The Pennsylvania Gaming Control Board (PGCB) reported the state’s figures for August 2024. Compared to their numbers from this time last year, Pennsylvania sports betting operators had 48.4% more gross gaming revenue. Their betting handle was $485.3 million, up 23.5% year-over-year. Additionally, the PGCB reported that retail sportsbooks in the state combined for $45.4 million in revenue.
Pennsylvania’s $30 million in adjusted gross revenue in August 2024 was slightly behind their revenue of $30.6 million in 2023. Their 9.4% hold from gross revenue was down 1.5 points year-over-year. On top of that, it was down nearly three points from their figures in July 2024 when sportsbooks had $52,7 million worth of profit on a handle of $414.7 million.
In August, online sports betting accounted for $457.6 million of the total handle. Mobile operators collected $41 million behind a 9% hold. Retail sportsbooks in Pennsylvania had a 16% win rate in August to produce $4.5 million in revenue. That was from $27.7 million of in-person wagering. State coffers were able to collect $10.2 million.
What Pennsylvania sportsbooks were the most profitable in August?
A common theme for Pennsylvania sportsbook operators this summer was spending money to make money. That trend stayed true in August. Operators had to give out $15.4 million in promotional credits in August. That was up a whopping 80% from the $8.6 million in August 2023. Their $15.4 million in August was also higher than the $14.1 million in July.
FanDuel had the largest handle in August of a Pennsylvania sportsbook operator at $175.3 million. That was $10 million higher than their handle in July 2024. However, their revenue of $18.2 million fell 22.2% year-over-year. This was despite their hold staying in double digits.
DraftKings had $123.1 million in sports betting revenue in August. That was better than the $111.1 million they saw in July. The operator’s online sportsbooks opened for business in late July and they’ve already collected $2 million in gross revenue. BetRivers casino had a $24.6 million handle while Fanatics recorded a 9.7% hold on a $21.8 million handle.
How successful was total gaming in August?
With an 11.6% year-over-year increase, Pennsylvania’s total gaming revenue hit $510.17 million. Table games, slots, online casinos, sports betting, video game terminals, and fantasy sports combined for $215 million worth of tax revenue. Online casinos in PA generated $183.7 million in August, up from the $145 million they saw in August 2023.
