The state of Pennsylvania set a new monthly record for sports betting handle, powered by the launch of a new popular brand in September.
What Happened: Pennsylvania saw $463 million in sports betting handle in September. This beat the record of $365 set a month prior.
Online sports betting made up 89% of the total.
Related Link: New Jersey Sets Monthly State Sports Betting Record With $748.6M
Strong Barstool Launch: The Barstool Sportsbook app saw record downloads in its first weekend. Penn National Gaming PENN owns a stake in Barstool Sports and is a partner on the app.
Barstool Sportsbook took in $29.9 million in bets for September, representing 7.2% of the monthly total.
Roundhill Investments estimates this figure would pro-rate to the mid-teens when adjusted for the fact the app was only live 13 of the month’s 30 days.
“No marketing spend. Got 7% total market share in 13 days in a month with 10 competitors already entrenched,” Barstool founder Dave Portnoy said on Twitter.
The Other Players: FanDuel, a Flutter Entertainment PDYPY company, led the way in the state with $171.2 million in bets.
DraftKings Inc DKNG was second with $118.8 million in bets.
Rush Street Interactive, which is going public with SPAC dMY Technology Group DMYT, came in third with $64 million.
LegalSportsReport notes FanDuel saw its market share drop from 40.9% to 37.0% and Rush Street dropped from 15.7% to 13.8%.
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