Gambling News
February 21, 2024
Although it was an increase from $464.4m in January 2023, Pennsylvania's December revenue of $534.2m was 10.7 percent higher. Slot machines, table games, video lottery terminals (VLTs), and fantasy sports all contribute to this total.
With $179.5m, down 11.2% year-on-year, physical slots continue to be Pennsylvania's principal source of gambling revenue. Additionally, revenue from land-based table games fell 13.4% to $72.7m.
Turnover was 10.7 percent lower compared to December 2023.
Online gambling in Pennsylvania is driven by slot machines.
The internet gambling market in Pennsylvania, on the other hand, experienced significant growth. Igaming brought in $149.6 million in January, a 12.4 percent increase year over year.
The income from online slots increased by 22.0% to $110.0m. Internet poker revenue remained nearly unchanged at $2.7 million, while online table games saw a 7.8 percent decline to €36.9 million.
When it comes to total igaming income, the Hollywood Casino at Penn National continues to dominate with $50.5 million. Second place went to Rivers Casino Philadelphia with $29.5 million, followed by Valley Forge Casino Resort with $41.6 million.
Revenue from sports betting soars by 77.9 percent
The sports betting sector saw a whopping 77.9% increase in revenue, reaching $69.9m. Revenue from online wagers totals $66.0m, with an additional $3.9m coming from the retail sportsbook business.
For the month of January, this reached $858.2m, up 8.1% from $793.7m the previous year. Bettors wagered $808.8 million online and $49.4 million at brick-and-mortar establishments.
Sports betting revenue soared by 77.9 percent in January, even before the start of the Super Bowl in February. FanDuel and Valley Forge Casino Resort continue to dominate this industry. The partnership made $39.6 million from sports betting in January.
After Hollywood Casino Morgantown and BetMGM with $3.6m, DraftKings and Hollywood Casino at the Meadows came in second with $19.0m.
Conversely, in January, VLT revenue in Pennsylvania was $3.0m, reflecting a decline of 9.1%. Additionally, earnings from fantasy sports fell 3.9% to $2.5 million.
It has been confirmed that multiple new brands will be launching in Pennsylvania, which might lead to even more growth in the sector.
RPELACING POINTSBET, a new naticons betting and gaming platform, debuted this month.
The state's first online casino and sportsbook, Fanatics Betting and Gaming, went live last month. Current users will be transferred to the redesigned Fanatics platform as the Fanatics brand supersedes PointsBet.
Betr, a microbetting operator, secured Pennsylvania's market access last month. The Cordish Companies' gaming arm, the Cordish Gaming Group, is the one with which Betr has reached an agreement.
Colorado and Kentucky are two more states where Betr has secured such access deals.
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