Pennsylvania sports bettors bet more than ever before in October and online casino operators generated more revenue than in any previous month, according to financial data released Thursday by the Pennsylvania Gaming Control Board.
Sports betting volume reached $797.1 million, surpassing the previous record of $793.7 million set in January. Sports betting operators did not post record revenues – they brought in $61.5 million and earned $40.5 million taxable after promotional credits – as punters performed better than in previous months.
The 18 iCasinos, on the other hand, did their best with revenues of $124.5 million, which surpassed the previous high of $118.1 million in March from online slots, table games and the game of poker.
Overall, commercial games of all types generated $450.2 million in the state in October, of which $183.7 million was diverted to state and local governments in taxes.
While the largest proportion of gaming revenue comes from people entering the 16 casinos to gamble, the $278.9 million in slot and table game revenue last month was actually down from the previous month’s $280.1 million or the $292.4 million from just 15 casinos in October. 2021.
FanDuel is back to take advantage of its rival
Those who follow the competitive online sports betting industry had reason to focus on what October would say about the FanDuel-DraftKings rivalry in Pennsylvania. It is always one of the peak months for betting activity due to strong football action combined with the start of other major professional sports, but it has generated particular interest as in September DraftKings has strongly narrows the gap between Pennsylvania’s betting handful and FanDuel to the nearest margin. Again.
In October, that gap widened again, with FanDuel once again at the peak of activity – and even more so in terms of revenue, as is usually the case.
FanDuel brought in a handful of online bets of $289.6 million – a market share of 39.5% – with gross income of $32.4 million and adjusted taxable income of $21.8 million . In both cases, those revenue figures represented more than half of the total raised by sportsbooks in the state.
While DraftKings’ handful of $229 million also climbed from September, its more modest rise reduced its online betting share from 34.5% to 31.3%. She had gross income of $10.4 million and taxable income of $7.6 million.
BetMGM was third again with $55.3 million, with gross/taxable earnings of $5.1 million/$1.3 million, and PENN Entertainment’s Barstool Sportsbook was fourth with $46.9 million. bets and revenue of $2.3m/$1.5m.
While all sportsbooks collectively had holdback rates (the amount they withhold from losing customer bets) exceeding 11% in August and September, to see record highs in both cases, that holdup rate dropped to a much more typical level of 7.7% of the gross income retained. bets from last month.
Online casinos earned 21% more than a year ago
Over the past few years, Pennsylvanians have enthusiastically embraced the ability to play casino games from anywhere over the phone or computer – which is generally not legal in the United States as sports betting has become. – but never as much as they did in October.
iCasino’s $124.5 million in revenue was 10.5% higher than September and 21% higher than October 2021, when that game’s revenue amount at the time set a record at $102.9 million.
Revenues break down into $86.3 million from online slots, $35.7 million from table games and $2.5 million from iPoker.
Drop in revenue at most casinos
Among brick-and-mortar casinos, most garnered less revenue from customers than in October 2021. The exceptions to the one that did better than a year ago in slot games – which is the biggest driver revenue for casinos – were Mount Airy Casino Resort, Live! Philadelphia, live! Pittsburgh, Hollywood Casino York and Lady Luck Nemacolin. Table game revenue grew year-over-year only at Live! Philadelphia Cream.