Pennsylvania Financial Results for 2022 Reveal Booming Gaming Industry
The Pennsylvania Gaming Control Board (PGCB) has reported another record year for legalized gaming in the state with total revenue up almost 11% in comparison to 2021
In the calendar year 2022, the combined revenue of slot machines, table games, sports wagering, iGaming, video gaming terminals (VGTs), and fantasy contests totaled $5.2 billion compared to $4.7 billion in 2021.
iGaming Was the Main Contributor to the Record Revenue Growth
One of the main drivers of this revenue increase was the growth in iGaming. In 2022, iGaming revenue reached $1.4 billion, a 22.6% increase from the previous year. This growth can likely be attributed to the increasing popularity and convenience of online gambling options.
Another major contributor to the overall revenue increase was the continued growth of sports wagering. In 2022, sports wagering revenue reached $401 million, which is 17.9% higher than the number reported in 2021. This trend is in line with the nationwide growth of sports betting as more and more states legalize and regulate the activity.
Retail slot machine revenue also saw an increase in 2022, reaching $2.4 billion. This marked a boost of 4.51% when compared to the previous calendar year. The top-performing casinos in terms of slot machine revenue were Parx Casino, Wind Creek Bethlehem, and Rivers Casino Pittsburgh. However, even though it held the top spot Parx Casino suffered a revenue decrease of 3.81% in comparison to 2021.
Naturally, the record total gambling revenue for 2022 resulted in a record combined tax revenue, which reached $2.1 billion. This was almost 11% higher than the $1.9 billion collected in 2021.
Overall, the PGCB’s report highlights a strong and growing gaming industry in Pennsylvania, with revenue increases across multiple sectors.
December Results Also on Record High
Together with the financial results for the whole of 2022, the PGCB posted the results for December, which also revealed record numbers. The combined total revenue generated from all forms of gambling, including fantasy contests, was $475 million, an increase of 16.9% compared to revenue generated in December 2021. This is the highest monthly total to date, surpassing the previous record set in March 2022 by 3.3%.
Hollywood Casino Morgantown posted the highest revenue increase of 151.2% compared to December 2021. Valley Forge Casino Resort had the second-highest with a boost of 70.6% compared to the same period last year.
Retail slots revenue also saw a slight 1.29% increase in December 2022 in comparison to December 2021, reaching $198 million. On the other hand, iGaming slot revenue enjoyed a significant boost in December 2022, reaching $91.6, which marked a 33.12% increase from December 2021.
Revenue from sports betting also experienced a small uptick in December, reaching $754 million. This was just 0.59% higher than in December 2021.
In total, tax revenue generated through all forms of gaming and fantasy contests in December 2022 was $192 million.
Silvia has dabbled in all sorts of writing – from content writing for social media to movie scripts. She has a Bachelor's in Screenwriting and experience in marketing and producing documentary films. With her background as a customer support agent within the gambling industry, she brings valuable insight to the Gambling News writers’ team.
