Pennsylvania had two teams represent them in March Madness, and both enjoyed a Round 1 upset victory before falling in the Round of 32. This, plus the tournament’s broad appeal, made for a strong betting month.
The Pennsylvania Gaming Control Board announced that last month, the state’s legal sports betting operators handled $723.5 million in bets, a 20% bump. Before promo deductions, sportsbooks combined for $66.4 million in revenue, a 6.7% increase.
Sportsbooks only claimed $15 million in promotions, the lowest since August 2022, meaning that these operators boosted their gross revenue. March’s gross revenue hit $50.6 million, a 17% monthly spike and a 66.5% year-over-year jump. The hold percentage fell slightly to 9.1%, down from February’s 10.3%.
Online sports betting sites saw 92% of the statewide handle.
FanDuel claims 47% of the statewide revenue
FanDuel and its partner, Valley Forge Casino, saw the most Pennsylvania sports betting action with $280.7 million in bets and $23.8 million in revenue, nearly double the revenue of the second-place Meadows casino with DraftKings; their handle was $187 million.
BetMGM came in third with $56.4 million from the Hollywood Casino Morgantown and $3 million in revenue. Caesars came in fourth in handle ($40 million), but their revenue fell behind the pack, hitting just $1.1 million.
Barstool Sportsbook rounded out the Top 5 with $36.9 million in handle, and $2.1 million in revenue.
