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Pennsylvania Sports Betting Nears All-Time Highs in October
Pennsylvania has not just become a prominent example of how successful betting operations can be adopted by a state. Yet, the state has also officially joined the ranks of states witnessing record-breaking wagering activity in October.
The combination of twelve Pennsylvania sports betting apps and retail providers in the state contributed to achieving a new record handle during this period. The surge in wagering activity was notably driven by a robust sports calendar, highlighted by the Philadelphia Phillies' World Series journey and the five weeks of NFL football.
However, it's worth noting that despite the impressive wagering activity, the revenues for Pennsylvania gambling did not reach the levels seen in November 2021. During that period, all-time profit highs were established by the leading sports betting apps in Pennsylvania's sports wagering landscape.
PA Betting Handle Sets New Record in October
Online sportsbooks in the state achieved a remarkable feat by establishing a new record, amassing a total of over $829 million in bets.
This marks a notable 14% increase compared to September and approximately 4% higher than the corresponding month in the previous year. Remarkably, this figure surpasses the previous record set in October 2022 by almost $32 million.
It's noteworthy that Pennsylvania sports betting apps played a predominant role, contributing to 93.9% of the overall wagering activity in the state.
It is also worthy of mention that despite the impressive wagering activity, the revenues for the state's sports betting providers did not reach the levels seen in November 2021.
During that period, all-time profit highs were established by the leading sports betting apps in Pennsylvania's sports wagering landscape. Yet, the future is bright for Pennsylvania and all state bettors.
PA Primed for Betting Growth
Various experts have attributed the substantial success of Penn’s betting scene in October to the widespread appeal of football, the commencement of the basketball season and the excitement surrounding October baseball.
Despite being considered a mature market, there remains room for growth. Experts estimate that the impressive postseason run of the Philadelphia Phillies significantly contributed to the extraordinary performance in October.
However, experts also anticipate a potential dip in November, even with the continuation of football events.
Bookmakers in Pennsylvania particularly thrived on bets related to the Philadelphia Phillies, who, unfortunately, faced a defeat in the seven-game series against the Arizona Diamondbacks in the National League Championship Series.
While major sporting events keep driving the state wagering higher, experts are sure about one solid advantage the state is holding on to.
Its adaptability to welcome major reforms that have led to the growth of the betting industry has had a major impact on the increase in revenue.
This also holds the foundation for exponential growth in the years to come. While certain figures, such as the $8 billion handle, are still a few steps away, the state remains focused on solid year-to-year growth.
PA Betting Forecast for 2024
With high expectations for solid November reports, experts also predict that these trends will make their way into 2024. One factor that will continue to drive this growth is the existent competition among providers.
A head-to-head clash between FanDuel and DraftKings was sustained during October. FanDuel emerged as the frontrunner, boasting a handle of $328.4 million and achieving a gross revenue of $29.1 million.
DraftKings trailed closely behind, securing the second position with $255.5 million in wagers for October and gross revenue of $27.9 million.
This internal competition, in addition to solid performance on behalf of major sports league teams such as the Phillies, the 76ers and the Eagles, should keep Pennsylvania on full throttle for 2024.