Pennsylvania iGaming Smashes Previous Revenue Record in February

Article by : Erik Gibbs Mar 21, 2024

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The Pennsylvania Gaming Control Board released a groundbreaking report on Tuesday, revealing a record-breaking $184.9 million in operator winnings for February. The achievement was driven by PENN National’s internet casino platforms, which generated an impressive $77.3 million in gross revenue.

This marked a significant milestone in US online casino gaming history, surpassing PENN’s previous record by 36.8%. Overall operator earnings in Pennsylvania soared past previous benchmarks, reaching $165.1 million.

Since its launch in July 2019, Pennsylvania’s internet casino operators have amassed over $5 billion in revenue.

Despite a slight decline in handle from January, total wagering surged by 11.7% from the previous February. As a result, the state’s tax receipts from online casino gaming in February surpassed $50 million for the first time, reaching $51.1 million.

With $94 million entering state coffers in the first two months of 2024, Pennsylvania is experiencing robust growth in the online casino sector, outpacing last year by $20.3 million.

February saw PENN National achieve record-breaking revenue with significant increases in slots and online poker. Revenue from slots reached $47.1 million, surpassing previous records, while online poker revenue also hit an all-time high at $398,700. However, despite these successes, PENN’s hold on table games dropped to 2.5%.

Interestingly, while PENN’s year-over-year winnings surged by 36.8%, it ranked third in terms of percentage increases.

Harrah’s Philadelphia experienced the most significant revenue jump, at 95.3%, followed by Valley Forge Casino Resort, which saw a 63% increase.

Additionally, BetRivers, Bally’s and Golden Nugget all reported notable revenue gains. Conversely, Mount Airy saw the largest decline, dropping 28.3% to $3.6 million.

In February, Pennsylvania’s retail casino revenue totaled $279.4 million, showing a modest 0.7% increase compared to the previous year.

Table games revenue experienced a notable surge, rising by 2.9% to $76.6 million, while slot winnings remained stable at $202.7 million.

Among the state’s 18 venues, nine recorded slot winnings exceeding $10 million, led by PARX casino with $29.3 million.

Wind Creek and Rivers in Pittsburgh closely followed, each surpassing $20 million. Interestingly, Wind Creek saw a 3.7% increase in revenue, contrasting PARX’s 3.3% decline.

Live! Casino in Philadelphia emerged as a standout performer, achieving a remarkable 20.8% revenue growth, reaching $13.1 million. In contrast, Harrah’s Philadelphia experienced an 18.5% decline in slot winnings, amounting to $8.9 million. Tax revenue from slot winnings totaled $102.2 million.

Wind Creek surpassed PARX to lead in table revenue during February, marking a 27.3% surge to $19 million. PARX trailed with $15.9 million.

Live! Casino ranked third with $9.2 million, up by 11.1%. Both Rivers venues rounded out the top five, with revenues exceeding $5 million each. Despite declines, Philadelphia reached $6.9 million, and Pittsburgh reached $5.8 million.

Tax revenue from table games totaled $12.5 million, contributing to a total adjusted gross revenue of $499.1 million, up 9.3% from February 2023, including $30.2 million from sportsbooks.