The growth in the online gambling market in Pennsylvania drove the state’s gambling revenues up by 8.7% on an annual basis to $521.0 million (PS409.9m/EUR485.2m). In addition, the Keystone State saw increases in sports betting as well as the land-based industry.
Igaming revenue in May was $174.1 million, a 23.5% increase year-onyear.
The total revenue for May was higher by a comfortable margin than the $479.4m reported in same-month last year. The $504.6m in Pennsylvania reported for April of this year was also 3.3% higher.
Pennsylvania’s gambling revenues are dominated by land-based slot machines, even though the online gaming segment has seen the largest growth. In May, revenues from slot machines reached $214.1m. This represents a 1.6% increase.
Gross gaming revenues from mobile sports betting increased by 10..5% per annum to $59.1m. This was a 21% increase on last year’s $557m. The promotional spend by operators increased 6.3%.
Table games revenues in the land-based industry increased by 2.5%, to $83.7m.
Deutsche Bank reported that gross gaming revenues for Caesars’ and Penns’ land-based property were respectively down by 12.2% and 1.2%.
A note by an analyst at the bank stated that the May calendar was favorable, as it had nine weekends in 2024 instead of eight in 2023.
Igaming is the new star in Pennsylvania
Table games saw revenue increase by 18.6%, to $44.9m. Online slots revenue grew the fastest, up 26.2%, to $126.9m. Internet poker revenues dropped 9.1% to $2.3m.
According to a May estimate by Deutsche Bank, FanDuel was the leader in the igaming market. It had a share of 25,5%. DraftKings, with an estimated 18.7% share of the market, is expected to be followed by BetRivers (18%).
Hollywood Casino’s Penn National Race Course reported $65.1m of total revenue from igaming, Valley Forge Casino resort $44.4m and Rivers Casino Philadelphia $31.3m.
All operators of the Pennsylvania online gaming sector have reported growth for May.
In May, the amount of sports betting handled reached $600 million
In the Sports Betting sector, revenues increased by 7.6% to $44.2m. The online betting sector generated $41.6m, while the retail bookmakers in Pennsylvania contributed $2.6m.
In terms of handle, the players bet a total amount of $591,9m on sports. This is up by 19.4% compared to $495.6m in May last year.
Valley Forge Casino Resort partnered with FanDuel led this segment with a revenue of $22.8 million.
Hollywood Casino and DraftKings came in second place with revenues of $11.0m. Hollywood Casino at Penn National – which is affiliated with ESPN Bet – rounded out the top three, bringing in $2.2m.
Video game terminal revenues in Pennsylvania were 3.0% higher, at $3.7m. Fantasy sports revenue fell 5.2% in May to $1.2m.
The total tax revenues generated by all gambling forms for the entire month reached $216.3m.
