Rising Promo Spending in Pennsylvania Sports Betting

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00:00Let's get to Pennsylvania and very similar to other states around the country, the way

00:07to entice new sports bettors into their site or their app or to just simply make a bet

00:13is definitely by doing these promos, not just parlays, Jim, but promos as well.

00:18Tell us more.

00:19Yeah.

00:20So in Pennsylvania, we have seen in the last two months, July and August, which we have

00:26the reports for is that promo spending nearly doubled in both months when compared to those

00:32same months, July and August of 2023.

00:35And typically what I found interesting would be, you know, you'd figured you would see

00:39those those promo increases start in September when NFL betting kicks off.

00:46But it seems like in the last couple of months and even going back to last year, that that

00:50promo spending is starting to increase a bit earlier and earlier, at least in Pennsylvania's

00:55case.

00:56Now, they did spend about 15 million dollars, the sportsbooks did in those free bet giveaways

01:03in Pennsylvania in August, and that 15 million dollars was up from about eight and a half

01:08or so million in August of 2023.

01:11FanDuel DraftKings are the two main heavy spenders in that market for July and August

01:21as well.

01:22So, again, we'll see what happens when that September report comes out in the next handful

01:26of weeks.

01:27Last September, promotional spending jumped to about 30 million dollars for the month.

01:33So I'm expecting to see a very similar figure.

01:39Perhaps if if July and August are are any indication, perhaps we'll see even an increase

01:45over that 30 million dollar promotional spend like we saw in September in Pennsylvania last

01:50year, kind of going off of what we were just discussing in in Michigan, handle revenue

01:56up in Pennsylvania as well in August.

02:00And again, just seeing those widespread increases like we've talked about pretty much every

02:05week, Craig, as we've seen and gone through the summer with most of these sports betting

02:11markets in the U.S. posting those gains in volume year over year.

02:17And like we talked about, too, with the increase in the parlay betting, just those the revenue

02:23and the profits really increasing year over year for the sportsbooks as well.

02:29And like I said, Pennsylvania has been no different looking at that August report.