Pennsylvania Gaming Revenue Soars by 18% To $464.5M in January
Licensed gambling operators in Pennsylvania reported strong growth in revenue for January, judging by data released by the gambling regulator in the state, the Pennsylvania Gaming Control Board (PGCB)
On Friday, the regulator unveiled data regarding the financial performance of licensed operators in the state, revealing that the combined total revenue from all forms of gambling, including fantasy contests, last month hit $464,488,191. When compared to the corresponding period in 2022 when the revenue halted at $393 million, this result marked a strong growth of 18.15%.
Online Slots and Sports Betting Revenue Soars
A breakdown provided by the PGCB reveals that iGaming slot revenue and sports betting revenue marked strong growth in January. The latest report from the regulator points out that iGaming slot revenue increased by 25.57% in January 2023 to $90.2 million. On the other hand, sports wagering revenue also soared hitting $39.3 million, up by 22% when compared to January last year.
Retail slots revenue increased as well last month, hitting $202.2 million. This result, when compared to the revenue reported in January 2022, marked an increase of 20.07%. Similar growth was observed in iGaming tables revenue which increased nearly 21% to $40 million in January 2023.
A further breakdown of the $464.5 million in total revenue reveals that retail table games revenue last month increased by 7.27% to $83.9 million, while video gaming terminals (VGTs) revenue was up 7.92% to $3.3 million.
In contrast to the positive results, a decrease was observed in the revenue reported by fantasy contests and iGaming poker. Last month, online poker revenue decreased by 14.55% to $2.9 million. Similarly, fantasy contests revenue last month was $2.6 million, marking a 9.49% decrease when compared to the result from the corresponding period last year.
According to the PGCB, the total tax revenue collected from all forms of gambling last month hit $188.3 million. Not unexpectedly, this result marked an increase when compared to the $157.5 million reported for the same period in 2022.
More than a Dozen Operators Report Increase in Revenue
In January 2023, more than a dozen gambling operators in Pennsylvania reported an increase in their revenues. The highest increase year-over-year was reported by Hollywood Casino Morgantown. The property’s revenue last month soared by 79.99% to $7.9 million.
Live! Casino Philadelphia also posted strong results, with revenue hitting $25.4 million, marking an increase of 51.68%. The revenue reported by Valley Forge Casino Resort increased by 33.17% hitting $67.9 million, while Hollywood Casino York reported a 32.10% increase in revenue to $8.8 million in January.
William Velichkov is a research-driven writer. His strengths lie in ensuring factual accuracy, vetting government documentation and reaching out to regulators and other officials. He is particularly fond of financial reporting, the sports betting industry, B2B partnerships and esports betting developments. William is a strong asset to the GamblingNews team as he adds a bedrock to our reporting.
