Barstool Sportsbook Pennsylvania Launch Powers State To Record In September

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 (NASDAQ: 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 (OTC: PDYPY) company, led the way in the state with $171.2 million in bets.

DraftKings Inc (NASDAQ: DKNG) was second with $118.8 million in bets.

Rush Street Interactive, which is going public with SPAC dMY Technology Group (NYSE: 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%.