Title: Pennsylvania’s Gambling Revenue Soars: A New Era for iGaming and Sports Betting
In May, Pennsylvania’s gambling ecosystem made headlines as it broke previous records, achieving a remarkable $601.8 million in total commercial revenue. This surge can be attributed to a thriving online gaming market, alongside robust growth in sports betting.
Multiplying the revenue by over 4% compared to the earlier record of $574.5 million from March, May’s performance represents a significant leap of 15.5% compared to the same month last year and a 7.7% boost from April. The Pennsylvania Gaming Control Board’s figures highlight a year-over-year surge in various segments, particularly in iGaming and sports betting, although retail slots continue to dominate revenue streams.
Examining the Rise in iGaming
In the realm of iGaming, total revenue climbed to $232.9 million in May, marking an impressive 33.8% growth from the same month a year prior. Out of this total, online slots accounted for $177.2 million, while internet table games and poker contributed $52.9 million and $2.8 million, respectively.
Hollywood Casino at Penn National Race Course emerged as the leader in this segment, generating over $90.1 million — a notable increase of 38.4%. Valley Forge Casino Resort secured the second position with revenue reaching $64.1 million, representing a significant 44.4% year-on-year increase. Rivers Casino Philadelphia rounded out the top three with $36.9 million, reflecting an 18% growth year-over-year.
Sports Betting: A Thriving Sector
Turning to the sports betting sector, May’s data indicates a revenue growth of 34.4%, reaching $59.4 million. Online betting was the driving force behind this surge, contributing $56.4 million, while retail sportsbooks accounted for $3 million.
The total betting handle increased by 10.7% from the previous year, totaling $655.4 million, which included $625 million from online wagers and $30.4 million from retail sportsbooks. This led to an impressive statewide hold of 9.06% for the month.
FanDuel, in collaboration with Valley Forge Casino Resort, remained at the forefront, amassing $28.4 million from a wagered amount of $252.8 million, equating to an 11.23% hold. DraftKings and Hollywood Casino at the Meadows secured second place with $15.7 million in revenue, while Fanatics and Hollywood Casino York followed closely behind.
Retail Gambling: A Mixed Bag of Results
While iGaming and sports betting flourished, retail gambling presented a more complex picture. Revenue from retail slots managed a 5% increase to $224.9 million. However, land-based table games experienced a downturn, dropping 4.6% to $79.9 million. The revenue from video gaming terminals at truck stops also witnessed a slight decline, and fantasy sports revenue diminished by 5.4%, settling at $1.1 million.
Conclusion: A Transformative Month for Pennsylvania
In summary, Pennsylvania’s total tax revenue for May reached $255.1 million, garnering $104.6 million from iGaming, $21.4 million from sports betting, $113.7 million from land-based slots, and $13.4 million from table games. The month sets a promising tone for the state’s gambling landscape, marking a robust growth period amid evolving market dynamics.