The weather may be searching in the United States, but Pennsylvania has no answers to fight the summer slowdown. However, 2022 has been a record-setting year for the Keystone State despite the weaker June monthly handle.
Pennsylvania’s Sports Betting Handle Numbers for June
Pennsylvania was the all-time leader in terms of revenue since its launch. However, the streak ended as sportsbooks in New York are subject to a 51 percent tax rate based on revenue. Still, Pennsylvania remains one of the top markets in the industry.
Sportsbook operators in Pennsylvania accepted $393.5 million in wagers for June, which noted a decline of 20.2 percent from May’s $493.4 million. When comparing the year-over-year figures, June 2022’s numbers are down 6.4 percent from last year.
This was expected as the NBA, NFL, and NHL are not going on right now. There is a good chance that the Philadelphia Phillies will fight for a Wildcard spot because of the gap between them and the New York Mets, who are maintaining a slow lead over the Atlanta Braves.
Surprisingly, retail sportsbook locations have been relatively popular in the Keystone State during a down month. Bettors wagered a total of $29.5 million in bets at in-person sportsbooks. However, the numbers were still down from May’s total of $35.4 million.
June’s monthly total was the lowest since last August as the handle fell below the $400 million mark. June’s total sports betting handle also surpassed $15 billion despite the slow month.
What Factors Might Have Played a Role in This Big Drop?
Sportsbooks in the state combined to bring a gross revenue total of $22.9 million as the hold rate was slated at 5.8 percent. Bookmakers that operate in Pennsylvania don’t pay taxes based on gross revenue, and the sportsbooks were able to use $10.1 million in promotional deductions.
Due to the deductions, $12.8 million of the $22.9 million was taxable. The state was able to collect $4.6 million.
The MLB trade deadline is approaching, and the Phillies could use some help, especially in the pitching department and the center fielder. Third baseman Alec Bohm could be dealt as he has had a strong July.
Baseball doesn’t attract enough betting volume compared to the NBA and NFL, regardless of how many moves the Phillies make to improve their roster. Operators are looking to the last quarter of the year as the betting volume picks back up.
Breaking Down the Market Share for the Bookmakers for the Month
Once again, FanDuel dominates the market share for the month as the bookmaker had a market share of 43.1 percent in regards to the overall handle. The operator also had the highest revenue share, which made up 46.2 percent.
FanDuel had a handle of approximately $156.8 million. DraftKings followed with a handle of about $87.5 million. Despite trailing DraftKings’ handle by nearly half, BetMGM secured the third position with a handle of about $44.4 million.
The only other two sportsbooks that had an eight-figure handle were Barstool and BetRivers.
