The Pennsylvania Gaming Control Board (PGCB) released the monthly gaming revenues for January 2022, in mid-February. At first glance, everything seems to be going very well for the massive betting market. Overall gaming revenue, for instance, was up 26 percent from the previous year which is very impressive, to say the least.
However, the state’s gaming revenue is still on a downward spiral that began in November 2021. The revenue drop within that period has been quite subtle and could be nothing more than a fluke. Even so, it is very important to keep all that in mind as it will potentially determine the trajectory that the sector will take over the year.
The Keystone States’ casino generated a whopping $393.1 million in total revenue throughout January. From this amount, $157.5 million went to state coffers in the form of tax revenue further proving just how lucrative the sector is.
Online gambling which is one of the fastest-growing gaming verticals in the state was responsible for a record $108.3 million. This broke the single-month revenue record of $102.9 million that the sector set in October 2021. The amount also represented a cool 35 percent surge in iGaming revenue compared to the same period last year.
Sports Betting Receives Big Boost from the NFL and the NBA
Incentivized by sports betting events that were lined up for the first quarter of the year, Pennsylvania sports betting operators generated $793.7 million in handles. That is the highest amount in the state’s industry. It is also significantly higher than what the state’s online and retail sportsbooks had posted the previous month.
The NBA events as well as the storied Super Bowl were, unsurprisingly, at the center of all these impressive figures. Coming from a year where most of that was not possible due to pandemic-induced restrictions and lockdowns, many people were looking forward to getting back to these activities.
For more details, here is a breakdown of the state’s gaming revenue by game type:
|Type of Gaming Revenue||January 2022||January 2021||% Change|
|Retail Slots Revenue||$168,441,692||$140,740,379||19.68%|
|Retail Tables Revenue||$78,227,708||$50,829,571||53.90%|
|iGaming Slot Revenue||$71,836,045||$51,007,942||40.83%|
|iGaming Tables Revenue||$33,084,504||$26,679,590||24.01%|
|Sports Wagering Revenue||$32,169,931||$33,970,396||-5.30%|
|iGaming Poker Revenue||$3,390,093||$2,725,600||24.38%|
|Video Gaming Terminals Revenue||$3,101,765||$2,240,782||38.42%|
|Fantasy Contests Revenue||$2,892,349||$2,908,488||-0.55%|
|Total Gaming Revenue||$393,144,086||$311,102,747||26.37%|