The Pennsylvania Gaming Control Board announced a record-breaking $5.7 billion in revenue for the state of Pennsylvania in 2023, marking an important milestone for the gaming sector in the Keystone State. The astounding figure represents a substantial increase of 9.3 percent from the prior year and is complemented by a record-breaking tax income of 2.34 billion, which surpasses the previous record set in 2022 by a mile.
The Key Drivers
iGaming established itself as a dominant force, with revenue skyrocketing to $1.74 billion, a significant 27.7 percent rise from the previous high set in 2022. The Pennsylvania Gaming Control Board did provide information on specific operators, but they did not have a thorough breakdown by game type.
Among the three casinos, Valley Forge Casino Resort brought in $392.7 million, Rivers Casino Philadelphia brought in $340.3 million, and Hollywood Casino at Penn National brought in $712.4 million. The value of the iGaming industry in Pennsylvania may top $2.00 billion in 2024, given the exponential growth that it has had since having been regulated in 2019.
Slot machines continued to be the main source of income, adding $2.46 billion to the total. Rivers Casino in Pittsburgh emerged as a leader, with slot machines generating over $267 million, while table games contributed over $87 million, and sports wagering added $16 million to the mix. Hollywood Casino at the Meadows boasted a combined revenue of $316 million from slot machines, table games, and sports wagering, while Live! Casino Pittsburgh secured $116 million in the same categories.
Sports betting income reached a record high of $458.6 million, up 14.3% from the previous record set in 2022. Impressively, the handle increased 6.0% from $7.25 billion in 2022 to $7.68 billion. Both FanDuel and Valley Forge Casino Resort continued to retain their dominant positions in this industry, bringing in a total of $233.6 million in revenue.
More Expansion in 2024
Pennsylvania’s gaming industry continues to evolve and thrive, showcasing robust growth across various sectors, and the state is positioned for further success in the years ahead. And more companies are working towards capitalizing on the market.
Recent news suggests that Fanatics will be welcoming Pennsylvanians to its online casino next week. Expansion in Pennsylvania is part of its ongoing strategy to enhance its online casino offerings. Already the company has alerted users who had PointsBet accounts that their accounts will be transferred to Fanatics sportsbook and casino.