Sportsbook Success in Pennsylvania
November is a good month for sports betting. There are quite a lot of sports where bookies collect money from players for their wagers. Football alone is quite lucrative, with both college and professional (NFL) football active. The NBA is also doing well, and so are other sports leagues in the US, as well as in Europe. Such is the sportsbook success this month, that Pennsylvania has a new monthly handle record.
Sportsbook Success for the Keystone State
Pennsylvania’s sportsbooks have a record handle of $316.46 million, according to the Gaming Control Board. The numbers are said to have been bolstered by the start of mobile betting in November. And looking at the source of the wagers, 84% of the handle comes from mobile wagers. This, if anything, further solidifies the argument of many that by going digital, your sportsbook can earn a lot, especially with the best bookie PPH.
To give you an overview on Pennsylvania’s growth, the Total Handle for October 2019 is $241.186 million, with November’s at $316.467 million, a 31.2% increase. The Net Revenue for October was $19.117 million, while November’s is at $20.571 million, showing a 7.6% change. Meanwhile, the total online handle for October 2019 is $198.688 million, which jumps high at a 34.25% increase to $266.741 million in November.
The betting market of the Keystone State is relatively young, having been open since the end of 2018. Online betting is an even younger industry, having been launched in May 2019. Looking at the two main sources of revenue, retail and online, online betting gets the lion’s share of the market. Last October, Retail was at $42.498 million, with online betting at $198.688 million. This was 82.4% of the market. November’s retail handle was at $49.727 million, with mobile taking in 84.3% of the total at $266.741 million. Looking at the whole fiscal year, online sports betting has 81% share of the betting market in Pennsylvania. These numbers may even grow more in the coming year, especially if more sportsbooks will be opening up shop in the state in the coming months.