FanDuel Extends Dominance in Pennsylvania With $331 Million March Handle

FanDuel Flutter Entertainment 25,43 +0,08% continued its dominance over its closest competitor, DraftKings, and the other operators in Pennsylvania, with another strong performance in the state in March. After registering a sports betting handle of $331 million in March, FanDuel carried its total handle for the fiscal year 2023-24 to well over $2.5 billion in the state.

FanDuel Spent More On Promos Than Any Other Operator

FanDuel generated $32 million in gross revenue, which resulted in a win rate of 9.7%. FanDuel spent the most on promotional credits than any other Pennsylvania sports betting operator in March, giving its customers $7.8 million in bonus offers. These promo credits can be reduced from the gross revenue to arrive at the taxable adjusted revenue, which was $24.1 million for FanDuel in March. In total, FanDuel has spent $77.7 million in promos this fiscal year.

In just nine months, FanDuel has generated gross revenue of $262 million. Of that, taxable gaming revenue is $184.3 million. FanDuel has also generated the most tax receipts for Pennsylvania. After paying $8.2 million in state tax (34%) in March, FanDuel’s tally of tax payments surpassed $62 million, excluding the 2% in local share assessment that Pennsylvania additionally charges.

DraftKings Well Behind in Pennsylvania

DraftKings DraftKings 38,44 +1,05% has dominated several other states but has not been able to make up ground on FanDuel in Pennsylvania. DraftKings still managed to cross $207 million in sports betting handle in March, generating $14.7 million in revenue. Regarding taxable gaming revenue, DraftKings still collected over $10 million after spending $4.1 million in promotional credits. In March, DraftKings paid $3.6 million in state tax.

In comparison, DraftKings doesn’t come close to FanDuel with $1.76 billion in betting handle in nine months this fiscal year. DraftKings’ $158.3 million in sports betting revenue is more than $100 million less than the state leader. However, DraftKings is also a comfortable second, having crossed $100 million in taxable revenue. Overall, the company has paid the state $36.3 million in tax.

BetMGM vs. ESPN BET Heats Up

Both BetMGM MGM Resorts International 39,66 +0,18% and ESPN BET Penn Entertainment 18,52 +0,33% had decent months in March in their respective bids for the third spot in Pennsylvania’s race for market share. ESPN BET generated $53.3 million in betting handle to take third on that metric, generating $3.1 million in revenue. After spending $1.7 million on promotional credits (more than double their revenue for the period), ESPN BET finished with $1.4 million in taxable revenue.

While BetMGM picked up a lesser handle ($51 million in March), the company outlasted ESPN BET on all other metrics. BetMGM collected $3.5 million in revenue, and taxable revenue was $1.5 million. Total tax payments to the state were a little over $500,000.

Over this fiscal year, ESPN BET has been the clear winner in the sports betting handle. The Penn Entertainment-owned company has generated $436.3 million in handle against BetMGM’s $391.8 million. However, ESPN BET is still in the red after spending $28.6 million on promotional credits, almost $2 million more than its gross revenue in this period.

ESPN BET’s taxable revenue is presently in the red at $2.4 million. BetMGM, in that regard, has had a far cleaner fiscal year, with taxable gaming revenue of $16 million.

Pennsylvania Records $800 Million in Handle

Another strong winner among legal sports betting states in March was the Keystone State. Operators collected $800.7 million in handle, a sharp rise from February’s tally of $661.7 million. Overall, gross revenue across both retail and online sports wagering totaled $63.7 million, another stark increase from February’s $50.4 million.

The state collected more than $5 million extra in tax from a slow February. After generating tax receipts of $10.2 million in February, Pennsylvania picked up $15.5 million in March. Almost $1 million was paid in local share assessment as part of the state’s tax framework.

ALSO READ:

• DK Director: NFL Draft Betting Volume Close to Regular Season Game
• How ESPN BET Can Improve With Better Parlay Offerings
• FanDuel Increases Kentucky Derby Coverage, Offers Odds via Sportsbook