Pennsylvania Gaming Industry Breaks Records with $515.3M March Revenue

Pennsylvania’s gaming industry saw a historic moment last month when it recorded over $500 million in monthly revenue for the first time ever. 

Pennsylvania Gaming Revenue Hits Record $515.3M in March

The Pennsylvania Gaming Control Board’s report, released on April 18, showed that revenue of $515.3 million was collected by the different gaming sectors, including brick-and-mortar casinos, online casinos, sports betting operators, truck stop video game terminal (VGT) operators, and fantasy sports contests.

The revenue was a significant increase from the previous high of $475 million, which was recorded in December. The government also earned $212.4 million in taxes from the losses of Pennsylvanians last month, thanks to the blended tax rate of 41% from the different forms of gaming. 

Of the $515.3 million revenue collected in March, $311.3 million came from slots and table games at casinos, $148.2 million from online casinos, $50.6 million from sports betting, $3.8 million from VGTs, and $1.4 million from fantasy contests.

iCasino Sector Sets New Revenue Record, Outshining Brick-And-Mortar Casinos

The iCasino sector broke a revenue record by 10%, recording $148.2 million, which represents a 10.1% increase over the former iCasino record of $134.6 million, which was set in December. New monthly highs have been set multiple times from online gambling in the past year. Its popularity due to convenience and constant accessibility has helped make up for relatively flat revenue in the brick-and-mortar casino industry, which has not increased despite the addition of new casinos.

Last month, the 17 casino venues located throughout the state generated a total of $311.3 million in revenue, with $225.4 million coming from slots and $85.9 million from table games. Although this total revenue was 12.2% higher than the previous month, which was shorter, it was only slightly higher than the $309 million reported in March 2022, prior to Parx Shippensburg’s opening. The mini-casino earned just over $3 million last month, suggesting that the other venues collectively earned slightly less money than they did in the previous year.

FanDuel Dominates Online Sportsbooks with $278M Handle

In the sports betting sector, FanDuel dominated the 13 online sportsbooks with a handle of $278 million. It had $30.3 million in gross revenue and $23.8 million in adjusted revenue. On the contrary, DraftKings held two-thirds of FanDuel’s handle, yet its revenue was only half that of FanDuel’s. In handle, Caesars Sportsbook secured fourth place and outperformed Barstool for the first time. Caesars experienced a surge of 37.3% in betting from February, amounting to $38.3 million, while Barstool had only a 10.2% increase to $35.1 million. Another top sportsbook, BetRivers, made improvements in all aspects from February and reached $27.6 million in handle, as well as $2.2 million/$1.5 million in GGR/adjusted revenue.