Pennsylvania’s iGaming Revenue Approaches Record Highs in April
In April, the state of Pennsylvania witnessed a notable upward trend in gambling revenue, with a 10.7% increase year-over-year, primarily driven by robust growth in the iGaming segment.
Total legal gaming revenue for the month reached an impressive $558.7 million, surpassing the $504.7 million recorded in April of the previous year. However, this figure fell short of March’s remarkable $574.5 million, representing a 2.8% decrease.
The Pennsylvania Gaming Control Board’s figures reveal that iGaming continues to be a driving force behind the state’s revenue growth. While sports betting revenues remained stable compared to last year, the land-based market showed mixed results: slot machine revenue dipped, whereas earnings from table games saw a positive increase.
Significant Gains in iGaming Revenue
Focusing on the iGaming sector, revenues derived from online slots, table games, and poker reached $227.7 million, reflecting a 31.3% surge from the previous year and only 4.4% lower than the all-time high recorded in March, which benefitted from an extra day of play.
Online slots specifically experienced a substantial boost of 34.5%, bringing in $169.5 million. Revenue from table games rose 24.2% to reach $55.9 million, though online poker saw a slight decline, generating $2.3 million—a decrease of 2.8%.
Hollywood Casino at Penn National Race Course continued to dominate the iGaming landscape, amassing $83.2 million in April, an impressive increase of 33.5%. Valley Forge Casino Resort followed closely, generating $66.7 million, a remarkable 38.8% rise, while Rivers Casino Philadelphia reported $35.9 million for the month, an upturn of 17.1%.
Stability in Sports Betting
In the realm of sports betting, Pennsylvania generated $42.5 million in revenue—slightly above last year’s figures, yet still falling short of March’s numbers. Of this total, online betting accounted for $41.2 million, with retail betting making up the remaining $1.4 million.
The overall betting handle across the state was $711.6 million, reflecting a 10.1% increase from the previous year, and also surpassing March. The statewide hold stood at 5.97%.
FanDuel, in collaboration with Valley Forge Casino Resort, maintained its position as the market leader, reporting $20.1 million in gross revenue from a handle of $269.8 million, resulting in a hold of 7.45%. DraftKings, partnered with Hollywood Casino at the Meadows, ranked second with $12.1 million generated from $185.6 million, yielding a 6.52% hold. Bet365, associated with Presque Isle Downs and Casino, secured third place with $1.9 million off a $34.2 million handle, achieving a 5.56% hold.
Insights into Land-Based Gambling
On the other hand, the land-based gaming sector experienced varied outcomes. Although traditional slot machines remain the primary source of gambling revenue in Pennsylvania, they generated $203.1 million in April, which is a 1.2% decline from last year. In contrast, winnings from retail table games saw a 2.8% increase, totaling $80.6 million.
Additionally, revenue from video gaming terminals at licensed truck stops was down by 3.6%, whereas fantasy sports revenue inched up by 2.3% to reach $1.3 million.
Regarding taxation, legal gambling in Pennsylvania yielded a significant $234.5 million in April. The breakdown of this revenue includes $100.8 million from iGaming, $15.3 million from sports betting, $102.8 million from land-based slots, and $13.5 million from retail table games.
Overall, April showcased a thriving legal gambling environment in Pennsylvania, particularly within the online gaming sector, highlighting its potential for continued growth.