.1 million | $24.3 million |
| DraftKings | $209.2 million | $10.7 million |
| BetMGM | $51.9 million | $1.7 million |
| ESPN Bet | $54.6 million | $1.6 million |
| Caesars | $33.4 million | $1.5 million |
| BetRivers | $30.1 million | $1.5 million |
| Fanatics | $31.9 million | $1 million |
iGaming still growing
Compared to March 2023, a ton of gambling games saw their revenue shrink. Only three types of games grew year over year, physical slot machines (1.1%), internet slots, and internet table games.
IGaming slots saw a massive 29.2% growth while iGaming table games did even better with 31.1%. Sports betting revenue (both online and retail) fell by 10% YoY and is nearly four times smaller than iGaming’s monthly revenue ($45.5 million vs $191 million).
