As major sports leagues’ seasons start to taper off, a drop in sports betting totals is expected. In Pennsylvania, we are starting to see the slump. For May, the state Gaming Control Board is reporting a 6% decrease in handle for the month, with only $447.5 million wagered. Sportsbooks generated just over $37 million in revenues though, which was an increase of $1.4 million from April.
The majority of the wagers were placed online, at 91%. Sportsbook win percentage came in at 8.4%. This was an increase from April’s 7.5%. Back in April, sportsbooks hit more than $5 billion total wagers for the fiscal year, and there was still one month remaining. This is a major accomplishment for the industry.
In the Keystone State, FanDuel reigns supreme when it comes to online sports bets. The brand came in first yet again with a $160.9 million handle and $14.2 million in revenues, after promo totals were removed.
DraftKings finished second, generating around $100 million in bets. As far as revenues are concerned, the operator earned much less than FanDuel, at $3.9 million. In a distant third position is Barstool Sportsbook. The brand earned $2.6 million but gave out $2.7 million in promos, causing a loss for the month. The handle for the company was a low $43.6 million.
BetMGM was the fourth-place finisher, giving out $1.9 million in promos. The company is relatively new to the industry, so they pushed promos in the hopes of gaining ground in the state. BetRivers finished in fifth place followed by Parx, Fox Bet, Unibet, Caesars, and TwinSpires.
Slow Time Period
The next few months will be a slow time period for betting. In general, the NFL and NCAA football season along with the NCAA March Madness are the prime times for betting. In the summer months, there is Major League Baseball, but the league does not pull in as much interest of bettors as others do.
Bettors tend to be out and about in the summer months and slack up on placing wagers. It is expected that the next few months will lead to a lower handle and possibly revenues for Pennsylvania as well as other states that offer legalized sports betting in the United States.
It will not be until the fall season, when the football seasons begin in the NCAA and NFL, that we will start to see a large uptick in the number of bets placed as well as revenues. Sportsbooks will have to hold out and hope players wager on MLB games to bring in revenues during this slower time frame.