March Madness helped the monthly sports betting handle rebound after a decline in February due to the lack of events besides the Super Bowl for Pennsylvania. Sportsbook operators in the Keystone state reported an overall handle of $715 million.
Breaking Down March’s Sports Betting Handle
The monthly handle increased by 19.7 percent from February’s $597.1 million. When comparing the year-to-date figures from March 2021, this month’s handle is 27.6 percent higher than March 2021’s $560.3 million.
The mobile sports betting handle brought in $667 million in wagers which is about 93.3 percent of the total handle. The online handle was up 19.5 percent from February’s $558.1 million and increased by 29.7 percent from March 2021’s $514.3 million.
Online and retail sportsbooks made a solid comeback as they generated $48.5 million in gross revenue, which led to $30.4 million that was deemed taxable after adjusting the promotional credits. February wasn’t a month to remember for the bookmakers as it was in the red with a -$442,847. March 2022’s total was 3.6 percent higher than March 2021’s $29.4 million.
Half of the 14 mobile sportsbook operators in February, according to their adjusted revenue, meant they paid no taxes. In March Madness, sportsbooks in Pennsylvania benefited from Saint Peter’s success as New Jersey doesn’t allow bettors to place wagers on in-state college teams.
Taking a Look at Pennsylvania’s Gaming Handle
On the gaming side, Pennsylvania set a new monthly record in the gross revenue department by taking in $94.3 million, which is an increase of 26.8 percent from February’s $74.4 million. The previous record stood for a while as it was set back in October 2021 with $89.1 million in revenue.
The interactive slots handle for March was $2.288 billion, which signified an increase of 14.5 percent from February’s $1.999 billion. Pennsylvania interactive slots gross revenue also set a new record as it took in $79.2 million, which was up 16.3 percent from February’s $68.1 million. The previous record only stood for two months, as January 2022’s revenue was $71.8 million.
Which Sportsbooks Did Well in March
In March, sportsbook operators combined to have a hold percentage of 6.8 percent compared to a very low point of 3.7 percent in February. FanDuel led in all sportsbooks with the biggest handle for the month; however, bookmakers saw a big change in a month.
DraftKings had a handle of $164.8 million and had gross revenue of $6.7 million, and $4.2 million was taxable. DraftKings reported a net loss of $3.3 million in February, which was a strong turnaround.
BetMGM was back in the green after three straight months of losses in revenue in the state. The sportsbook operator lost a total of $1.6 million in February. The adjusted revenue for March was $298,147, with gross revenue of $5.2 million from a handle of $78.4 million.
Unlike many other competitors in the Keystone State, FanDuel had a positive month in February. FanDuel kept leading the way in March with a mobile sports betting handle of $267.1 million. The gross revenue income was $21.9 million, with an adjusted revenue of $15.2 million.
Penn National Gaming’s sportsbook, Barstool, came in fourth place with a handle of $55.3 million. The gross revenue for the month was $2.8 million and had an adjusted revenue of d $1.7 million after giving away more than $1 million in promotional credits.
Another casino operator has entered the Pennsylvania market after receiving an approved license from Pennsylvania Gaming Control Board. On Wednesday, PointsBet is the latest casino operator to offer its product and services.
PointsBet online casino is also available in other jurisdictions and territories that include Michigan, New Jersey, West Virginia, and Ontario.