PA sports betting figures continued to climb to record heights in January.
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A record $615.3 million was wagered last month, according to the Pennsylvania sports betting state report released Wednesday. That tops the previous record of $548.6millionBest online pa casino. in December.
The wagers generated $33.9 million in gross revenues, a dip from the $34.1 million in December.
PA sports betting regulators collected $11.5 million in taxes.
Pennsylvania sports betting stays online
More than 94% of Pennsylvania wagers were made online in January. That figure is a slight decrease from December’s 97.6% online share.
The online handle reached nearly $580 million.
Operators issued $15 million worth of promotional credit, dragging gross revenue to $29.9 million, resulting in approximately $10 million in state taxes. Pennsylvania sports betting revenue is taxed at the highest rate in the nation at 36%.
Online promo credits galore
In the lead up to Super Bowl LV, operators shelled out approximately $4 million more promo credits than December.
FanDuel’s $6.3 million made up a significant chunk of the month’s $15 million in promo credits. DraftKings doled out $2.8 million, while BetMGM increased its promos to $2.4 million, up from $719,366 in its first month.
Barstool increased its promotional credits to $1.4 million, up from approximately $800,000 in December.
BetMGM grows into the market
In its second month of operating in Pennsylvania, BetMGM grew its handle to $39.3 million, or 7% of the market. That’s up from $12.1 million and 2.3% in December.
Market leader FanDuel took $220 million in bets, good for 38% of the online market share, a dip from December’s 38.8%. Second-place DraftKings stayed relatively steady at 24.7% with $143.5 million in wagers.
Barstool’s handle dropped to $65 million — 11% online share — from $71.8 million.
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BetRivers maintained its fourth-place online share at 8%. Its share has fallen from 10.6% in November as BetMGM comes nipping on its heels.
Pennsylvania sports betting keeps pace
Following a handle dip in November, the Keystone State is back with two-straight months of growth.
Pennsylvania finished 2020 with the third-highest handle, behind New Jersey and Nevada:
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- New Jersey — $6 billion
- Nevada — $4.2 billion
- Pennsylvania — $3.6 billion
Now, it’s the third state to cross into the $600 million monthly handle club.
Pennsylvania will work to keep its third-place status as states like Colorado, Illinois and Michigan mature, and more populous states consider legalizing sports betting.
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The state’s massive tax rate will likely keep the state near the top of tax revenue, however.