Pennsylvania Gambling Sets New Record Revenue in 2023
LISTEN TO THIS ARTICLE:Pennsylvania's gambling industry enjoyed a strong 2023, with combined revenue reaching a new high of $5.70 billion, an increase of 9.3% from the previous record of $5.21 billion set in 2022.
Gambling revenue in the state comes from a number of streams, including slot machines, table games, sports wagering, gaming, video gaming terminals (VGTs), and fantasy contests.
Physical slot machines continued to dominate the revenue charts, amassing $2.46 billion, a 3.1% increase from the prior year. Contrarily, traditional table games in brick-and-mortar casinos saw a slight dip in revenue, dropping 1.9% to $971.7 million.
The Rise of iGaming and Sports Betting
Revenue from iGaming surged in 2023, reaching $1.74 billion, beating the previous year's record by 27.7%. While the Pennsylvania Gaming Control Board (PGCB) withheld detailed revenue statistics per game type, it disclosed earnings from individual iGaming operators.
Hollywood Casino at Penn National led the pack with $712.4 million in revenue. Following closely were Valley Forge Casino Resort and Rivers Casino Philadelphia, securing the second and third spots, respectively. Revenue from iGaming has grown quickly since the regulated market's launch in 2019, and it may surpass the $2.00 billion mark in 2024.
2023 was also a record-breaking year for sports betting. The sector's revenue grew to $458.6 million, beating the previous record set in 2022 by 14.3%. Player spending on sports betting, known as the handle, reached $7.68 billion, marking a 6.0% increase from the preceding year. Valley Forge Casino Resort, in partnership with FanDuel, continued to dominate this market segment.
Record-Breaking Revenues in December
December 2023 set yet another record for Pennsylvania's gambling industry, with total market revenue peaking at $534.2 million, a 12.5% increase from the same period in the previous year. This surge was primarily driven by retail slots, which generated $207.8 million, and a significant jump in iGaming revenue, which surged 22.7% year-on-year to $165.1 million.
Revenue from iGaming included earnings from online slots, table games, and poker. In the sports betting sector, revenue for the month grew by 32.7% to $72.5 million, with the handle also witnessing a substantial increase. Despite these impressive gains, certain segments like VLTs and fantasy sports contests experienced a slight downturn in revenue.
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