Pennsylvania sportsbooks have record handle in August

Sports Betting

Pennsylvania sportsbooks enjoyed their best month since the state launched the legal sports industry in November 2018 as the return of major sports helped unleash a wave of pent-up demand.

Pennsylvania’s record $365 million handle in August was so strong that it could surpass Nevada for the first time, which would make the Keystone State the second-largest legal sports betting market in the country, at least for one month, according to PlayPennsylvania.

“In what has been a difficult year, August’s packed schedule of major sports helped Pennsylvania sportsbooks make up some of what was lost from pandemic-related shutdowns,” said Dustin Gouker, lead analyst for PlayPennsylvania.com. “It is remarkable to think that Pennsylvania could surpass Nevada, the nation’s most mature sports-betting market. The state’s online products have helped bridge a gap that at one point looked nearly insurmountable.”

Retail and online sportsbooks generated $364.99 million in wagers in August, up 121.5% from $164.8 million in July, according to official data released Wednesday. August’s handle represents year-over-year growth of 234.7% from August 2019, when Pennsylvania sportsbooks managed to attract $109 million in bets.

The growth in revenue was impressive, too. August’s handle produced $18.3 million in taxable revenue, up 124.3% from $8.1 million in July and up 198.8% from $6.1 million in August 2019. August’s revenue produced $6.2 million in state taxes and another $365,482 in local share assessments.

Pennsylvania had fallen just shy of Nevada’s $165.6 million handle in July, and its record-breaking August could top the Silver State, which will announce August data later this month. Pennsylvania, like New Jersey, which generated an all-jurisdiction record of $668 million in bets in August has some advantages over Nevada, including a much larger local population, a market that is not as event-driven, and more robust online product offerings that have been increasingly popular during the pandemic.

“The continuing build-up of online and mobile sports betting, in addition to online casinos and poker rooms, is paying enormous dividends,” Gouker said. “Some gamblers appear to still be reluctant to visit casinos in person, and technology is bridging that gap.”

Online wagering accounted for 88.1%, or $321.6 million, of all bets in August. FanDuel Sportsbook at Valley Forge Casino was again the primary driver by accepting $144.6 million in online bets, a 110.3% gain from $68.8 million wagered in July. Those bets produced $8.9 million in taxable revenue, up 518.6% from $1.4 million in July.

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