May Brings 7% Revenue Boost the Gaming Industry in Pennsylvania
LISTEN TO THIS ARTICLE:Pennsylvania's gaming industry experienced a significant boost in revenue during the month of May, with a notable increase of 7% compared to the same period last year.
The surge was primarily driven by the thriving iGaming and sports betting sectors. According to the Pennsylvania Gaming Control Board (PGCB), the regulatory body overseeing gambling activities in the state, the total revenue generated by licensed operators, including fantasy contests, reached an impressive $479,377,660.
This year's May figures reflect a substantial improvement over the previous year when the total gaming revenue amounted to $447,794,294. The 7.05% increase demonstrates the growing popularity of gambling in Pennsylvania. Additionally, the state collected approximately $197,918,815 in taxes, indicating a significant increase of over $16 million compared to the same period in 2022.
Analyzing the breakdown provided by the PGCB, the most substantial year-on-year growth was observed in iGaming slot revenue, which reached $100.6 million, an impressive surge of 28.61% compared to May 2022. Sports wagering revenue also experienced robust growth, increasing by 17.41% to $41.1 million, while iGaming table revenue climbed by 17.33% to $37.9 million. Retail slots revenue showed a modest increase of 2.53% to $210.9 million.
However, not all sectors within the gaming industry fared equally well. Retail tables revenue declined by 7.82% to $81.6 million, and iGaming poker revenue saw a significant decrease of over 11% to $2.5 million. Video gaming terminals revenue also experienced a slight dip of 2.43% to $3.6 million. Most notably, fantasy contests revenue plummeted by nearly 23% to $1.2 million in May.
Among the operators, Hollywood Casino Morgantown emerged as the leader in revenue growth, reporting an impressive 28% increase to $7.1 million compared to May of the previous year. Valley Forge Casino Resort also experienced a substantial upswing, with a total gaming revenue of $64.2 million, marking a notable increase of 21.71% year-on-year.
The highest revenue reported by any operator in Pennsylvania was recorded by Hollywood Casino at Penn National Race Course, which reported a remarkable 18.33% increase to $74.4 million. Hollywood Casino York and Hollywood Casino at the Meadows also exhibited revenue growth, with increases of 16.53% ($8.4 million) and 7.70% ($25.4 million), respectively.
While a dozen operators enjoyed revenue growth last month, a few experienced a decline in revenue compared to the previous year. Nonetheless, the overall positive trend suggests a thriving gaming industry in Pennsylvania, fueled by the popularity of iGaming and sports betting. The increase in revenue not only benefits the operators but also contributes significantly to the state's tax collection, supporting various public initiatives and programs.
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