It was a profitable summer for sports betting in Pennsylvania. The sports betting market has been legal for six years and is extremely competitive. The sports betting revenue for August was about 35% higher than in August 2023. The numbers are likely to increase as college football seasons and the NFL get underway. State operators usually find the football season the most lucrative sports betting period of the year.
Sports betting revenue for August in Pennsylvania
Sports betting revenue for the month of August totaled slightly over $30 million. The total sports betting handle in August was $485,289,137.
Sports bettors are increasingly using mobile phones and sports betting apps to place their bets at online casinos. Pennsylvania currently has 11 legal sports betting apps operating within its borders. The Parx Casino app, that players can download on the operator site, is a popular option. Parx Casino’s total sports betting revenue for the month was $1,211,954.
iGaming total revenue for the month of August also saw an increase over August 2023, reaching $183,738,032. Online slot games led the way followed by table games and online poker.
Annual sports betting revenue in Pennsylvania
In total, the state reported $175,163,915 in sports betting tax revenue. Taxable revenue from sports wagering reached $486 million. The state taxes sports betting at 36%, one of the highest rates in the country.
For the 23/24 fiscal year, Pennsylvania set a state sports betting handle record. According to the Pennsylvania Gaming Control Board (PGCB) report, the $8.1 billion in sports betting handle was the highest amount bet since the legalization of sports betting in the state. Despite the increase in handling, the state saw a decrease in sports betting revenue for the year.
Sports bettors bet over $7.6 billion through licensed sports betting operators. They bet just $495.5 million on retail sportsbooks. Online sports betting brought in more than $448 million in taxable revenue for the year.
Key features of Pennsylvania sportsbooks
Pennsylvania sportsbooks are extremely competitive and all try to outdo one another with the bonuses and promotions they offer. Live streaming and betting are key features in the best PA sportsbooks. Another is early cash-out. The type of payment, withdrawal methods, and payment processing speed are crucial.
Players don’t want to wait forever for funds they withdraw from a sportsbook. Betting apps that allow for quick withdrawals are preferable. The user experience is another defining factor as are the best markets and odds. Access to great customer support can also make or break the customer experience when using a sports betting app.
Popular Pennsylvania sports teams and sportsbooks
Pennsylvania is home to some of the most successful college and professional sports teams in the U.S. Many of them have partnerships with top sportsbooks in the state. At sportsbooks in Pennsylvania, gamblers can bet on all popular sports, such as football, baseball, basketball, and hockey.
Football is one of the most-watched sports across the world. The Philadelphia Eagles have seven conference title games, reached three Super Bowls, and won the Super Bowl in 2017. No other NFL franchise has had more Super Bowl success than the Pittsburgh Steelers who have won six times.
The Philadelphia Phillies were inaugurated into the MLB in 1883 and won World Series crowns in 1980 and 2008. The Philadelphia 76s made the playoffs for the last seven seasons and brought home NBA championships in 1966 and 1982. The Philadelphia Flyers have had a drought in winning the Stanley Cup but have the third-most playoff wins in the NHL since 1966.