Last updated: March 26, 2024
In February, Pennsylvania witnessed significant growth across its gaming sectors, with online casino revenue soaring by 40.5% annually and sports betting handle increasing by 10.4% year-over-year. While some segments experienced monthly declines, the overall industry demonstrated resilience, with PA operators reporting annual increases for six consecutive months.
In February, Pennsylvania saw a very sudden rise in its gaming sector, total revenue hit the amazing sum of $ 499.1 million, as revealed by the Pennsylvania Gaming Control Board (PGCB). This data shows a clear 9.25% growth rate compared to the corresponding 12-month period. Complete revenue data, which proves an increase in all types of gaming, might tell a compelling story.
As for the details, iGaming slot revenue had the most growth and consequently, it was up by 35.6% against last year which amounted to $125.9 million. In analogy, iGaming revenue at the table was affected positively, rising by 56.7% year-on-year to $56.6 million. Conclusively, casino gaming income faced a small plunge, cutting by $30 million or 30.0% to $30.3 million.
The revenue from the retail slots decreased slightly by 0.04 per cent or $202.7 million, which is expressed in a round bracket, but the revenue from the retail tables increased progressively by 2.9 per cent or $76.6 million. While there were slight slumps in some industries, such as VGT revenue slid down 2.4% to $3.2 million, and poker which decreased 8.3% to $2.4 million, it still generated a high revenue. Moreover, fantasy contests’ revenue also fell by 5.17 per cent per year, which led to annual losses of $1.3 million.
During the February 2024 meeting of January 2024, there will be a 4.6% revenue in the gaming industry in Pennsylvania, thus demonstrating a resilient and growth image of the state.
In February 2024 Pennsylvania’s online gambling sites revenue was recorded at $184,9 million which is an amazing 40,5% year-over-year success over the previous season and 23,7% above the amount of the preceding month. This trend of growth is found in the last sixteen months where the state of online casino win had a solid rise of 15.4 % compared to the state of online casino win of January 2024.
Revenues from online slot machines and web-based games like blackjack and roulette, which opened on July 15, went up by 35.6% and 56.7% respectively, when compared to earlier this time in the year before. On the other hand, despite Internet poker’s 8.3% decline in sales over the last year, it still managed to achieve a general revenue increase of 4.6%.
Penn Entertainment (NASDAQ: The top earner for February amongst all online gambling providers (PENN) also hiked its monthly figures rebounding from rather unimpressive January performance and came in with the sum of $77.3 million, 36.8% higher on an annual basis. In the wake, Valley Forge Casino Resort got slot number two becoming $44.8 million in revenue, which is 63.0% better than the result achieved at the time. Rivers Casino Philadelphia got the third result, estimated $29.3 million in iGaming revenue, demonstrating 11.4% of aogress towards last year’s revenues.
Pennsylvania’s sports betting handle in February, as reported by the PGCB, reached $661.7 million, reflecting a 10.4% increase compared to February 2023 but a notable 22.9% decline from January’s figures. Notably, February 2024 marks the sixth consecutive month of PA operators reporting year-over-year increases.
In terms of online sports betting revenue, February saw $28.2 million out of the total adjusted gross revenue of $30.3 million, showcasing a 30.0% annual drop and a significant 56.7% monthly decline. Individual PA sportsbooks showed varied performances, with Valley Forge Casino (FanDuel) leading with $17.6 million, followed by Hollywood Casino at the Meadows (DraftKings) with $7.7 million, and Hollywood Casino at Penn National (Barstool) with $1.2 million.
While February had only the Super Bowl on the NFL calendar, March is anticipated to yield higher numbers due to the NCAA Tournament.
Marilyn Chavez is an associate researcher at the Missouri University of Science and Technology, where she studied the mathematical probabilities and aspects of casino games like slot machines. She’s written several case studies which have been published by multiple problem-gaming institutions to help spread awareness about the dangers of online gambling and gambling addiction. She also presented a 2019 Ted talk on the topic of gambling among minors.
