Pennsylvania Overall Gaming Revenue Hits All-Time High in January
Pennsylvania has reported an all-time high figure for overall gaming revenues. The record-breaking figure for January 2022 was $393.1 million. This figure is an increase of 26.3% compared with January 2021 according to data released by the Pennsylvania Gaming Control Board whichis responsible for safe gambling in the state.
Hollywood Casino at Penn National was the highest performing casino for the month. Its total revenue for January was $57,266,973.That was an increase of 31.36% compared to the same month the previous year. Parx Casino was the second-highest performer.Although its revenue only increased by 4.7% it still saw revenues of $51.8 million in January. Valley Forge Casino resort also performed very well, and its revenue was just off $51 million. This was the venue with the highest growth in percentage terms out of the top three as it grew by 34.3%.
The land-based table games might have the most glamourous image, but they are not the highest performers in terms of revenue. That crown goes to the retail slots sector of the market. While retail table sales for the month were $78,227,708, retail slots delivered a staggering $168,441,692. Parx Casino is the top-earning venue in the state when it comes to slots – and they contributed nearly $29 million to the revenue figures. This figure was only 2.48% up on the previous year. Interestingly, the Hollywood Casino at the Penn National was down in fifth place and its slots revenue fell by 4% on the previous year. Rivers Casino Pittsburgh’s slots revenue was up by 31% at $19.6 million and Wind Creek Bethlehem was up 6.6% at $18.2 million.
Internet slots are rapidly catching up with the retail machines. In January the total revenues for internet slots were $71,836,045 – nearly 41% up on the previous year. One of the undoubted appeals of the online slots has been the no deposit casino bonusoffers which have allowed people to try out online slots without having to make a deposit. Online gaming slots alone generated the third most gaming revenue for the period.
The total igaming market for the month in the state was $108,310,642.This is what has accounted for a huge amount of the growth at the Hollywood Casino at Penn National where they reported revenues of $42.1 million from online casino products. BetRivers at Rivers Casino Philadelphiatotaled $27.4 million. FanDuel’s Valley Forge Casino report also benefitted from its igaming products and contributed $20.4 million to the total. Tax revenue generated from online gaming during January 2022 was $44,610,254.
Sports wagering was also an important part of the overall mix with wagering revenue coming in a $32.1 million. The vast majority of this sportsbook is from online betting. Retail sports betting contributed $5.7 million compared to $26.3 million online. The FanDuel sportsbook at Valley Forge Casino had both the highest handle and revenue for the month. The handle was $276.1 million, and the revenue was $18.8 million. Tax revenue generated from sports wagering during January 2022 was $11,581,175.
The Pennsylvania Gaming Control Board is tasked to oversee all aspects of gambling involving 16 land-based casinos, online casino games, retail and online sports wagering, and Video Gaming Terminals (VGTs) at qualified truck stops, along with the regulation of online fantasy sports contests.
VGT revenue for January 2022 was just over $3 million (up around 38%) and Fantasy Sports $2.8 million which was very slightly down on last year.
February figures didn’t reach the same dizzying heights but this is to be expected as it is a shorter month and,apart fromThe SuperBowl, there are no regularly scheduled football games for people to wager on.
The land-based casino industry in Pennsylvania consists of six racetrack casinos, five stand-alone casinos, two resort casinos, and three mini-casinos. Casino expansion will continue over the next couple of years. The Gaming Control Board estimates that regulated gaming will generate over $2 billion in tax revenue in the current State Fiscal Year.
