May iGaming revenue in Pennsylvania surges by 24%

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May iGaming revenue in Pennsylvania surges by 24%
  • Gambling News
  • 19 June 2024

May iGaming revenue in Pennsylvania surges by 24%

May igaming gross revenue in Pennsylvania was $174.1m, a 23.5% increase from the previous year.

There was a significant increase in total income from $479.4m in May of last year. Additionally, it was 3.3% higher than the $504.6m recorded in Pennsylvania for the month of April of this year.

Even while online gambling grew at a faster rate than any other sector, land-based slot machines still bring in the most money for Pennsylvania's casinos. There was a 1.6% increase to $214.1m in May from physical slots.

There was a 21% increase from the previous year, and the mobile sports betting gross gaming revenue was $59.1m, up 10.5% annually on a handle of $557m. Across all operators, promotional spending increased by 6.3%.

Sales of table games in the land-based industry increased by a hair, reaching $83.7 million. 

The land-based operations of Caesars and Penn saw a 12.2% and 1.2% year-on-year decline in gross gaming revenue, respectively, according to Deutsche Bank.

With nine weekend days in May 2024 compared to eight in May 2023, the calendar in May was deemed beneficial in an analyst report from the investment bank.

In Pennsylvania, igaming takes front stage.
income from online slots increased by 26.2% to $126.9m, while income from table games increased by 18.6% to $44.9m. Internet poker income, meanwhile, fell 9.1% to $2.3 million.

According to Deutsche Bank's May igaming market share estimates, FanDuel has a 25.5% share. After BetRivers with 18% of the market, DraftKings is anticipated to follow with 18.7%.  

Revenue from igaming at Valley Forge Casino Resort was $44.4 million, at Penn National Race Course's Hollywood Casino it was $65.1 million, and at Rivers Casino Philadelphia it was $31.3 million.

May saw increase reported by every operator in Pennsylvania's igaming market.

Close to $600 million in sports betting handled in May
Now let's shift our focus to the sports betting market, where revenue surged 7.6% year over year, reaching $44.2m. Online wagering contributed $41.6m, while retail sportsbooks in Pennsylvania brought in the remaining $2.6m.

In terms of handle, sports bettors spent $591.9 million, a 19.4 percent increase from $495.6 million in May of previous year.

The category was headed by Valley Forge Casino Resort, which generated $22.8 million in revenue from its partnership with FanDuel. 

With $11.0m in sales, Hollywood Casino at the Meadows and DraftKings came in a distant second. With $2.2 million, the third-place finisher was the Hollywood Casino at Penn National, an ESPN Bet partner.

Video game terminal revenue in Pennsylvania was $3.7 million, a 3.0% increase compared to other gambling revenue sources. However, May's earnings from fantasy sports fell 5.2% to $1.2 million.

The total amount of money collected in taxes from gambling for the month was $216.3 million.

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