The Pennsylvania Gaming Control Board released monthly financial data Wednesday, along with its year-end report indicating that overall sports betting in the state in 2022 amounted to $7.25 billion wagered. The sportsbooks retained $401.2 million in adjusted, taxable revenue won from bettors last year — which was 18% more than in 2021 — after deductions for giving out promotional credits. Based on Pennsylvania’s comparatively high tax rate of 36%, the revenue would have produced $144.4 million for state and local governments.
About 93% of legal betting within the state is done online, which added up to $704.8 million out of the total $754.8 million betting handle last month. It was the third straight month of volume above $750 million, as football season is consistently busy for the sportsbooks.
And as has been customary since its mid-2019 launch, FanDuel was easily the leader in the state in December in handle, revenue, and hold percentage (the share of customers’ bets retained by the house).
BetRivers regained fifth place
FanDuel took $286.6 million in bets online last month, representing 40.7% of the market. Its gross winnings were $34.4 million, representing a hold of 12%, while none of its main competitors were in double digits for hold percentage. After deducting $7.5 million as credits that were given away to induce customers, it had taxable revenue of $26.9 million out of the $48.2 million total among the state’s online sportsbooks.
It was trailed in betting volume by the same three as usual:
- DraftKings: $189.2 million handle, $15.7 million gross revenue, $14 million taxable revenue
- BetMGM: $58.3 million handle, $5.2 million gross revenue, $1.3 million taxable revenue
- Barstool Sportsbook: $47.8 million handle, $1.7 million gross revenue, $848,656 taxable revenue
One notable change occurred in December behind those market leaders. While Caesars Sportsbook had climbed ahead of BetRivers in handle in November, reflecting the newly competitive spirit of the Caesars brand in the sports betting sector in Pennsylvania, BetRivers regained fifth place last month.
BetRivers had handle of $32.4 million, its most since March. Caesars reached an all-time high for it of $29.2 million, slightly above its November usage. BetRivers reported gross/adjusted revenue of $2.4 million/$1.5 million, while Caesars collected $1.4 million/$885,490.
PointsBet has been the one other online sportsbook making headway in recent months at the expense of some other smaller books, and it reached its all-time high of $17.2 million in handle in December, with $882,510/$314,335 in revenue.