Pennsylvania March Handle Shows Big Increase
NCAA Basketball Tournaments Help Attract Wagers
Pennsylvania sportsbooks saw a significant increase in sports betting in March compared to February. The February drop-off was predicted with the end of the football season. However, the NCAA Tournament provided a solid boost, as was shown in the Pennsylvania March handle report.
Wagering exceeded $800 million for the fifth time in six months, with $800.7 million in bets being placed. That’s a 21% increase over February. Revenue for March was reported at $63.7 million, which is down slightly from the $66.5 million profit of March 2023.
Handle in March 2023 was $723.5 million, so more money was wagered, but bettors lost less of it than a year ago.
Hold percentage doesn’t receive the attention it deserves and was the difference between 2023 and 2024 as far as profit goes. The hold percentage for all sportsbooks was a shade under 8% in March 2024. It was a little over 9% in 2023, which is why profits in 2023 were greater despite there being $77.2 million less wagered that year.
A difference of just .5% is $4 million when you’re dealing with a handle of $800 million.
As usual, Pennsylvania sports bettors prefer to use online betting sites. Of the $800.7 million in wagers, $759.4 came through online means. Retail sports betting made up the other $41.2 million.
For the year, the state has made $49.6 million in taxes from sports betting, which is an increase of $4.3 million from the first three months of 2023. The sports betting trends are looking good for the state in regards to growing handle, although things usually quiet down a bit over the summer.
FanDuel Paces the Field
As usual, FanDuel led the field in Pennsylvania March handle and revenue. It received $330.9 million in wagers and had profit of $32 million. That’s good for a 9.1% hold rate. FanDuel also used $7.8 million in promotion credits, giving it gross revenue of $24.1 million.
DraftKings was second in terms of handle with $209.2 million, but it’s revenue was $14.8 million, which is just a 7.1% hold. After promotional credit deductions, DraftKings reported $10.7 million in gross revenue for the month.
There was a large drop-off to third-place ESPN Bet, which was third in betting handle, receiving $54.6 million in wagers. Revenue was just $3.3 million and after promotional credits, the sportsbook reported gross revenue of $1.6 million. Bet MGM was fourth in terms of betting handle and third in gross revenue.
Caesars, BetRivers and Fanatics were closely bunched together in the next three spots. All three sportsbooks had handles in the lower $30 million area and reported gross revenue between $1 million and $1.5 million.
Promotional credits totaled $18.1 million in the state for March. That amount is allowed to be deducted from revenue before paying the state its share. That was the lowest amount since August 2023. The sportsbooks give out plenty of free bets during football season to keep bettors busy.
The sportsbooks know it’s their busiest time of the year, but sometimes sports bettors need a little nudge.
In April 2023, there was roughly $150 million the Pennsylvania March handle the previous month. A similar drop-off is expected this April, which will continue through the summer months and rebound when it’s time for football season.
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