Sports Betting Revenue Rises in Pennsylvania, Despite Slowdown in Overall Wagering

The Pennsylvania Gaming Control Board (PGCB) released its sports betting revenue numbers for July 2023 on August 11, 2023. The report showed that the state’s sportsbooks generated $114.5 million in revenue, up 1.7% from June 2023. However, the total handle (amount wagered) decreased by 2.5% to $1.2 billion.

The increase in revenue was driven by a higher hold percentage, which is the percentage of the handle that is retained by the sportsbooks after paying out winning bets. The hold percentage in July was 10.3%, up from 9.9% in June.

The drop in handle was attributed to a lack of major sporting events in July. The only major sporting event that took place in the state during the month was the MLB All-Star Game, which was held in Philadelphia.

Despite the drop in handle, Pennsylvania’s sports betting revenue has been on a steady rise since the industry went live in 2019. The state has generated over $4.5 billion in revenue since then, reports Cover.com.

The PGCB also reported that the number of active sports betting accounts in Pennsylvania increased by 1.3% to 1.2 million in July. This is the highest number of active accounts since the industry went live.

The growth of sports betting in Pennsylvania is being driven by a number of factors, including the increasing popularity of mobile sports betting and the availability of a wide variety of betting options. The state is also home to a number of professional sports teams, including the Philadelphia Eagles, Pittsburgh Steelers, and Philadelphia 76ers.

The PGCB is projecting that Pennsylvania’s sports betting revenue will continue to grow in the coming years. The state is expected to generate over $1 billion in revenue in 2023.