Much of the sports betting reports you will be reading in a sportsbook pay per head blog will talk about having better betting handles and hold percentages than previous months. This, of course, is because of March Madness, the most exciting part of the NCAA Tournament. It is also one of the most popular tournaments that people love to bet on. Like other states in the country, Pennsylvania sportsbooks see the betting handle rise in March.
For local teams in March Madness, two teams both won in round 1 of the event, although both teams lost in Round 2. But aside from wagering on these teams, bettors still participated all the way to the Championship game. And according to the Pennsylvania Gaming Control Board, sportsbooks in the state have a $723.5 million monthly handle for March. This means that on a month-to-month basis, we are seeing 20% more wagers.
Pennsylvania Sportsbooks and Basketball Betting
When planning your bookie business, you need to know which leagues and sports are popular. This will help you with player profiling, promotions, and other strategies that will help you earn more. In the case of the Keystone state, college sports is one of the popular sports, and very lucrative for bookies. Both college football and basketball contribute to the billion-dollar betting market. And while men’s basketball and football remain to be the most popular, women’s college sports is slowly gaining more interest.
Sportsbooks report revenue without deductions from promos at $66.4 million, and brings our monthly gross revenue to $50.6 million. This is 17% higher than the previous month. Even better, the year-on-year increase is a whopping 66.5% jump. With the best sports betting software, you can also run a sportsbook operation easily, and be able to experience growth in terms of both handle and revenue. Naturally, an online sportsbook is the best option. In Pennsylvania, for instance, around 92% of all wagers come from online sportsbooks, so one can clearly see the potential for a lucrative online business here.