The Pennsylvania Gaming Control Board reported $76.1 million in gross sports betting revenue for May on Wednesday as operators eclipsed an 11% hold.
Year-over-year revenue was up 23.3%, easily outpacing the 10.7% increase in handle to $655.4 million. It was the highest hold in the Keystone State since an 11.8% win rate last September and marked the fourth time in 11 months it topped 11%.
The big May also pushed gross revenue for the year to $305.3 million, but that is still down 8.2% compared to the first five months of 2024. The Philadelphia Eagles winning Super Bowl LIX dragged down January and February revenue totals, while the chalk-heavy NCAA Tournament impacted March’s bottom line. The $137.8 million in combined April and May winnings, however, was a 14.2% increase from last year.
The state was eligible to levy taxes on $59.4 million in adjusted gross revenue (AGR), redirecting $20.2 million to its coffers. The 78.1% of gross revenue eligible for taxation was the highest percentage in a month since reaching 81.4% in July 2023. The $63.9 million in remittance to the state in 2025 is currently $15.1 million behind last year’s pace.
FanDuel packs a wallop
Unsurprisingly, FanDuel led the rout by mobile sportsbooks on the Pennsylvania public, crafting a 13.8% hold in keeping $34.5 million of the $250.9 million wagered in May. It was the titan’s best win rate since attaining a 14.2% mark last July and marked the fourth consecutive May with a 12.8% hold or better.
FanDuel also pulled back notably on its promotional spend: While the $6.5 million outlay led all operators, it was also 23.9% less than May 2024. It finished with $28 million in taxable winnings, and the 81.2% AGR of total revenue was its highest percentage since December 2023 at 84.4%.
DraftKings also put a hurting on the public with an 11.6% hold that resulted in $19.4 million in revenue from $167.3 million worth of bets placed. Its $15.5 million AGR also exceeded 80% of total gross revenue, the first time that occurred since last July. DraftKings offered $3.9 million in bonuses and credits, its low total for the year and down 9% from 12 months prior.
Fanatics rounded out the top three for operator revenue at $5.4 million, its best month in the Keystone State since launch in late January 2024. Its 12.8% hold on $42.1 million handle ranked third in 16 full months of wagering as action more than doubled from last year.
It was also the ninth consecutive month Fanatics had a promotional spend of $2.4 million or more, with May’s $2.7 million outlay leaving it with nearly $2.7 million in AGR. A rough January and February has contributed to a 6% hold for 2025, but Fanatics is in the black for the year with $17.5 million in gross winnings versus $14.8 million in spend.
Elsewhere in the state…
BetMGM ($3.5 million) and bet365 ($3.1 million) completed the top five for revenue among mobile sportsbooks, with the latter notching an 11% hold. The England-based outfit also finished with $2.3 million in AGR, an all-time monthly high since launch last July. Bet365’s promotional spend has been below $1 million for three consecutive months, with AGR topping 70% of gross revenue the last two.
ESPN Bet had its third consecutive month of $2 million-plus in gross winnings thanks to an 11.2% win rate against $26.2 million in bets placed. The Penn Entertainment-run sportsbook’s promotional outlay of $384,100 was its lowest since the rebrand from Barstool Sportsbook in November 2023 and down 61.7% from May 2024.
