Earnings from Pennsylvania's casinos reach $5.70 billion in 2023, a new record.
The previous record, of $5.21bn, was set in 2022, while the amount in 2023 was 9.3 percent higher. Slot machines, table games, igaming, VGTs, and fantasy contests all contribute to Pennsylvania's total gaming revenue.
With a 3.1% increase to $2.46 billion, physical slots remained Pennsylvania's top source of revenue. Having said that, earnings from land-based table gaming fell 1.9% to $971.7m.
Is online gambling catching up to traditional casinos in Pennsylvania?
Meanwhile, igaming revenue topped $1.74bn in 2023, up 27.7 percent from the previous record established in 2022. Full revenue breakdowns by game type for this market were not published by the Pennsylvania Gaming Control Board (PGCB).
Nonetheless, information about specific igaming operators was made public by the PGCB. With $712.4 million in igaming revenue, Hollywood Casino at Penn National once again took the lead.
With $392.7 million in sales, Valley Forge Casino Resort came in second in this category. Rivers Casino Philadelphia came in third with $340.3 million in revenue.
The regulated market in Pennsylvania began operations in 2019, and since then, igaming revenue has grown at an exponential rate. If current trends continue, the state's record might easily approach $2 billion in 2024, having previously surpassed $1 billion in 2021.
A record-breaking $7.68 billion is wagered on sports.
Revenue from sports betting reached $458.6m, an all-time high, up 14.3% from the previous record set in 2022. In 2018, Pennsylvania's legal sports betting industry was launched.
Players wagered a total of $7.68 billion on sporting events. The prior record was $7.25 billion, set in 2022, therefore this was a 6.0% increase.
Compared to 2022, when it was $5.21 billion, 2023 saw a 9.3 percent increase!
With $233.6 million in sales, Valley Forge Casino Resort and FanDuel are still at the top of this industry. Next came Hollywood Casino Morgantown and BetMGM with $21.0m, followed by DraftKings and Hollywood Casino at the Meadows with $121.1m.
When looking at alternative sources of income, the PGCB noted that VLT revenue fell 2.0% to $41.2m in 2023. Similarly, revenue from fantasy sports contests fell by 10.0% to $20.1m.
December revenue record set by Pennsylvania
December income was at an all-time high, adding to the many records set for the whole year.
With $534.2m, the market broke its own record, which had stood since March 2023, when it had reached $515.3m. In comparison to $475.0m in December 2022 and $444.5m in November 2023, this represented a 12.5% increase.
Sales increased by 20.1% compared to November 2023.
The majority of the revenue came from retail slots, which increased 4.9% year-over-year to $207.8m. In addition, earnings from land-based table games increased by 1.6% to $82.9m.
With a 22.7% year-on-year increase, igaming revenue reached $165.1m. The sum includes $116.9 million from slot machines played online, $45.8 million from table games, and $2.4 million from poker.
The top spot went to Hollywood Casino at Penn National, which brought in $61.0 million from online gambling. After Rivers Casino Philadelphia ($31.3m), Valley Forge Casino Resort ($41.3m) came in second.
Revenue from sports betting increased by 32.7% to $72.5m, with $67.2m coming from online and $5.3m from retail. A 22.6% increase brought the handle up to $925.6m as well.
The top two earners with $39.2 million each were Valley Forge Casino Resort and FanDuel. Second place went to DraftKings and Hollywood Casino at the Meadows with $19.2 million, followed by Hollywood Casino Morgantown and BetMGM with $3.7 million.
Despite a 3.1% increase to $3.4m in VLT income, fantasy sports saw a decline of 11.3% to $2.5m.
