There are two PA online sportsbooks that dominate market share in the Keystone State. Together, FanDuel Sportsbook PA and DraftKings make up 62% of the lifetime handle in Pennsylvania.
While FanDuel and DraftKings garner most headlines in the state, where do other sportsbooks fall? Competition after the two gaming giants is fierce within PA.
Additionally, the state isn’t done adding new operators. There could also be a shakeup once Fanatics Sportsbook enters the market.
PA sportsbook market share battle following FanDuel and DraftKings
As FanDuel and DraftKings drove the state to reach $21 billion in lifetime handle last month, other sportsbooks are in a heated competition with each other.
Out of Pennsylvania’s 16 other sportsbooks, the following sports betting operators have contributed the most in lifetime handle:
- Barstool Sportsbook: $1.6 billion
- BetMGM Sportsbook: $1.5 billion
- BetRivers Sportsbook: $1.3 billion
- PlaySugarHouse Sportsbook: $1.1 billion
- betPARX Sportsbook: $938.8 million
Combined, the above five sportsbooks account for 30% of the lifetime handle in Pennsylvania. Putting FanDuel and DraftKings together with them, the seven sportsbooks make up 92% of handle.
Barstool Sportsbook’s loss of market share
Barstool Sportsbook had been jockeying with BetMGM Sportsbook for the third spot in handle most of the 2021 calendar year. However, in December 2021, BetMGM took over and has not looked back. It has comfortably been in the No. 3 position in regards to total bets behind FanDuel and DraftKings since.
Barstool had occupied the No. 4 spot in handle from December 2021 all the way until March 2022, when Caesars Sportsbook PA leapfrogged the media company. Caesars has made strides in market share after new upgrades have been paying off.
Barstool and Caesars are going in two different directions. Perhaps the reason is because Penn Entertainment is not confident in its own product. CEO Jay Snowden said on the Q1 2023 call:
“Our product really is substandard today and we know that.”
In November 2021, Barstool had a 10% market share, which dipped to 4.6% last month.
Maybe Barstool can gain ground back after the company moves its sportsbook and online casino off Kambi and onto its own proprietary trading platform. Snowden said Penn Entertainment will be more aggressive in marketing spend after the migration is completed over the summer.
Fanatics Sportsbook enters the Pennsylvania playing field
Any sportsbook topping FanDuel’s reign in Pennsylvania is highly unlikely, however, it’ll be interesting to see what the new Fanatics Sportsbook has in store.
Fanatics bought PointsBet Sportsbook’s US operations earlier this month for $150 million. PointsBet had already been operating in 12 states, including Pennsylvania. Fanatics has operations in Maryland and just launched in Massachusetts and Ohio.
Fanatics comes into Pennsylvania with an existing customer base of about 95 million people worldwide. The company would be inheriting PointsBet’s licences and can enter the market when it’s ready.
PointsBet only generated a 1.5% market share in April. Year to date, PointsBet commands just 1.7% of market share.
Fanatics has a lot of work to do to compete with the big players, however, with a well-known brand and an existing customer base, it’s certainly possible it can compete with the second tier of PA sportsbooks.
