In July, Pennsylvania sportsbooks routed the public for an impressive 12.7% hold

Recently, the Pennsylvania Gaming Control Board reported $52.7 million in monthly revenue for July 2024. That was up almost 34% compared to figures from July 2023 and an increase of 22.5% in June. With a solid 12.7% hold, sports betting operators had a $414.7 million handle, the second-highest in Pennsylvania history. Additionally, their July betting handle was up 22.5% year-over-year. However, that was down from the $464.5 million operators were able to generate in June.  The state had $38.6 million in taxable revenue, up more than 20% year-over-year. Their year-to-date tax revenue is over $100 million. Online sports betting in Pennsylvania accounted for $392.1 million in total handle in July. Retail sportsbooks generated $22.6 million worth of wagers.

What Pennsylvania sportsbooks were the most profitable in July?

In July, online sportsbooks handed out $14.1 million in promotional credits, up from $13.1 million in June. The last two months have primarily had the MLB and WNBA to bet on. Football is quickly approaching, but mobile operators in Pennsylvania were willing to spend more in the summer to drive their year-over-year business. To no one’s surprise, FanDuel’s 14% hold in July was the highest of any sportsbook in the Keystone State. They hauled in $23.4 million in revenue. That was $1.7 million more than in June despite the betting handle being $13,7 million less. Additionally, FanDuel led all online sportsbooks in Pennsylvania with $165.5 million worth of wagers. 

Second amongst online sportsbooks in PA for July was DraftKings with an 11.6% hold. They collected $12.7 million in revenue from a handle of $109.5 million. For the first time since August 2023, BetMGM’s handle fell below $30 million for a single month. Their 11.3% win rate produced $3.1 million in revenue. ESPN Bet had $2.2 million in revenue from an $18.6 million handle. Fanatics sportsbook had a handle of $17 million and brought in $2.4 million in profit. That was their best month since entering the market in the Keystone State. Total gaming revenue in Pennsylvania reached nearly $500 million in July, an increase of 7.2% year-over-year. That revenue includes in-person table games, slots, online casinos, sports betting, video gaming terminals, and fantasy sports. Finally, Pennsylvania was able to bring in $202.7 million in tax revenue. Over $75 million of that came from iGaming which saw a 32.1% year-over-year revenue increase.