Online sports betting in Pennsylvania saw an increase in handle in October, reaching a new record of over $525 million. However, despite the surge in handle, revenue from online sports betting actually decreased compared to the previous month.
According to data released by the Pennsylvania Gaming Control Board, the handle for online sports betting in October was up 24.2% compared to September. This increase can be attributed to the start of the NFL season, which typically sees a spike in sports betting activity.
Despite the increase in handle, revenue from online sports betting in Pennsylvania was down in October. The total revenue generated was just over $32 million, which is a 4.4% decrease from September. This decline in revenue can be attributed to higher payouts to bettors, as well as the competitiveness of the online sports betting market in Pennsylvania.
Despite the decrease in revenue, online sports betting operators in Pennsylvania remain optimistic about the future. With more states legalizing sports betting and the popularity of online betting continuing to grow, operators are confident that they can bounce back from the revenue decline in October.
Overall, the online sports betting market in Pennsylvania continues to show strong growth, with record-breaking handle numbers in October. While revenue may have dipped slightly, operators are hopeful that the market will continue to thrive in the coming months, especially as more states look to legalize sports betting and tap into this lucrative industry.
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