In the first time since the Pennsylvania sports betting market launched, sportsbooks in the state see a new record in handle for November that is above $930 million. The total monthly sports betting handle is $934.1 million for the month, the highest handle sportsbooks in the state have seen.
Bookies who use the best pay per head service will want to see similar numbers in their sportsbooks. Pennsylvania sportsbooks see both short and long term increases in handle. The month-on-month increase is 12% from October’s $829 million. November’s handle is also 18.4% higher than the $789.2 million handle in November 2022. With a busy sports calendar that includes both college and professional basketball and football, it is no surprise to see sportsbooks be this busy during this time of the year.
Pennsylvania Sports Betting Market Sees Better Handle, Less Revenue
However nice the new record in handle is, making money is a huge part of managing your sportsbook. And while we see a spike in handle, revenue is lower in November. According to the Pennsylvania Gaming Control Board, gross revenue for the month is at $49.1 million, a lot less than October’s $73.6 million. As a bookie, this might worry you. But you can check the numbers in your own sportsbook to see handle, revenue, and how the numbers end up the way they do. Using a good solution for existing sportsbooks will help you get to the bottom of the matter.
For instance, in Pennsylvania, the cause of the drop in revenue is mostly due to promotional credits. There was an increase of $11 million in promotions compared to the previous month. And compounding the drop in revenue is the win percentage for the month as well. The hold is at 5.2% for November, which is lower from the 8.8% in October.
So while revenue and the hold is lower, maintaining the increase in betting activity still bodes well for the local market. Given the record-breaking month, industry insiders are optimistic that sports betting will continue to be profitable in the state. And for bookies, rest assured that online sports betting still remains to be the popular option, with 94% of all wagers in the state coming in from online sportsbooks.