- Pennsylvania sports betting handle reached $560.3 million in total during the month of March.
- Betting on March Madness helped with the uptick in total wagers.
- Almost 92% of all sports bets in PA were placed online.
PHILADELPHIA – Pennsylvania sports betting handle, along with betting handle in most U.S. states saw a substantial rebound in the month of March. This is thanks mostly in part to the 2021 NCAA Men’s College Basketball Tournament.
According to the Pennsylvania Gaming Control Board monthly report, the Keystone state was able to collect $560.3 million in total bets across all PA sportsbooks. This was about a $50.8 million increase from the prior month.
Of that total handle, close to 92% of it came from online or mobile sportsbooks. Even with the easing of COVID-19 restrictions, bettors in Pennsylvania have shown their preference in betting methods.
Sportsbooks in Pennsylvania were able to retain a hold rate of about 7%, which amounts to $41 million in sports betting revenue. But the state was only able to tax $29.4 million of that revenue due to sportsbooks spending $11.6 million in promotions and bonuses.
With the state’s 36% tax rate, PA regulators were able to haul in $9.98 million.
How Did The PA Sportsbooks Perform In March?
The standing in terms of Market share didn’t change in March. FanDuel came out with the biggest piece of the pie, followed by DraftKings, then Barstool Sportsbook, then all the rest.
FanDuel came out of March with a whopping $205,899,777 million in handle. The sportsbook hauled in $202,847,022 of that handle from online sports bets while $3,052,755 came in through the Valley Forge Casino they are partnered with.
DraftKings handle was notably less with a total of $118,410,130 in total handle. The bulk again came online with $116,625,652 coming in from their mobile sportsbook while only $1,784,477 came in from their retail presence.
Barstool Sportsbook came in third, over the likes of BetMGM and BetRivers with almost as much handle a both operators combined. Barstool finished March with $65,222,833 in total handle with $63,569,874 coming from their online sportsbook and mobile betting app.
After Barstool, the total handle for the rest of the legal sports betting operators in Pennsylvania is significantly less. Though still better than February for the most part.
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News tags: 2021 NCAA Men’s College Basketball Tournament | Barstool Sportsbook | BetMGM | BetRivers | DraftKings | FanDuel | March Madness | Pennsylvania | sports betting revenue | Valley Forge Casino
– In his career, Hasan has worked both local and state government positions—including the Attorney General’s Office in Florida. On top of being familiar with the legislative process, he has also been researching and writing on the legality of sports betting across the US. Outside of work you’ll most likely find him producing or playing music, playing sports, or working on creative writing projects. You’ll also catch him at Doak Campbell Stadium cheering on the Noles.