According to the Pennsylvania Gaming Control Board (PGCB), the state’s gaming sector set a new monthly revenue record in March 2023. Gross gaming revenue (GGR) in the Keystone State almost reached $515.3 million in March, breaking the $500 million barrier for the first time. This is an increase of 11% compared to the same period in 2022, and it also breaks the previous record monthly revenue recorded in March of 2022, when sales totaled $462.7 million.
The gambling business in Pennsylvania has been booming since it was legalized in 2006, but March 2023 was the first month in which GGR in the state topped $500 million. Brick-and-mortar casinos and online gambling platforms alike have seen explosive growth this month, making it a crucial moment for the state’s gaming sector.
The Key Contributors
The slot machines in the state’s seventeen casinos retained $225.4 million, while retail table games brought in around $85.8 million. Revenue from slot machines increased by 5%, but revenue from tables decreased by roughly 9%.
During this period, internet platforms saw an increase in gaming income, with iGaming slot revenue growing by 32 percent to a total of $104.8 million. Online poker rake contributed another $2.9 million, bringing the total online take to over $148.2 million, up from the $13 million pocketed by interactive table games.
Additionally, sportsbooks did quite well, particularly during the NCAA men’s college basketball tournament, often known as “March Madness.” The total handle, or money bet, at Pennsylvania’s sportsbooks, was $723,500,000, and the sportsbooks retained $50.6 million of it.
Online sportsbooks contributed $45.7 million to the hold. As several pre-tournament favorites fell throughout the tournament, bookmakers saw a 67% increase in earnings, to the tune of $20.2 million. Penn State Nittany Lions’ surprise run through the Big Ten tournament and the team’s first berth in NCAA March Madness in 12 years heightened interest in the collegiate basketball playoffs in Pennsylvania.
Top Casino Performer
Penn Entertainment, Pennsylvania’s oldest gambling operator, had strong revenue growth in March of 2023. The corporation runs four casinos inside the state, including the Hollywood Casino at Penn National Race Course, Hollywood Casino at the Meadows, Hollywood Casino York, and Hollywood Casino Morgantown.
Hollywood’s Penn National was the top earner among the state’s 17 casinos, as the property and its online partners reported GGR of $80.8 million. Hollywood Casino at the Meadows generated gaming income of $31.2 million, Hollywood Casino Morgantown won about $9.5 million, and Hollywood York took nearly $9.4 million off of players. In total, Penn Entertainment casinos in Pennsylvania generated GGR of approximately $130.9 million in March 2023 which is very impressive.