Pennsylvania sportsbooks are reporting a higher sports betting handle for August. This is good news for the local betting market, as the past three months have been a steady decline in sports betting handle. The total sports betting handle for the month of August for the state is at $348.5 million. This shows an increase of 14.5% from July’s $304.4 million. And, if we look at the year-on-year data, we have an unusually lower number than August 2020’s $365 million (4.5% decrease).
And for those who want to create a sportsbook, the online betting market is doing quite well in the state. In fact, many in the industry are optimistic that the online sports betting market will bounce back easily. For Pennsylvania, the total online handle is at $318.1 million. This is actually 14.5% higher than the previous month’s mobile handle of $304.4 million. Mobile sports betting takes up 91.3% of all wagers made in the state.
Pennsylvania Sportsbooks: What to Expect
Given the increase in activity through online sportsbook software, the state actually has a lower revenue for the month. The total sports betting revenue for the month is $18 million. This is 9.3% lower than July’s revenue of $19.9 million. This is the second consecutive month that Pennsylvania has a decreasing monthly revenue. But, as what many in the industry expect, the numbers will steadily increase soon.
The credit for rising sports betting action goes to the start of football season, mostly. You have the NFL starting on the second week of September. In fact, the increase in handle for August is also due to football. The NFL has preseason games, not to mention early wagers for the coming season. We also have NCAA football starting late into the month as well. These two leagues alone are in the top sports leagues for sports betting. The revenue potential for these two tournaments alone will be astronomical. So, we will be expecting so see more states showing an increase in handle and revenue the next time they release their monthly sports betting and gambling reports.