Pennsylvania Sports Betting Continues to Sink
The June 2022 numbers are out for the state of Pennsylvania sports betting and they are shocking to say the least. Both the total sports betting handle and revenue were expected to dip from the May report, but not as far as they actually fell.
Total sports betting handle for the state in June was $393.5 million, and that was actually lower than the total from June 2021. June saw the least amount of sports betting action since August 2021, and this is a trend that the state is looking to correct.
Some industry experts are blaming a year-over-year decrease to COVID as June 2021 had more summer action than normal. Still, Pennsylvania used to be on track to become a leader in the sports betting industry, and these numbers are heading in the wrong direction.
The total sports betting revenue for the month was just $22.9 million, and that is a drop of nearly 47 percent from June 2021. Pennsylvania was still able to collect $4.6 million in tax revenue in June thanks to a high tax rate, but this industry is continuing to head in the wrong direction.
Other states across the country have been experiencing a month-over-month decrease, but not at the rate that Pennsylvania is experiencing.
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FanDuel Still on Top of Pennsylvania Sports Betting
One trend that hasn’t changed in the state of Pennsylvania sports betting is the fact that FanDuel continues to be the sportsbook that has seen the most action. FanDuel was the only sports betting operator with a total handle of more than $90 million, and the total was actually $156.8 million.
DraftKings has been the only other operator to even provide some competition to FanDuel as that operator had a total sports betting handle of $87.5 million. The monthly hold rate for sportsbooks in Pennsylvania was less than six percent, and that is a big reason for a low revenue total.
Pennsylvania sports betting continues to allow sportsbooks to deduct promotions from the sports betting revenue that it posts, and that has hurt the state. FanDuel spent nearly $5 million in promotions in June, and BetMGM spent $2.1 million on its attempt to attract customers.
Overall Gaming Numbers Still Impressive
Sports betting might be heading in the wrong direction in Pennsylvania, but this state has actually posted impressive gaming numbers overall. Based on the June report, the total gaming revenue for the 2021-22 fiscal year was up over $5 billion for the first time ever.
This is now the third full year of sports betting in the state of Pennsylvania, and there was over $7 billion wagered this fiscal year. That’s a massive jump from the $5.8 billion in total handle from the previous fiscal year, and another record is expected in the coming years.
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