Did Pennsylvania Sports activities Betting Actually Fall In October?
Pennsylvania became the third US jurisdiction to obscure the half a billion dollar Sports betting handle mark in a single month.
Handle hit $ 525.8 million Set a new PA sports betting record in October. It’s over 13.6% from the previous recording of $ 462.8 million discontinued in September.
Just New Jersey and Nevada broke that $ 500 million mark beforehand.
Sports betting income also hit a record $ 47.8 millionaccording to the country report $ 13.2 million in tax revenue. Even when taking off the $ 11.1 million The October promo credits granted still taxable income above the previous record of $ 31.6 million from January 2020.
The proportion of mobile handles increased slightly 89.8% from 89.5% in September.
Promo credits are still flowing into PA
When you look at promo credits as a percentage of sales, it seems like sports betting companies in Pennsylvania have slowed significantly month over month.
However, that is not entirely true. The $ 11.1 million is in Promo Credits 26.6% of total online sales this month of 91.3% in September.
However, advertising spending did not decrease significantly – revenues increased. Operator issued $ 12 million on promo credits in September. Remember, PA operators can deduct promo expenses from gaming revenue when they calculate what they’ll be paying the state as part of its revenue 36% Effective tax rate.
Sports betting spend money for two reasons: Picking up customers during popularity NFL Betting season and prevent customers from jumping to new competitions like Barstool Sportsbook.
Five sports bets gave more than $ 1 million in promos in October:
- FanDuel Sports Betting, $ 3.1 million
- DraftKings Sports Betting, $ 2.3 million
- Bar stool sports betting, $ 1.8 million
- Unibet, $ 1.8 million
- BetRivers, $ 1 million together
The top sports betting providers in Pennsylvania hold steady
Bar stool sports betting must stay away from the medal stand for at least another month.
The state’s newest online sports betting took place $ 63.8 million in bets during the first full month of operation in October. This makes it the fourth best operator, just as it did after the start in mid-September.
FanDuel Sports Betting retained its significant lead in the state $ 184.9 million under control, $ 181 million of which came online. DraftKings Sports Betting was second with $ 123.4 millionincluding $ 121 million from online.
BetRivers‘two licenses with Philadelphia rivers and Pittsburgh rivers combined for $ 68.6 million.
Parx sports betting ($ 29.9 million) and Fox Bet ($ 29 million) were in fifth and sixth place far behind the leaders.