Pennsylvania Sets new State Record for Sports Betting in November
New Jersey and Nevada are the two major sports betting states in America. Each state has surpassed the $1 billion monthly handle, which was unprecedented when sports betting was legalized three years ago.
Pennsylvania is not hitting $1 billion handles, but the market is gaining steam in the United States. The Keystone State is classified as a step down from New Jersey, but it’s still an industry leader.
In October, Pennsylvania set a revenue record, and then it occurred again in November. The state is stacking records, and with football gaining momentum in December, PA will continue shattering past marks.
The November Record
To generate significant revenue, a state needs a large betting handle. Pennsylvania is delivering in this category consistently, which is leading to large revenue generation. The state made $63.7 million in revenue, which was an increase of 170.6% from October.
In October, the total revenue was $23.5 million, so the state shattered this amount in November. The yearly increase was also staggering as it raised 70.5% from November 2020, when the total was $37.4 million.
In terms of handle, the state collected $761.6 million, which was down 1.9%. The house won more than they did in October when the total was $776.3 million. Yet, it was still a 54.8% jump from the 2020 total of $491.9 million.
Mobile betting accounted for the majority of the betting handle. 92.4% of the bets were placed on mobile devices, with the handle equating to $704.1 million. This was a slight decrease from the October total of $714 million.
The exact drop was 1.4%, but it was still 57.4% higher than November 2020s $447.4 million.
The October Drop
A high revenue figure is important, but large handles are the best way to generate revenue. The more bets placed, the more opportunities for the state to make money.
Gaming as a whole has gone down in Pennsylvania between October and November. This is a problem that must be corrected for the large revenue amounts to continue.
The sports betting handle was not the only decline Pennsylvania encountered during the month. Retail casino gaming and online betting dropped.
Table games gross revenue was $82.9 million, which was a 6.9% decline from October’s $89.1 million. The iGaming slots accounted for $1.885 million, which was a 2.9% drop.
These small drops will turn into bigger shortcomings if something is not done in the state. The marketing efforts for the retail and mobile gaming platforms are expected to increase throughout the coming months.
This will be critical with football ending shortly. Casino gaming and other forms of sports betting will carry the gaming market as the NFL and college football end. November has always been one of the most profitable months for sports betting in PA history.
This is thanks to the third month of NFL betting and college football’s rivalry games. Although Pennsylvania is running out of chances for football betting, so other areas of the gambling market need to improve if the state wants to continue shattering records.