In August, Pennsylvania witnessed a remarkable surge in regulated gaming and fantasy contests revenue, reaching a substantial $425.3 million. This notable 4.2% year-on-year increase reflects the state’s flourishing gaming industry. The Pennsylvania Gaming Control Board (PGCB) oversees various sources of gaming revenue, including slot machines, table games, internet gaming, sports wagering, fantasy contests, and video gaming terminals (VGTs).
Land-Based Casino Revenue:
Pennsylvania’s land-based casinos experienced mixed results in August. Hollywood Casino at Penn National emerged as the undisputed leader, boasting an impressive 22% revenue increase compared to August 2021, raking in $60.9 million. Parx Casino in Philadelphia, while still a strong contender, observed a slight decrease of 4%, generating $56 million in revenue. Rivers Casino Philadelphia secured the third spot with a revenue of $45 million.
Online Gaming Soars to Record High:
Online gaming witnessed a staggering 20.8% surge in revenue, reaching an all-time high of $107.1 million. Hollywood Casino at Penn National spearheaded the online gaming market with a revenue of $43.9 million, closely followed by Rivers Casino Philadelphia at $26.8 million and Valley Forge Casino Resort at $17.7 million. The tax revenue generated from online gaming in August reached an impressive $45.9 million, providing a significant boost to the state’s finances.
Sports Betting Handles Thrive:
Sports betting continued to be a major contributor to Pennsylvania’s gaming revenue, with a total handle of $336 million in August. This represented a modest 4.1% increase compared to the same period in 2021, which recorded a handle of $348.5 million. The taxable revenue from sports betting witnessed an astounding 88.5% rise, soaring to $33.9 million, far surpassing the $18 million reported in August 2021.
Top-Performing Sportsbooks:
In the fiercely competitive sports wagering market, Valley Forge Casino, in partnership with FanDuel, held the top spot, achieving $13.6 million in revenue from a staggering $132 million in bets. Hollywood Casino at the Meadows’ Barstool Sportsbook secured the second position with $9 million in revenue, generated from a handle of $91 million. The handle at Hollywood Casino Morgantown reached an impressive $39.2 million. Additionally, Hollywood Casino at Penn National and DraftKings reported a commendable $24 million in wagers.
Retail Slot Machines and Table Games Revenue:
While online gaming and sports betting flourished, retail slot machines and table games experienced some decline. Retail slots revenue dipped by 4% year-on-year, settling at $201.2 million. Similarly, retail table games revenue witnessed a 9% decrease, amounting to $78.4 million.
August proved to be a momentous month for Pennsylvania’s gaming and fantasy contests industry, with a remarkable 4.2% increase in overall revenue compared to the same period in the previous year. Online gaming, in particular, saw unprecedented growth, reaching a record-high revenue of $107.1 million. Furthermore, sports betting continued to be a major player, witnessing substantial increases in both handle and taxable revenue. While land-based casinos saw some fluctuations, the overall market remains promising for the state’s gaming industry. With continuous developments and technological advancements, Pennsylvania’s gaming sector looks poised for continued success in the future.