During the fiscal year 2022-2023, the gaming sector in Pennsylvania was on a phenomenal growth trajectory, setting multiple new revenue records. These milestones are reflective of the growing gambling market in the state.
The PGCB reported record-breaking gaming revenue of $5.51 billion for the fiscal year. This figure represents a considerable rise of 10.0% above the previous year’s record, which had been established at $5.04 billion in 2021-22.
Retail slots were the biggest contributor to this revenue rise, bringing in $2.45 billion, an increase of 1.7% from the previous year. This is the second biggest yearly total ever, only surpassed by the $2.48 billion made in 2011-2012. In contrast, income from land-based table games was down by 4.1% year-on-year to reach $974.0 million.
iGaming and Sports Betting Not Slowing Down
The phenomenal expansion of the internet gambling industry was one of the most eye-catching trends of the year. With a record-breaking 24.4% increase, sales in this sector hit a new high of $1.53 billion. Online slot machines, poker, and other table games all contribute to this total.
Also setting new highs in terms of income is the sports betting industry, which raked in $492.0 million last year. Sports betting industry giants Valley Forge and its partner FanDuel generated $255.5 million in revenue. Barstool Sportsbook at Hollywood Casino at the Meadows came in second, with $109.9 million in revenue, while the combined efforts of Hollywood Casino and Barstool yielded $21.1 million.
The PGCB also mentioned a little 1.3% gain in income from video game terminals, which brought the total to $42.1 million. The income from fantasy sports, on the other hand, fell by 24.3%, coming in at a total of $20.7 million.
Same Trend in June?
Moving on to June’s performance, the state’s gambling market continued its upward trend. In comparison to June 2022, the market brought in $440.5 million this past month, an increase of 13%. While this was still a lot of cash, it was down 8.1% from the $479.4m brought in the previous month.
Online gaming income had the largest increase, a 31.6% increase to $98.1 million. There was a minor rise of 0.1% in income from land-based table games to $76.2 million during the same month which saw a 4.4% gain in revenue from retail slots, totaling $201.5 million.
Revenue from sports betting increased dramatically the same month, jumping from $10.5 million to $23.1 million, a spike of 80.6%. This profound figure consists of $21.7 million in income generated online in addition to an extra $1.3 million in revenue generated through retail sales. It is interesting to note that this rise happened in spite of a decrease in the handle by 5.2%, which totaled $373.2 million.