Driven by the popularity of the NCAA men’s basketball tournament and the opening of two new sportsbooks, Pennsylvania’s legal sportsbooks set monthly records for both handle and revenue in March.
Pennsylvania's US$44.5m March handle is the largest in a single month outside of the country’s two largest legal sports betting jurisdictions, Nevada and New Jersey.
It’s a sign that the state is emerging as the U.S.’s third-largest market, according to analysts for PlayPennyslvania.com.
“The legal sports betting market in Pennsylvania has seemingly limitless potential, and March was a significant step forward,” said Jessica Welman, sports betting analyst for PlayPennsylvania.com.
“The FanDuel Sportsbook at Valley Forge Casino and the new sportsbook at the Valley Forge Turf Club, were welcome additions to the market. And those openings show operators are bullish on Pennsylvania.”
According to official reporting, Pennsylvania collected $44.5 million in March bets, up 41 per cent from $31.5m in February and $32m in January.
The action generated $5.5m in revenue, up from $1.9m in February and $2.6m in January.
The record month injected just under $2m into state government coffers, up from $700,854 in February.
Pennsylvania has a long way to go to catch neighboring New Jersey, the country’s second-largest sports betting market. In March, New Jersey’s legal online and retail sportsbooks accepted $372.5m in bets – including $74.2m at retail sportsbooks – generating $31.7m in revenue.