Pennsylvania Sports Betting Market Ends 2023 with a Bang

The Pennsylvania legal sports betting industry saved their best months of 2023 for last as our best sports betting apps finished 2023 with a bang.

According to the released Thursday, December was the second-best month ever for the top-5 American jurisdiction. December’s impressive figures followed a record November and made it two straight months that over $900 million was taken in by PA sports betting providers.

Bettors in the Keystone State came out in droves in December, likely aided by the impressive play of two of their state's most iconic teams, the Philadelphia Eagles and the Pittsburgh Steelers, both of which were unfortunately eliminated during the Wild Card Round of the NFL playoffs. 

Revenues for PA sports betting apps and retail providers combined to set a new monthly record in December. Sportsbook profits doubled from November to December.

With December's handle added in, Pennsylvania sportsbooks' full year ended. Pennsylvania providers combined to take in a whopping $7.68 billion in bets in 2023 as residents took advantage of PA sportsbook promos. It was another record for 12 months in the Pennsylvania market.

$925.6 million December handle

Sports bettors in Pennsylvania spent $925.6 million in December, which, while not a record, is just 0.9%, or $9 million off the all-time high of $934.1 million handle, set in November. The figure represents a 22.6% year-over-year improvement from December 2023.

December was the second straight month that Pennsylvania's best sportsbooks have combined to take in over $900 million in wagers. 

January 2023 was better than November and December 2022, so better days could still be ahead for the Pennsylvania scene.

Pennsylvania sports betting sites made up 94% of all bets in the Keystone State.

Revenue record for Pennsylvania sportsbooks

While Pennsylvania sports betting apps failed to produce a record monthly handle in December, revenues for those providers were the best that the Keystone State has ever seen.

PA sportsbooks had $98.1 million in gross revenues in December, a 100% month-over-month increase from $49.1 million in November and a 37.8% year-over-year jump from $71.2 million in December 2022.

After promos and deductions, adjusted gross revenue came in at a record $72.5 million. The previous record for taxable income for sportsbooks was $63.7 million from November 2021.

Thanks to a 10.6% hold rate for Pennsylvania wagering providers, double the 5.3% hold from November, $26.1 million in taxes was generated for state and local coffers.

FanDuel dominates, ESPN BET makes a splash

Not shockingly, FanDuel Pennsylvania was the top-performing Pennsylvania sports betting app in December, followed by DraftKings. But ESPN BET made a little noise.

FanDuel took in $394,378,356 in the Pennsylvania market during December and generated $40.4 million in revenues from an 11.8% hold. DraftKings Pennsylvania reported $235,749,519 in accepted wagers last month, with $25 million in revenues from a 10.6% hold.

ESPN BET Pennsylvania recorded a solid third-place finish in December during its first full month of operation in the state. It took in a respectable $82,586,501 in bets and had $8.55 million in revenues.

BetMGM Pennsylvania was fourth, with $52 million in December wagers and nearly $5.5 million in revenue. Caesars Pennsylvania rounded out the top five with almost $41 million in accepted bets and just over $1.8 million in revenues.