Online Casino Helps Pennsylvania Hit Record Monthly Gaming Revenue
Pennsylvania gambling set another new record in May with $601.8 million in taxable revenue. Online casinos and sports betting contributed to more than half that total.
Online casinos in Pennsylvania reported their second-best month, making $291.7 million in taxable revenue. Online slots revenue totaled $236 million, table games generated $52.9 million, and online poker accounted for the remaining $2.8 million.
Online casino revenue grew by 34.7% year over year and was a 2.3% improvement from April’s $285.1 million. Taxable revenue fell just short of March’s $294.2 million record.
Two licensees record two-thirds of the revenue
The Pennsylvania Gaming Control Board reports revenue from online casinos by their land-based licensees. Licensees can have partnerships with multiple operators.
Hollywood Penn National reported $110.7 million in taxable revenue, with its license including DraftKings, BetMGM, Fanatics and Hollywood. Valley Forge (Fanduel and Stardust) was second with $83.4 million.
Only two of the remaining 10 licensees had eight-figure revenue totals: Rivers Philadelphia ($45.8 million) and Harrah’s Philadelphia ($14.5 million).
Sports betting and online poker show double-digit growth
Online gambling showed double-digit growth in all verticals in May. Pennsylvania sports betting set a May record with a $655 million handle, up 11% year over year, and its revenue grew by 23% to $76.1 million.
Online poker revenue also set a record, reaching a total of $2.8 million. Revenue increased by 18% from April’s $2.3 million, fueled by the state’s first month with interstate poker after joining the Multi-State Internet Gaming Agreement.
Six years and no signs of slowing down
iGaming has operated for six years in the Keystone State, and Pennsylvania online casinos continue to set new highs. They have generated $9.93 billion in lifetime taxable revenue and are expected to eclipse $10 billion in June.
Online casino revenue totals $1.4 billion through the first five months of the year, putting operators on pace to shatter last year’s $2.71 billion. If they stay on this pace, they will post $3.36 billion, a 24% increase.
Last October, online casinos reported a record $245.2 million in taxable revenue. They have surpassed that total every month since, setting three new records along the way.
- November: $252.2 million (record)
- December: $281.2 million (record)
- January: $268 million
- February: $261.5 million
- March: $294.2 million (record)
- April: $285.1 million
- May: $291.7 million
$300 million coming any month
Given the continued growth of PA online casinos, they are expected to eclipse $300 million sometime this year.
Sure, $300 million is an arbitrary mark, but it represents a number previously unforeseen. Soon, it will turn that potential ceiling into a new floor.
The number also topped Michigan’s $251.5 million in May revenue – the Wolverine state’s second-best month in history – and New Jersey’s $246.8 million, the best in its 12-year history.