Pennsylvania Sets Sports Betting Record in August
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On Wednesday, Pennsylvania released its sports betting report for the month of August, and the numbers did not disappoint! The Keystone State saw $365 million wagered on sports for August.
Pennsylvania broke its previous betting record of $348.4 million that was set in January of this year. The state is also up over 100 percent from the July revenue report thanks to the NBA, NHL, and MLB, all being in action for August.
The state also brought in $27.6 million in August, which is nice as the state taxes sit 34 percent in Pennsylvania. With the coronavirus pandemic still in full swing in the U.S., mobile betting has been dominating states as Pennsylvania saw over 88 percent of the bets being placed online.
The Keystone Stare by the Numbers
Pennsylvania saw $365 million in bets for August, and revenue hit $27.6 million. Pretty impressive record-setting numbers from the state.
The two big U.S. operators in DraftKings and FanDuel led the way in betting handle with a combined 65 percent of the Pennsylvania betting market. FanDuel is still the leader of the state as they saw $149.2 million bet through them. DraftKings came in with the second-highest handle with $88.2 million for August.
Both sportsbooks are far away, dominating the Pennsylvania market. This month, the Barstool Sportsbook app will be launching, so it will be interesting to see how the new mobile betting operator, backed by Penn, will do in the Keystone State.
The stronghold of what FanDuel and DraftKings have in the state could shift depending on how the launch of the Barstool Sportsbook app goes. Overall, DraftKings and FanDuel having 65 percent of the market share, is impressive in itself. Even if they lose some in the coming months, they should continue to dominate Pennsylvania and share at least 55 percent of the market. It is only a matter of time to see how the two leading U.S. sports betting operators will react in September.
Can Pennsylvania Break Another Record?
With how successful August was for the Keystone State, they have a strong chance to repeat their success in September and then some. The NFL is king in the U.S. and is the most popular sport to be on in the states. Add in all four major sports being played in September, and the king that is football and state should another huge jump in sports betting.
There would not be little surprise if Pennsylvania saw another record-setting month thanks to football. Also, the Philadelphia Eagles just announced a partnership with FOX Bet earlier this week, which should also help from a promotional standpoint with Philadelphia and Eagles fans.
The Barstool Sportsbook app is also planning to launch this friday and will be a huge hit for younger sports bettors.
As Pennsylvania continues to expand its sports betting market along with the help of the fall sports schedule, the Keystone State should continue to see growth at least through September with all four sports still playing.
There is a chance that the Pennsylvania sports betting handle could hit $500 million in September, but that is still needed to be seen.
