Pennsylvania Breaks Gambling Revenue Records Amid Shifts in Sports Betting
In March, Pennsylvania achieved a remarkable milestone in gambling revenue, totaling $574.5 million (£429.7 million/€499.7 million). This figure not only sets a new monthly record for the state but also signifies a 3.6% increase compared to the same month last year and a substantial 20.4% rise from February. The Pennsylvania Gaming Control Board (PGCB) shared these statistics on April 21.
A standout contributor to this record was the igaming sector, which generated an unprecedented $238.2 million in revenue, marking a 24.7% increase from March 2024. Online slots were particularly noteworthy, accounting for $179.5 million, a year-on-year growth of 32.5%. Additionally, revenue from internet table games experienced a 5.8% rise to reach $56.2 million, while online poker also saw a modest increase, climbing 3.3% to $2.6 million.
Hollywood Casino at Penn National Race Course, along with its online gaming associates, led the revenue tallies with a total of $90.7 million from online slots, tables, and poker during March. Valley Forge Casino Resort came in second, generating $64.8 million, while Rivers Casino Philadelphia followed with $38.6 million. Pennsylvania Gambling Revenue
Conversely, the sports betting segment faced challenges, with revenue plummeting by 40.7% year-on-year to $27 million in March. A significant portion, $25.6 million, arose from online betting, while retail betting accounted for $1.5 million. The total wagering handle for sports betting reached $842.9 million, reflecting a 5.3% increase from the previous year, with online wagers constituting $806.3 million and retail wagers $36.6 million. This led to a statewide hold of 3.2%.
In the realm of sports betting operators, FanDuel and Valley Forge Casino Resort maintained the number one position, generating $9.4 million from a $328.6 million handle and achieving a 2.86% hold. DraftKings and Hollywood Casino at the Meadows secured second place with $8.8 million from a $209.2 million handle, resulting in a 4.21% hold. BetMGM and Hollywood Casino Morgantown ranked third, generating $1.9 million from $78.2 million, which corresponded to a 2.43% hold.
Notably, Hollywood Casino at Penn National and ESPN Bet garnered $1.5 million from a handle of $35.1 million, realizing a 4.27% hold, while Rivers Casino Pittsburgh with its BetRivers sportsbook achieved $1.2 million from a $26.3 million handle, yielding a 4.56% hold. Parx Casino reported $1.1 million in revenue from a $15.7 million handle for a 7.01% hold. Fanatics Sportsbook, in partnership with Hollywood Casino York for online betting, stood out as the only other operator surpassing $1 million, with revenues of $1.1 million from a handle of $58.9 million for a 1.9% hold.
Read also: Gambling Regulation Intensifies as KSA Penalizes Gamusoft and Warns 711
On the other hand, land-based gambling in Pennsylvania continued its downward trend. Although retail slots remained the largest revenue source at $222.5 million, this figure represented a 2.4% decline. Revenue from table games also fell by 3.9%, totaling $81.9 million. Meanwhile, video game terminal (VGT) revenue dropped slightly by 0.6% to $3.7 million, while daily fantasy sports revenue made a modest gain of 6.9% to reach $1.2 million.
From a tax perspective, Pennsylvania accrued $244.3 million from all gambling activities in March, with a significant portion, $106.3 million, originating from igaming. Additionally, the state collected over $9.7 million in sports betting tax, $112.5 million from retail slots, and $13.7 million from land-based table games. Taxes from VGTs totaled $1.9 million, while daily fantasy sports contributed $117,044 to state revenues. Pennsylvania Gambling Revenue
