Pennsylvania sports betting handle drops to $447m in May

Pennsylvania’s sports betting handle saw a slight drop in May while revenue saw a minor increase.

According to the latest figures from the Pennsylvania Gaming Control Board (PGCB) bettors in the Keystone State wagered $447m on sporting events in May.

Pennsylvania’s betting handle in May was down 7% from the $479m wagered in April 2021, but up from the $77.5m wagered this time last year.

May’s drop in handle can be attributed to the sporting calendar for the month as there are much fewer high-profile sporting events scheduled for the month.

Bettors in the state wagered $407.4m via online and mobile sportsbooks while land-based betting accounted for $40m of the state’s total handle.

In terms of revenue, the state’s sportsbooks generated $37m in revenue, which was up 4% month-on-month from $36m in April. Meanwhile, revenue was up massively from the $5.9m generated in May 2020.

However, the state’s sportsbooks spent just under $9.7m on promotional credits, which left operators with $27.7m in taxable sports betting revenue.

The state received $10m in tax revenue from sportsbooks in the state.

How did each sportsbook perform

FanDuel, which operates under the Valley Forge Casino license, extended its lead in the state after taking $163.5m in bets in May and generating $17.9m in revenue. After spending $3.4m on promotional credits, the operator posted $14.6m in taxable revenue.

DraftKings, which serves the state under the Meadows licence, took second place in May after generating $5.2m in revenue from $101.4m in bets. After promotional spending, the sportsbook generated $4m in taxable revenue.

Penn National Gaming’s Barstool Sportsbook came in a distant third with $45m in handle and just under $3m in revenue. After a promotional spend of $1.2m, the Barstool sportsbook posted $1.8m in taxable revenue.

BetMGM, which serves the state under an agreement with Hollywood Casino Morgantown, came in fourth place with $2.2m in revenue from $32m in sports wagers. The operator spent $1.9m in promotional credits, leaving the sportsbook with $268,068 in taxable revenue.

Pennsylvania vs other states

The Keystone State was not the only US state to report a drop in sports betting handle in May.

So far, seven other US states with legal betting have posted figures for the month of May, while four have recorded an increase in handle the remaining three reported a drop.

In May, sportsbooks in the state of New Jersey took $814.3m in sports wagers and managed to generate $52.9m in revenue.

Michigan sportsbooks took $257.7m in bets and held onto $21.2m in betting revenue, while Indiana’s betting market generated $18.9m in revenue from $254.4m in bets.

The state of Iowa followed with $114.9m in sports betting handle and $6.1m in betting revenue.

Mississippi bettors wagered $36.1m on sports in May, leavening sportsbooks with $3.9m in revenue.

Oregon’s sports betting market reported a handle of $27.8m and $2.4m in revenue. Meanwhile, West Virginia sportsbooks took $25.5m in bets and held onto $2.7m.

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