Pennsylvania sports betting revenue reached $62.2 million in February, an increase month-over-month and year-over-year.
The state received $15.5 million in taxes last month from sports betting revenue.
With only one opportunity for NFL betting on the schedule, Pennsylvania’s sports betting handle in February ($599.5 million) was consistent with prior years. That opportunity, though, featured the Philadelphia Eagles in the Super Bowl against the Kansas City Chiefs.
However, it was a noticeable dropoff from January, when more than $772.2 million was bet in PA.
Pennsylvania sports betting tops $20 billion in handle
Pennsylvania is now the third state to eclipse $20 billion in total sports betting handle, joining Nevada and New Jersey.
Illinois is also expected to do so once it releases its February revenue report in the coming weeks.
Pennsylvania’s first retail sportsbook opened in November 2018. Online sports betting launched a few months later, in May 2019.
Making up ground in Pennsylvania sports betting market
Online betting accounted for more than 93% of sports wagers in February. FanDuel and DraftKings claim most of the PA sports betting market share. The two operators handled more than 65% of Pennsylvania sports betting turnover last month.
Several sportsbooks spent large portions of their gross gaming revenue on promotional bets hoping to close the gap.
BetMGM dished out nearly 74% of its GGR in promotions. Caesars Sportsbook topped that by giving out 173% of its GGR in promotional bets last month. The marketing dollars captured 7% and 5% market share, respectively.
Barstool Sportsbook also distributed 38% of its GGR on promos last month. The return was 5.5% of the PA sports betting market.
Sportsbooks hold more 10 percent
The hold percentage for PA sportsbooks topped 10% in February. The hold is the percentage of money the sports betting operator keeps from the total betting dollars, or handle, after paying out winning tickets.
Pennsylvania’s 10.4% hold contrasts two US sports betting markets from last month’s Super Bowl. Kansas sports betting operators held just 1.75%, well below industry averages, following the Chiefs‘ victory.