Pennsylvania Sportsbooks Break Records in November
Pennsylvania sportsbooks have reached new heights in November, shattering multiple sports betting records. According to the Pennsylvania Gaming Control Board’s latest report, the state’s combined online and retail sportsbooks processed an extraordinary $935.5 million in wagers. The handle narrowly surpassed the previous record of $934.1 million set in November 2023.
This remarkable achievement marks only the third instance since the market’s 2018 launch that the monthly betting handle has exceeded $900 million. Such a feat should be enough motivation for you to start your own sportsbook business. These sportsbook pay per head reviews can help you start in the right direction.
Pennsylvania Sportsbooks Smash Records
The record-breaking performance extended beyond handle to profitability, with operators posting great returns across key metrics. Sportsbooks generated $103.3 million in gross revenue, representing a 110% increase compared to the previous year. This also eclipses the former record of $98.1 million recorded back in December 2023. Meanwhile, the adjusted revenue figure of $77.1 million similarly set a new record, skyrocketing an impressive 498% year-over-year.
This exceptional performance translated into substantial tax benefits for Pennsylvania, with sports betting operations contributing $26.2 million to state coffers. The market demonstrated resilience following October’s challenges, when NFL bettors significantly impacted operator revenue. The hold rate rebounded from October’s 6.8% to a decent 11% in November. While the adjusted revenue hold climbed from 3.2% to 8.2%, thus securing its spot among the top 10 most profitable months in state history.
If you want to run a successful sportsbook, you can easily do so with the technology available today. You can even perform advanced strategies like prevent fraud in a sportsbook, or offer generous promotions to your players with the help of the best sportsbook software.
iGaming in Pennsylvania also Sets New Record
The record-setting trend wasn’t limited to sports betting, as Pennsylvania’s broader gaming industry experienced unprecedented success across all verticals. Total gaming revenue, encompassing traditional casino games, sports betting, iGaming, online poker, video gaming terminals, and fantasy sports, reached a historic high of $562.4 million, marking a 26% increase from the previous year and a 13.3% improvement over October’s $496.6 million.
Online casino operations emerged as a particularly strong contributor, generating $200.5 million in revenue – a 27% year-over-year increase – while providing the state with $88.6 million in tax revenue. This is why when you choose the best betting software, always opt for the one that also offers iGaming. Because even with sports betting giving you a good enough profit margin, online casino gaming remains to be consistently profitable for online operators.
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