Pennsylvania sports betting reached a key milestone in March when it overtook $1 billion in gross revenue since the launch in November 2018.
Gross sports betting revenue affected $1.014 billion with the March report, which Pennsylvania regulators released on Monday. That doesn’t say it all for Pennsylvania, as promotional deductions are allowed for online sports betting on the AP.
These deductions reduce taxable sports betting income to $678.6 million. Since its launch, PA sports betting has generated $241.9 million in local and state tax dollars.
Pennsylvania sports betting rebounds after tough month
March was a blackout for operators in Pennsylvania. The taxable income from sports betting was $30.4 millionagainst a loss of $442,847 in February.
Sports betting promoted into the red in February as companies battle for new customers seeking to place themselves superbowl Paris. Inferred operators $22.6 million in February specials compared to $18.1 million in March.
March Grip $715 millionat the top 19.7% of February and 27.6% since last March. The Deep Race to the Final square by Villanova and the unlikely race to the Elite Eight by Saint Pierre (which you cannot bet on in your home country) New Jersey) helped to increase this total.
Pennsylvania will likely see an outsized impact from march madness betting on April report vs. other states since Villanova’s Final Four loss April 2.
Most of the online handle belongs to five operators
Pennsylvania could have slashed a few months or more from its $1 billion revenue timeline if it had launched with mobile, but the first mobile operator didn’t launch until May 2019.
The state typically has one of the largest mobile shares in US sports betting and March was no different with 93.3% handle from online.
More … than $9 out of each $10 betting in the state goes through six sportsbooks from five operators:
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* BetRivers and SugarHouse operated by Rush Street Interactive
Several Pennsylvania sportsbooks are fighting for more
Even though Pennsylvania is one of the most mature US betting markets, there is still an ongoing fight for market share online.
BetMGM had the second highest number of promotional deductions with $4.9 million for the month. This single drag handle leader FanDuel and was ahead of DraftKingsranked second for handful share.
PointsBet is also fighting for its position in the market after its launch in February with $1.2 million in promotions deducted. It was good for 6.9% of all promotions deducted during the month, in relation to its management share of 2.2%.