Sportsbooks in Pennsylvania set a new state record by holding $84.9 million in revenue during a busy November trading period. They handled $761.6 million worth of wagers over the course of the month. That was just shy of the record $776.3 million they accepted in October, but it was a much tougher month for bettors.
Sportsbooks held more than 11% of the wagers they accepted in November, which ensured they smashed the previous revenue record of $49.3 million set in January.
A Strong Month for the Taxman
Sportsbooks in Pennsylvania can deduct promotional spending from their gross revenue before paying a 36% tax rate on the remainder. They dished out $21.3 million in free bet credit throughout November, which brought taxable revenue down to $63.6 million. Yet they still handed over almost $23 million in taxes due to the high rate.
By contrast, New Jersey only made $17.3 million in tax revenue for November, despite the Garden State handle reaching $1.26 billion and the revenue hitting a record $114.8 million – the first time a state has ever broken the $100 million monthly barriers.
New Jersey charges a significantly lower tax rate than its neighbor, so it did not receive such a strong financial boost.
FanDuel Maintains Dominance in Pennsylvania
FanDuel held onto its status as the most popular online sports wagering brand in the Keystone State in November. It accounted for 31.8% of the handle, and 44% of the revenue. FanDuel has been holding a high proportion of wagers accepted across the country over the past two months, more so than rivals like DraftKings.
FanDuel brought in revenue of $37.5 million in Pennsylvania during November, while DraftKings was second with $16 million.
Records Fall in Casino Gaming Too
Casinos in Pennsylvania also shattered monthly records by generating more than $432.5 million in revenue during November. That was a 52% increase in November 2020. Hollywood Casino in Dauphin County led the charge with revenue of $60 million, while Valley Forge Casino and Parx Casino each brought in $57 million.
Pennsylvania is just one of six states that allows online casino gaming, along with Connecticut, Delaware, Michigan, New Jersey, and West Virginia. Operators like FanDuel, DraftKings, and BetMGM have all launched online casinos alongside their online sportsbooks in the state.
Pennsylvania iGaming revenue increased 57% year-on-year to $93.8 million in November, according to the latest figures from the Pennsylvania Gaming Control Board online slots revenue reached $63.4 million, while online table games made $27.6 million and online poker came in $2.8 million.