Pennsylvania sportsbooks easily topped their previous handle record, set in September, of $194.5 million. In October, Pennsylvania online and retails ports books handled $241.2 million bets, a 24 percent increase over September.
Revenue hit $19.1 million, down 1.1 percent from September. October had a win percentage of 7.9 percent.
Pennsylvania’s five online sportsbooks generated $198.7 million in October, representing 82 percent of the state’s total handle, mainly via mobile device. That puts Pennsylvania in line with New Jersey, where about 85 percent of all bets originate online.
Pennsylvania bettors have quickly adopted online sports betting—growing from 65 percent of all bets in July.
“Online betting will unquestionably be the driver to future growth in Pennsylvania,” said Dustin Gouker, lead analyst for PlayPennsylvania.com. “Most encouraging is that Pennsylvania’s online market is still expanding with new brands, including DraftKings. That should only encourage more growth.”
The sports betting surge was led by FanDuel Sportsbook, which accounted for a 48.9 percent share of total handle, according to the Pennsylvania Gaming Control Board. FanDuel accounted for 57.3 percent of online bets.
“Pennsylvania’s online market is finally maturing, and that is certainly the most important reason for the growth in the state’s handle,” said Jessica Welman, sports betting analyst for PlayPennsylvania.com. “The path for more growth is clearer now. A major brand like DraftKings coming online, coupled with intense interest in the (Philadelphia) Sixers, Flyers, and Penguins, will almost certainly give a boost to the already steady growth we’ve been seeing.”
FanDuel Sportsbook at Valley Forge Casino Resort continues to dominate the online market, accepting a record $113.9 million in October bets, up from $85.1 million in September. FanDuel generated $8.1 million in revenue, up from $7.1 million in August.
Rivers-Pittsburgh continued to lead the retail market, accepting $7.7 million in bets in October, up from $7.3 million in September. That yielded $699,611 in revenue, down from $957,791.
“FanDuel’s grip on the online market could loosen with increased competition from FOX Bet and DraftKings,” Gouker said. “Overall, though, the increased competition will be a benefit to bettors, giving them more choices and spurring product innovation.”
