It didn’t take long for Barstool Sportsbook to make a big splash in the Pennsylvania sports betting market. Its first weekend can only be described as a resounding success and it looks like this is the start of something major.
After conducting a “soft launch” from Sept. 15 to 17, Barstool Sportsbook officially launched on Friday, Sept. 18 and the early returns are promising, to say the least. Over the course of the weekend, the total handle reached $11 million and there were approximately 24,000 registrations. Remember, Barstool Sportsbook is only available to bettors in Pennsylvania right now so these numbers are massive given the circumstances.
The app was downloaded approximately 30,000 times in Pennsylvania and 180,000 times in the United States. There is big-time interest in Barstool Sportsbook in areas outside of Pennsylvania, which means further expansion could position Barstool Sportsbook to join the cream of the crop in the industry like DraftKings and FanDuel.
— financeamir (@financeamir) September 24, 2020
Digging Deeper Into The Barstool Sportsbook Numbers
Within a few days, it looks like Barstool Sportsbook already has a significant share of the total handle in the Pennsylvania sports betting market. Chris Grove estimates that the total money wagered in Pennsylvania over the weekend could be around $90 million based on September 2019 numbers and year-over-year growth in the state.
2/ … but doing some rough math suggests that PA did about $35mm in handle a weekend in Sept 2019. So $11mm looks good by that measure.
But PA is also growing – the state did $164mm in handle in July 2020 vs $60mm in July 2019 (Again, wobbly). So if 2020 in PA = ~2.75x 2019 …
— Chris Grove (@OPReport) September 24, 2020
If that’s the case, Barstool Sportsbook already accounts for more than 10% of the total handle in the state. That’s a massive number for a brand-new sportsbook that is entering a very established market. There are still plenty of questions to ask and we don’t have exact figures to know exactly how all the money in Pennsylvania lines up, but it’s impossible to deny that Barstool Sportsbook’s first weekend was a success.
As Grove points out in the Twitter thread, there are still legitimate questions that we don’t have the answers for when it comes to Barstool Sportsbook’s future. Among them, are they attracting new bettors or taking market share from other sportsbooks? How much of Barstool’s early success is due to promos? Are users making second deposits?
There are sure to be bumps in the road going forward, but it’s unwise to sleep on Barstool Sportsbook right now.
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