Pennsylvania Gaming Revenue Hits Monthly High as March Win Tops $554.6M
There has never been a better moment for the gambling sector in Pennsylvania.
On Wednesday, the Pennsylvania gambling Control Board (PGCB) released March revenue figures for the state's extensive gambling industry, which includes video gaming terminals, iGaming, retail and online sports betting, fantasy sports, and land-based casinos.
An all-time monthly record of almost $554.6 million was earned by licensed operators. The state's previous record of $534.2 million, established in December 2023, was easily surpassed in March 2024.
With the exception of online slots and tables and a slight increase in retail slots, all verticals reported year-over-year drops in gross gaming revenue (GGR), indicating that iGaming remained the driving force behind Pennsylvania's booming gaming industry.
Interactive table games brought in $53.1 million, a 31% increase from March 2023, while online slots brought in $135.5 million, a 29% year-over-year increase. About $2.5 million was added via online poker rake.
Last month, oddsmakers took home about $45.6 million from wagerers. The March Madness favorites that gamblers selected hurt sportsbooks' bottom lines, resulting in a 10% drop in income from the previous year. Although the majority of sports betting is done online, both in-person and online wagers are included in the revenue.
The $554.6 million total win from all commonwealth-authorized verticals was a 7.6% improvement over March 2023.
After all of the commercial gambling states release their March results, Pennsylvania's gaming victory will be the second-highest in the country, only surpassed by Nevada. This week, New Jersey, which usually comes in second to Nevada, announced a March GGR of $526.6 million.
Shop Flat
In Pennsylvania and the six other states that authorize internet casinos, iGaming is still thriving.
Determining whether internet gambling cannibalizes or enhances retail play is a crucial discussion that stakeholders and legislators are currently having in the country's gaming industry. It appears that Pennsylvania's numerous interactive gaming websites and applications aren't promoting more in-person gaming.
According to the PGCB's March filing, the 17 physical casinos in Pennsylvania made around $85.2 million on felt and $227.9 million on slots. The total GGR of about $313.1 million was a negligible 0.6% increase from the previous year.
Parx, the only smoke-free full-scale casino in the state, held onto its market-leading $52.8 million in slot and table wins, which was unchanged from March 2023.
With a total win of $47.7 million from slots and tables, Wind Creek Bethlehem held onto second place. The Poarch Band of Creek Indians' commercial property was able to increase in-person play by over 6%, or $2.8 million.
Emphasis on iGaming
According to a Penn State University research released this week, which was commissioned by the Pennsylvania Department of Drug and Alcohol Programs and the PGCB, iGaming usage increased dramatically in the previous year. In 2023, 16% of Commonwealth adults gambled online, a 5% increase from 2022, according to research.
In 2023, Pennsylvanians lost almost $2.1 billion while participating in sports betting, iLottery, and iGaming. $1.7 billion, the majority of the GGR, was earned on interactive slots and tables.
The $2.1 billion in revenue from internet gambling was over 27% more than the previous year. Michigan, New Jersey, and Pennsylvania are the three most lucrative online gaming markets.
