It’s a new monthly sports betting handle record for the Keystone State!
The start of the new NFL season and college football coinciding with playoffs across the MLB, NHL and NBA respectively led to the unprecedented sports betting handle. In Pennsylvania, sports betting operators reported a total handle of $462.8 million in September.
That total obliterated the previous record of $365 million set a month earlier in August by a whopping 26.8%. In a first for the Keystone State, it was the first time that the Commonwealth of Pennsylvania has recorded more than $400 million in sports betting in a single month.
Number One in Pennsylvania in September went to FanDuel Sportsbook, which reported a monster $171.2 million in wagers. Next up was DraftKings Sportsbook with $118.8 million and then SugarHouse Sports with $64 million. Amazingly, with only 13 days of operation in its first part month, Barstool Sports, reported a very respectable $32.3 million of betting handle.
Handle Up – Revenue Down
The total sports wagering handle across Pennsylvania of $462.8 million is a more than a 50% increase on year-to-year figures of $194.5 million. The number also represents a 27% lift in overall sports betting handle from August 2020 figures of approximately $365 million. However, somewhat disappointingly for Commonwealth revenue, total taxable sports wagering revenue for September 2020 was almost $18.3 million, representing a 3.9% hold; a 58% decrease on the year-over-year figures of almost $14.9 million and a significant decline on the $27,6 million generated by Pennsylvania in August.
Nearly 90% of the total Pennsylvania handle was generated by online sports betting. $414.1 million was wagered with online sportsbooks in the Keystone State as the global pandemic continues to keep people out of casinos and racetracks, and betting from home and on-the-go transforms itself into the ‘new normal’.
Many legal sports betting states are reporting online betting numbers near or at 90% thanks to the limited capacity put on casinos, however, it is a trend that begun before the pandemic. The health issues and casino and track closures have simply expedited the process.
Barstool Sportsbook – the sleeping giant of the PA Sportsbook Market
With $32.3 million of betting handle in only 13 days of full operation in September 2020, clearly the potential of Barstool Sportsbook taking over the prized Number One online sportsbook spot in Pennsylvania is evident for everyone to see after Barstool beat all opening weekend records in the state.
Immediately, it appears that Barstool is taking away bettors from SugarHouse and FanDuel, although Barstool’s PA partner, Penn National’s Chief Executive Officer Jay Snowden is of the opinion that over the long-term Barstool will grow the number of people participating in the Pennsylvania sports betting market;
“We think we’re largely growing the market, which is very important, as opposed to just stealing share,” he said. “That Barstool audience is very loyal. So we’ve been growing the market, from what we can see and what the data is telling us.” Mr Snowden said in a recent interview.
Clearly, Barstool has it’s eyes on not only taking over the Pennsylvanian sports betting market, but is also looking at eventual market dominance nationwide. Partner Penn National recently announced that Barstool is looking to launch operations in each single legal sports betting state by the end of 2021.
Will PA Sports Betting Continue to Grow in October?
As the sports betting calendar clicks over to October and NFL, College Football and the MLB continue, Pennsylvania looks set to break more sports wagering records.
The NBA Finals continued throughout the first 10 days of the month and Baseball’s World Series betting will wind up October. A new sports wagering record appears ripe for the taking.