In the latest gambling news, we are taking a look at Pennsylvania sportsbooks and how they performed in May. According to the latest report from the Pennsylvania Gaming Control Board, the total monthly handle for sports betting in the state for the month of May is $495.5 million. This is 13% lower than April’s handle of $572.1 million. The decline is congruent with a sparser calendar for sports betting in the country.
But when you use your own sportsbook pay per head to look at your data, keep in mind that handle is not the only figure that matters. Look at Pennsylvania’s numbers again, because despite the dip in handle, revenue is better. The net revenue after promotional deductions for the month is at $41.1 million. This 17% better than May of 2022.
Pennsylvania Sportsbooks in May
The reason why revenue is up despite less wagers, is because the hold percentage is at 11.6%, which means sportsbooks kept more than the previous month’s 9.1% hold. As always, online wagering takes a huge slice of the pie with 92.9% of all bets coming from online sportsbooks. Even with a lighter sports calendar, you can see how lucrative sports betting is. This makes it the perfect time for you to try this sports betting software company to get in the industry.
Even if sportsbooks in the state saw $75 million less than the previous month, the increase in revenue keeps the market in the green. Even without football season, the NBA and NHL have their playoffs in May. These two leagues can generate a lot of wagers. But since there are less games, the handle usually will be less as well.
Even so, it may mean less betting in the months to come, even with MLB betting. Check the reports from your bookie pay per head software for trends in betting. At any case, if there are less betting opportunities from sports, other online gambling products that you have, like casino gaming, is capable of generating a lot of revenue for your online business as well.