Gambling Revenue in Pennsylvania Tops $5.70 Billion in 2023

In 2023, Pennsylvania’s gambling industry reached a new high with revenues totaling $5.70 billion. This record-setting figure was primarily driven by the robust performance of iGaming and sports betting, marking a 9.3% increase from 2022’s record of $5.21 billion. The state’s gambling revenue encompasses earnings from a variety of sources including slot machines, table games, sports wagering, iGaming, video gaming terminals (VGTs), and fantasy contests.

Slot machines continued to be a major revenue generator, bringing in $2.46 billion, a 3.1% increase from the previous year. However, there was a slight decrease in land-based table games revenue, which dropped by 1.9% to $971.7 million.

iGamingexperienced a jump in revenue in 2023, with earnings reaching $1.74 billion. This was a 27.7% increase over the previous year’s figure, setting a new record for the sector. The Pennsylvania Gaming Control Board (PGCB) did not provide a detailed breakdown by game type for iGaming. However, they did release information about individual operator revenues. Hollywood Casino at Penn National was the top earner in iGaming with $712.4 million, followed by Valley Forge Casino Resort at $392.7 million and Rivers Casino Philadelphia at $340.3 million.

The growth of iGamingin Pennsylvania has been remarkable since the market’s inception in 2019. Having surpassed the $1.00 billion mark in 2021, projections suggest it could go beyond $2.00 billion in 2024.

Sports betting also saw record revenues in 2023, with a total of $458.6 million, beating the previous year’s record by 14.3%. The total amount spent by players on sports betting, known as the handle, reached $7.68 billion, a 6.0% increase from 2022’s $7.25 billion.

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Casino & Sports

In the sports betting market, Valley Forge Casino Resort and FanDuel led the way with $233.6 million in revenue. Hollywood Casino at the Meadows and DraftKings followed with $121.1 million, and Hollywood Casino Morgantown and BetMGM earned $21.0 million.

Other sectors like video gaming terminals and fantasy sports contests saw a decrease in revenue. VGT revenue dropped by 2.0% to $41.2 million, and fantasy sports contest revenue declined by 10.0% to $20.1 million.

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