The Pennsylvania Gaming Control Board reported on Friday only $29.7 million in adjusted gross sports betting revenue for September as mobile operators made their annual fall push to attract new bettors and retain older ones.
Taxable winnings were down 44.5% from last year despite the $42 million-plus outlay on credits and bonuses dipping only 0.6%. While the collective statewide hold of 8.4% was solid and led to $71.8 million in gross operator revenue, it was also 3.4 percentage points lower than September 2024, when the house reaped $95.8 million in total winnings and $53.5 million AGR.
It was the first time since February that AGR was less than half of gross revenue, and football served as the common denominator. Keystone State mobile sportsbooks, like others around the nation, ramp up their promotional offers at the start of the NFL season in September. (February’s $26.5 million outlay was to capitalize on the Philadelphia Eagles playing — and eventually winning — Super Bowl LIX over the Kansas City Chiefs.)
Who were the big spenders?
Much of September’s promotional spend originated from five operators: FanDuel ($16.1 million), DraftKings ($12 million), bet365 ($5.8 million), Fanatics ($3.3 million), and BetMGM ($2.2 million). In the case of FanDuel, its outlay increased 16.7% compared to last year, but the $294.4 million worth of accepted wagers was down 7.1% from last year. Its 2025 spend equaled 5.5% of handle, while the $13.8 million outlay in 2024 equaled 4.3% of the $316.9 million handle.
| Year | Promotional Spend | Gross Revenue | % of Spend To GGR |
| 2019 | $4,445,944 | $19,334,816 | 22.99% |
| 2020 | $12,008,896 | $18,277,566 | 65.70% |
| 2021 | $19,859,880 | $48,113,670 | 41.28% |
| 2022 | $25,102,124 | $75,319,093 | 33.33% |
| 2023 | $29,476,490 | $66,109,574 | 44.59% |
| 2024 | $42,283,537 | $95,815,549 | 44.13% |
| 2025 | $42,043,916 | $71,779,503 | 58.57% |
FanDuel still had a strong month, notching a 10.8% hold to claim $31.7 million in gross revenue. September, though, marked the first time since November 2023 its promotional spend was more than 50% of its gross revenue. The leviathan surpassed $250 million in gross winnings and $2 billion handle for 2025, entering the final quarter of the calendar year with a robust 11.3% win rate.
DraftKings’ credits and bonuses for players declined 12% from last year, and it accounted for only 4.8% of the $251.2 million handle. Wagering was up 7.3% from a year ago, but its 6.3% hold resulted in a near-40% decline in gross revenue to $15.9 million. DraftKings’ taxable winnings of $3.9 million was its lowest since finishing $186,026 in the red in February.
Bet365 has always shown a willingness to spend, especially in states where promotional credits and bonuses can be deducted. The England-based sportsbook made some headway when looking at year-over-year figures: Despite a still-hefty outlay, it was down 10.4% from last year’s $6.5 million.
Also, this year’s promo spend accounted for 14.9% of the $39.2 million handle compared to the 21.4% of last year’s $30.5 million in accepted wagers. Despite an 11.3% hold to claim $4.5 million in gross revenue, bet365 still finished with minus-$1.4 million AGR.
Fanatics showed a similar trajectory in terms of spend as percentage of handle. Promo play was up 3.5% from last year, but its 2025 spend was only 5.3% of handle versus 9.6% a year ago. Fanatics finished with a 5.7% win rate — less than half its 11.4% hold from September 2024 — and eked out $231,631 in AGR.
BetMGM had the sharpest decline in spend among the six operators who pushed out more than $1 million in bonuses and credits, with their outlay falling off 28.4% year-over-year. BetRivers went in the opposite direction as promotional spend spiked 48.5% to $1.1 million and was 3.2% of its $33.5 million handle.
Meanwhile, up the Turnpike in Jersey …
The New Jersey Division of Gaming Enforcement published its own September numbers of Friday and reported robust wagering with a $1.13 billion handle. That was up 3.7% from last year as Garden State sportsbooks followed the national September pattern of good but not great performances.
Operators claimed $89.8 million in revenue thanks to a 7.9% hold, but winnings slumped 24.9% year-over-year. The win rate was three percentage points lower than 12 months ago, when the $119.6 million ranked no. 2 overall at the time.
The saving grace for New Jersey was the increased tax rate on online sports betting revenue meant the state still saw an increased inflow of receipts. The $17.9 million in tax revenue was $2.8 million more than last September as the 19.75% tax rate on digital revenue continues to pay early dividends. The $49.5 million collected for the first quarter of Fiscal Year 2026 is $16 million ahead of last year’s pace.
Bettors hold their ground on parlays
After the house ran roughshod on the public by posting holds of 19% or better on parlays for each of the last four months, bettors finally hit back and limited operators to a 13.3% win rate in September. Though sportsbooks still reaped $50.3 million in revenue, it was a far cry from the $85.4 million claimed last year that ranks second in state annals.
It was part of an overall improved performance compared to what felt like a summer of misery for the betting public. The house finished with a meager 1.6% hold for baseball, winning just $2.3 million from $137.7 million wagered.
Revenue from football wagering rose 12.6% to $18.1 million, but the hold was only 4.8% on $376.4 million worth of bets. The catch-all “other” category, which includes hockey, golf, tennis, boxing, MMA, auto racing, and table tennis, failed to provide an eight-figure haul for the first time this year. Operators could only reach a 4.7% win rate in collecting $8.9 million.
FanDuel easily paced mobile sportsbooks with $37.7 million in revenue, though that lagged 22.7% behind last year. DraftKings was a distant second at $22.6 million but had a sharper year-over-year downturn at 38.1%.
BetMGM ($7.1 million) held off Fanatics ($6.9 million) for the final podium spot, but the latter had a 179.1% jump in winnings.
On the retail side, the $3.4 million in losses reported by the Borgata dragged the overall figure into the red for September as bettors came out $13,173 ahead on $60.1 million handle. Borgata has posted four consecutive losing months, with the public up $6.2 million in that span.
