Last updated on December 6th, 2023 at 05:11 pm
In the first time since sports betting was offered in the state, sportsbooks in Pennsylvania record more than $800 million in wagers for the month of October. The previous record the state has was also in October, last year, with a $797 million handle. The demand for gambling products continues as the popularity sports betting increases- something we are seeing in year-on-year data. And this is not exclusive to Pennsylvania, rather, the trend carries across the whole country.
And the Keystone state is seeing the highest number of bets at $829 million, 14% higher than September. October is quite a unique month and known in the sports betting community as a particularly good month for sports betting in the US. The credit goes to baseball, hockey, plus football and basketball (both college and professional leagues).
It also helps that the Philadelphia Phillies got in deep in the MLB playoffs. And in the NFL, the Philadelphia Eagles are again proving their prowess, enjoying a good season so far.
Sportsbooks in Pennsylvania See Better Handle and Higher Revenue
Of course, if you look at your sportsbook’s numbers, the handle may not be the only one increasing in October. If your sportsbook’s data is similar to the trends of sportsbooks in Pennsylvania, then you are in for a treat. The local market has a gross revenue of $73.6 million in October. This is the third-highest revenue in the state’s history. You can easily track your sportsbook’s data with the help of a reliable pay per head sportsbook service.
The gross revenue numbers for the state are quite great. Not only are we seeing an 11% increase month-on-month, but revenue is higher by almost 20% year-on-year. The state’s coffers are also going to reap the benefits for the month, collecting $16.4 million in taxes.
As always, online sportsbooks are the preferred platform of bettors, accounting for 93% of the handle. As for revenue, $68.5 million of the total come from online sportsbooks. Meanwhile, retail sportsbooks have $55.8 million in betting handle. With a hold of around 9%, revenue sits at over $5 million.