The Pennsylvania Gaming Control Board’s recent data release reveals a significant upswing in the state’s regulated gaming and fantasy contest revenue for the month of January. With a remarkable 18% year-on-year increase compared to the same period in 2022, Pennsylvania’s gaming industry is showcasing its resilience and growth in the face of evolving market dynamics.
Diverse Revenue Streams:
Pennsylvania’s total revenue from regulated gaming and fantasy contests reached an impressive $464.4 million in January, marking an 18% surge from the previous year. This revenue encompasses a range of sources, including slot machines, table games, internet gaming, sports wagering, fantasy contests, and video gaming terminals (VGTs). The state’s multifaceted approach to gaming regulation is reflected in its diverse revenue streams.
Retail Casino Revenue Growth:
The state’s retail casino sector experienced substantial growth in January. Retail slots revenue increased by an impressive 20% year-on-year, reaching $202.2 million. Similarly, retail table games revenue saw a notable rise of 7.2%, totaling $83.9 million. These figures highlight the enduring appeal of traditional casino gaming experiences.
Top Performers in Land-Based Casinos:
Several Pennsylvania casinos stood out in terms of revenue performance. Hollywood Casino at Penn National led the pack with $71.8 million in revenue, marking a significant 25.4% increase from January 2022. Valley Forge Casino Resort generated an impressive $64.3 million, showcasing a year-over-year growth of 33%. Parx Casino in Philadelphia reported $55.4 million in revenue, reflecting a notable 7% increase. The most substantial growth was observed at Hollywood Casino Morgantown, where revenue soared by an impressive 80% to reach $7.9 million.
Rising Online Gaming Revenue:
Online gaming revenue witnessed robust growth, registering a 22.9% increase to reach $133.1 million. Hollywood Casino at Penn National emerged as a leader in this category with $55 million in revenue. Valley Forge Casino Resort and Rivers Casino Philadelphia followed suit with revenues of $29.6 million and $28.5 million, respectively. The generated tax revenue from internet gaming play reached $55.5 million, reflecting the state’s ability to leverage digital platforms effectively.
Sports Betting Landscape:
The sports betting handle for January stood at $772.2 million, experiencing a modest decrease of 2.7% compared to January 2022. Valley Forge and its partner FanDuel retained the top spot, recording $26.9 million in revenue from a significant $313 million in bets. Hollywood Casino at the Meadows’ Barstool Sportsbook registered $4 million from a $202.5 million handle. Hollywood Casino Morgantown’s handle was $53.6 million, while Hollywood Casino at Penn National and DraftKings reported $41.8 million.
Pennsylvania’s thriving regulated gaming and fantasy contest landscape is on a trajectory of consistent growth, as demonstrated by the impressive 18% revenue increase in January. With a diverse range of revenue streams spanning retail casinos, online gaming, and sports betting, Pennsylvania’s gaming industry continues to evolve and adapt to meet the preferences of a dynamic audience. The state’s strategic approach to regulation, combined with its commitment to fostering innovation, positions Pennsylvania as a leading player in the national gaming landscape.