Pennsylvania Sportsbooks Top $800 Million in Bets in March

The Pennsylvania sports betting ;industry continues to show strength with yet another $800-million monthly handle during March.

The is out, and for the fifth time in the last six months, Pennsylvania sports betting apps combined to take in over $800 million. March's sports betting totals also came in as the fifth-highest ever for the Keystone State in 65 months of operation.

As has become customary, FanDuel came in as the top-performing best sports betting site in Pennsylvania in March. It led the way in terms of both handle and revenues among sportsbooks, despite a sub-10% hold.

$800.7-million March handle

Pennsylvania best sports betting apps combined to take in $800.7 million in March, the fifth-highest monthly total ever for the state's robust scene and better than the overall wagering activity from last March.

The $800.7-million figure represents a 10.7% year-over-year increase from the nearly $723.6 million from March 2023 and about a $138 million or 21% month-over-month spike from the $661.74 million from February.

Roughly 95 % of all sports wagers in the Keystone State came from those who used Pennsylvania sportsbook promos.

March's totals took Pennsylvania's best sportsbooks past $2.32 billion in wagers for the calendar year.

$63.7 million in gross sports betting revenue

Despite the fifth-best handle ever for Pennsylvania sportsbooks, revenue for Keystone State providers didn't quite reach that level. Gross revenues for March checked in as the 10th-highest in history.

A hold rate of slightly under 8% kept the best live betting sites ;in the Keystone State from reaching top-five territory.

The March revenues represent a 4.2% year-over-year dip from the nearly $66.5 million from March 2023 when the hold rate was nearly 1.2% higher and the handle was $76.5 million lower.

The figure does, however, represent a nice month-over-month $13.4 million improvement from the $50.4 million in gross sports betting revenue from February.

Adjusted gross revenue after deductions and promotions came in at $45.6 million in March. From that, $15.5 million in taxes was generated for needy state and local tax coffers. March's totals took the year-to-date tax contribution figure to $49.6 million, up $4.3 million from the first three months of last year.

FanDuel tops Pennsylvania market

FanDuel was once again the top-performing Pennsylvania sports betting app in March. It led the way in both handle and revenue figures among Keystone State providers.

FanDuel accepted $330.9 million in wagers in March and reported $32 million in revenues off of a 9.7% win rate. FanDuel has now taken in $976.2 million in wagers in the Pennsylvania market in 2024 and has $111.4 million in revenues.

DraftKings was the second-most-popular Pennsylvania sports betting site in March. It reported $207.3 million in accepted wagers for the month and $14.7 million in revenues off of a disappointing 7.1% hold.

ESPN BET was third in terms of handle and fourth in terms of revenues. The PENN Entertainment product saw a $53.4 million handle in March and $3.2 million in revenues, while BetMGM reported $51.1 million in March wagers and  $3.5 million in revenues.

BetRivers was fifth with $35.4 million in March wagers and $2.4 million in winnings off of a 6.8% hold.

Caesars rounded out the top six with $31.7 million in accepted bets in March and $1.8 million in revenues off of a 5.8% hold rate. Fanatics made some noise in March, doubling the wagering on its site month-over-month. It took in $30.8 million in bets in March and made $1.7 million in revenue off of an unflattering 5.6% hold.