Before you start looking for the best software for sportsbooks, make sure to keep track of the latest news in betting markets. By knowing the trends and what is happening in the gambling industry, you can easily determine if your online sportsbook is performing as well as others are. One of the best markets to follow is Pennsylvania, one of the largest gambling markets in the US. And for the month of May, Pennsylvania online gambling drives an increase in the overall market.
According to the latest report from the state, monthly revenue gives is 8% increase for May, giving us revenue of $479.37 million. In addition, sports betting revenue for the state’s sportsbooks also increased to $41.1 million. This is a whopping 17% year-on-year increase.
Given the steady growth of betting and gaming in the state over the years, it continues to prove that the industry is still a rapidly growing one. And if you are looking at getting the best sportsbook pay per head software to get into the business, then you are making a sound business decision.
Pennsylvania Online Gambling
iGaming in the state has a $140.9 million revenue for May, which is 24% higher than May 2022’s $113.3 million. As of one the largest gambling markets in the country, it comes as no surprise that online gambling and sports betting continues to dominate. Retail gambling continues to do well, but the rate is not as fast, nor as large, as that of online wagering.
Even if we see a drop in the sports betting handle in sportsbooks, revenue still does well, with the credit going to an increase in hold percentage. In fact, many in the industry are predicting a trend in decreasing handle as the sports calendar lightens this summer. Relying on a good hold percentage can help boost revenue. But even then, an eight-digit monthly revenue for the market is nothing to frown on.
And even if we see less sports betting activity in the next few months, let us not forget that Pennsylvania has a very robust online casino gambling market. From slots to poker and other table games you can find in online casinos, you can find it in the state’s iGaming sites. For those who are planning on becoming bookies, you may want to look at the available products in Pennsylvania that you can use in your own online sportsbook to boost your revenue.