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Pennsylvania Gaming Control Board’s latest financial report indicates a new handle high in the state’s sports betting scene. In October, the Keystone State reported a new pinnacle with players wagering a staggering $829 million in total bets, setting a record-breaking monthly handle.
This marked a 4% increase from the previous record set in Oct. 2022, where the handle stood at $797.1 million. Additionally, it reflected a 9.7% surge from the $726.3 million handle recorded in Sept. 2023.
Out of the total $829 million wagered, mobile betting emerged as the preferred choice among bettors in the state, accounting for $773.2 million. Meanwhile, retail locations witnessed a collective wager of $53.4 million during the month.
Pennsylvania also experienced a year-over-year revenue surge, attaining a 19.7% increase from $61.5 million in Oct. 2022 to a new high of $73.6 million. In comparison to September’s revenue, which was reported as $66.1 million, the state recorded an 11.3% rise.
The sports betting gross gaming revenue generated in October was $48.2 million, up 18.8% when compared to the corresponding month of the previous year. However, the revenue fell slightly below expectations due to substantial spending during the month. Notably, $25.5 million was allocated to promotional credits, which contributed significantly to the record-breaking handle achieved.
Online betting accounted for $43.1 million of the GGR, while retail betting contributed $5.1 million. Unlike retail operators, online sportsbooks were the sole engagers in promotional credits during this period for marketing purposes.
Pennsylvania marked a total gambling revenue of $483 million in October, displaying a 7.3% increase compared to Oct. 2022 revenue of $450.2 million. Compared to Sept. 2023 revenue of $576.3 million, the state experienced a modest uptick of 1.4%.
Revenue from retail slots constituted about 40% of the total gambling revenue in October, amounting to $192.5 million, which indicated a 3.3% decrease from the same month of the previous year. Conversely, land-based table games contributed $81.5 million in revenue, marking a 2.0% year-on-year increase.
Valley Forge & FanDuel Emerge as Leading Handle Leaders in October
Continuing their dominance in Pennsylvania’s sports betting market from September, Valley Forge and FanDuel maintained their status as the top choices for bettors. Together, these operators handled $328.4 million in bets, marking a 28.1% surge from September’s $256.4 million. However, despite the notable increase in betting volume, Valley Forge and FanDuel encountered a 4.5% decrease in revenue, culminating in $18.2 million.
Hollywood Casino at the Meadows and Barstool achieved the second-highest betting handle in the state, reaching $258.3 million, marking a 12.1% increase from September’s $230.5 million. The operator emerged as the top revenue generator in October, experiencing a remarkable surge of 119.8%, generating $18.9 million compared to September’s $8.6 million.
Rivers Casino Pittsburgh and BetRivers processed $33.5 million in bets, registering a $2 million increase compared to the prior month.
