Action Network’s Darren Rovell claimed Tuesday that Barstool Sportsbook “made more money from their bettors per dollar than any book in history” last month. He noted they were third in overall action in the Keystone State of Pennsylvania.
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Barstool Sportsbook was third in overall action in Pennsylvania, but did finish #1 in revenue, thanks to an unreal 19.1% hold percentage, which has to a sportsbook record for a month.
Translation: They made more money from their bettors per dollar than any book in history.
— Darren Rovell (@darrenrovell) January 19, 2021
Long established industry analyst Joe Brennan, Jr. questioned the Rovell tweet.
“In history”? Or just in your memory? Or you just guessing?
— Joe Brennan Jr (@joebrennanjr) January 19, 2021
Managing Director at SeventySix Capital Sports Advisory, Evan Davis, attempted to correct Rovell.
“Not necessarily. Revenue includes handle on unsettled futures wagers in PA. See the footnote on the PGCB revenue spreadsheet. ‘[A] relevant win percentage cannot be calculated by simply dividing the Gross Revenue by the Handle reported during a like period’.”
Another individual tweeted: “Draftkings had double the handle, wonder what kind of marketing costs that would require Barstool to catch up in the one state they are in? Thats a lot of free sandwich promos”
And another: “Must mean that their competition is spending more on re-investing in their customers.”
And this: “So can we assume the people betting with barstool aren’t sharp bettors? Great business idea to go after the terrible casual gamblers.”
– Tony Caliente, Gambling911.com