Pennsylvania’s betting revenue grew in November despite handle dropping.
According to the latest figures from the Pennsylvania Gaming Control Board (PGCB) sportsbooks in the Keystone State saw handle drop to $491.9m in November.
November’s handle represents a major increase on the $316.5m wagered this time last year but a 6.4% month-on-month drop from the $525.8m wagered in October.
Despite handle falling month-on-month, sportsbook revenue grew to $48.5m, or $37.4m after deducting promotional credits.
Sportsbooks in Pennsylvania paid $11.2m in tax revenue to the state.
Betting handle in Pennsylvania could dip again in December after casinos in the state were ordered to close their doors earlier this month to help slow the spread of coronavirus. Casinos in the state will remain closed until 4 January 2021.
Barstool takes third place
According to the PGCB’s report, Valley Forge Casino and its sports betting partner FanDuel continued to dominate the market after processing a combined $180.1m in bets with $3.3m coming from the land-based sportsbook and the remaining $176.7m being wagered online. In terms of revenue, the licensee managed to generate $20.3m and almost all of this ($19.1m) came from its online sportsbook.
Meadows and its sportsbook partner DraftKings held onto second place in November after generating $8.9m in revenue from $112.5m in bets. Bettors in the state wagered $109.9m via the DraftKings betting app which in turn generated $8.6m of the licensee’s revenue in November.
Penn National’s Barstool-branded sportsbook took third place in November, but its performance paled in comparison to the current market leaders.
Bettors in the state wagered $57.8m on sports with Barstool in November and accounted for 11.8% of market share, however, handle was down month-on-month from $63.8m in October. Revenue was also down month-on-month to $4.9m, with $4.6m coming from the Barstool betting app.
Since launching in the state, Penn National has repeatedly boasted that the lack of external marketing for the Barstool product allowed it to quickly grow in the Pennsylvania betting space.
November marked Barstool’s second full month of operation in the state of Pennsylvania and while the brand is still relatively new to the market, Penn National may need to consider a new approach for the Barstool betting product if it hopes to avoid losing any more ground in the state.
Barstool to compete with BetMGM
Barstool may have its work cut out for it if the team at Penn National doesn’t act fast as BetMGM, the joint venture between MGM Resorts and Entain, is preparing to launch its sportsbook product in the Keystone State.
Earlier this month, BetMGM launched its online casino product in the state, and its sportsbook is coming soon.
In a press statement, the company said: “This also lays the foundation for the launch of BetMGM’s sports betting offering, which will be available statewide in the coming weeks, pending necessary regulatory approvals.”