Pennsylvania sports betting handle hits $597m in February

The state´s sportsbooks have reported a 17.2 per cent increase year-on-year but stakes were down from January’s record.

US.- Pennsylvania’s online and retail sportsbooks last monthly handle fell below $600m for the first time since September in a post-football lull. Sportsbooks took $597m in wagers in February, a 17.2 per cent increase year-on-year but a decrease of 24.8 per cent from January’s record $793.7m.

Wagers generated $22.2m in gross revenue, down 33.2 per cent from $33.2m in February 2021. With $22.6m in promotional spending, Pennsylvania’s sportsbooks lost $442,847 in taxable revenue which left tax revenue at -$268,976.

Online sportsbooks reported $558.1m in wagers, which represents 93.5 per cent of all wagers in February. FanDuel took $212m in wagers, producing $6m in revenue. DraftKings registered $140.1m, which produced $4.9m in revenue. BetMGM reported a $72.3m handle and $4.3m in revenue. Penn National’s Barstool recorded $46.8m in online wagers and $2m in revenue.

Dustin Gouker, analyst for the PlayUSA.com Network, which includes PlayPennsylvania.com, said: “The Super Bowl is the most bet-on single game in the US, but it can’t alone replace a full schedule of football games. The lull in February is expected and always short-lived. March Madness should get sportsbooks back into record or near-record territory.”

Katie Kohler, analyst for PlayPennsylvania.com, added: “The Super Bowl is a prime opportunity for sportsbooks to expand their customer base, which is why they promote it so heavily. That took a significant bite out of tax revenue. But the industry is in excellent shape going forward, and poised for more growth.”

See also: Pennsylvania’s sportsbooks reach $6.5bn in wagers in 2021