Pennsylvania Post Impressive Sports Betting Figures In July

The Pennsylvania sports betting industry reported $52.7 million in revenues for July, a 34% increase from the same period in 2023. This surge in profitability was driven by a $414.7 million handle, translating to 12.7% hold – the second-highest on record in the state.

The July handle represented a 22.5% year-over-year increase, though it did fall short of the $464.5 million generated in the previous month. However, this dip was more than offset by a significant jump in the win rate, which climbed over three percentage points month-over-month.

The financial performance of Pennsylvania’s sports betting operators had a direct impact on the state’s coffers. The $38.6 million in taxable revenue generated in July represented a 20% year-over-year increase, resulting in the Keystone State collecting a hefty $13.9 million in tax revenue. This helped push the year-to-date tax revenue beyond the $100 million mark.

The sports betting landscape in Pennsylvania continues to be dominated by the online segment, which accounted for a staggering $392.1 million of the total $414.7 million handle in July. In contrast, retail sportsbooks generated a comparatively modest $22.6 million in wagers, highlighting the growing preference among bettors for the convenience and accessibility of mobile and web-based platforms.

Pennsylvania’s online sportsbooks ramped up their promotional spending in July. The industry collectively doled out $14.1 million in credits, a significant increase from the $13.1 million spent in the previous month. While this figure falls short of the record $27 million spent in January, it represents a nearly 80% year-over-year surge in promotional activity, as operators sought to drive business during a month devoid of major sporting events.

Newer entrants to the Pennsylvania sports betting landscape, such as ESPN BET and Fanatics, continued to make their mark. ESPN BET generated an $18.6 million handle and $2.2 million in revenue, while Fanatics, despite a $17 million handle, managed to secure $2.4 million in profit, its best performance to date in the state.

In July, Pennsylvania’s total gaming revenue reached $500 million, representing a 7.2% year-over-year increase. This figure encompasses a diverse range of gaming activities, including in-person table games, slots, online casinos, sports betting, video gaming terminals, and fantasy sports.

The state’s gaming industry also contributed significantly to its tax coffers, with a total of $207.7 million in tax revenue collected. Of this, more than $75.5 million came from the thriving iGaming segment, which saw a remarkable 31.2% year-over-year revenue increase, reaching $174.3 million.