Pennsylvania’s betting handle dips in May, New Jersey’s revenue soars as sports calendar lightens

Even with the Philadelphia 76ers playing well into the month of May, losing Game 7 of the Eastern Conference semifinals on May 14, Pennsylvania sports betting saw a significant decrease in handle from April to May.

The Pennsylvania Gaming Control Board reported a total handle of $495.6 million during the month of May, $75 million less than April’s handle ($572.1 million), and over $200 million less than March’s output.

Compared to last year, however, the handle was a small increase (0.45%) from May 2022, but the number of total bets placed dropped 13.4% from April to May of this year.

Similarly, New Jersey saw its sports betting handle decrease from April, with the state bringing in $778.8 million in May, well below April’s $840 million, according to the New Jersey Division of Gaming Enforcement.

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While betting handle is on the down swing for both Pa. and N.J., betting revenue saw an increase in both states. New Jersey’s revenue reached $82.8 million in May, a 33% increase over the same month last year, thanks to a huge boost from 2023 NBA playoffs, with basketball generating $12.1 million of the state’s betting revenue.

In Pennsylvania, taxable sports betting revenue at sportsbooks for May was over $41 million, resulting in $13.9 million in state tax revenue, an 11% increase from April and a 20% increase from May 2022. The state’s sportsbooks also improved their hold percentage, up to 11.6% in May after having a hold percentage of 9.1% in April.

The majority of bets placed in both New Jersey and Pennsylvania were placed once again placed online via mobile betting. Nearly 93% of Pennsylvania bets were placed online. In New Jersey, 95% of the bets were placed online.

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Valley Forge Casino Resort, which has FanDuel Sportsbook as its operator, dominated the Pennsylvania market in May, recording a 15.1% hold percentage and accounting for $194.4 million of the state’s $495.6 million in betting handle last month. The resort also brought in $22 million of the state’s $41.1 million in revenue.

Hollywood Casino at The Meadows, operated by DraftKings, was the only other sportsbook to eclipse over $100 million in betting handle, totaling $133.2 million last month, while bringing in over $8 million in revenue.