Pennsylvania’s gambling sector has delivered a sterling performance in March 2023, shattering previous revenue records and showcasing impressive growth. The commonwealth’s gambling industry pulled in a whopping 7.6% more than the $515.3 million recorded in March, thus soaring past February’s total of $449.1 million by a substantial 11.1%. This recent surge has also eclipsed the previous all-time monthly high of $534.2 million set in December of last year, signaling a robust financial uptick in the sector.
The traditional powerhouse of the Pennsylvania gambling realm, retail slots, once again stood at the forefront, churning out $227.9 million during March, marking a modest yet noteworthy increase of 1.1%. This boost in slots revenue has occurred despite a slight contraction in the number of slot machines on casino floors, dropping from 25,643 to 24,886. Notably, this underscores the enduring popularity and profitability of slot games among patrons.
Nevertheless, not all verticals mirrored this upward trend. Land-based table games witnessed a slight downturn, with revenue dipping by 0.8% to $85.2 million for the month under review. This marginal decline signals a need for continued innovation and player engagement strategies within the sphere of traditional table gaming offerings.
In an impressive leap, the online market emerged as a significant driver for the revenue jump, with total igaming revenue clocking in at $191.1 million. This represents a dramatic 29.0% hike and sets a new monthly revenue record that stakeholders in Pennsylvania’s igaming industry will no doubt acclaim. Online slots continued their ascendancy, with revenue increasing by 29.3% to $135.5 million, while internet table games also enjoyed a significant uptick, surging by 31.2% to reach $53.1 million. In contrast to these gains, online poker did not fare so well, with earnings falling by 14.4% to $2.5 million for March.
A look at the leaderboard shows Hollywood Casino at Penn National Race Course as the pace-setter in igaming earnings, accruing $72.3 million in revenue. Following closely behind were Valley Forge Casino Resort and Rivers Casino Philadelphia, which posted $50.8 million and $32.8 million in igaming revenue, respectively.
The flourishing igaming scene, however, cast a shadow over sports betting revenue, which told a contrasting narrative. In stark comparison, sports betting revenue dwindled by 10.0% year-on-year, amounting to $45.6 million. This decline followed an earlier slip in February and was reflected across both the online betting segment, which yielded $42.3 million, and retail, which accrued a mere $3.2 million.
Persistent commitment from players was evident, with spending surging by 10.7% to $723.5 million during the month, which paints a paradoxical picture of increased wagering but decreased revenue. Dominating the sports betting landscape, Valley Forge Casino Resort and their partner FanDuel continued to cement their market superiority. March revenue for the duo reached $24.4 million, with a staggering $333.2 million in wagers placed by patrons. Encroaching on their heels were Hollywood Casino at the Meadows and DraftKings, with the second-best performance, earning $10.7 million from bets totaling $209.2 million. Hollywood Casino Morgantown, in collaboration with BetMGM, took the third spot with $1.8 million in revenue amassed from $51.9 million in bets.
Other areas of gambling within Pennsylvania presented a mixed bag of fortunes. Video lottery terminals nudged downwards by 0.5%, bringing in $3.7 million. A more pronounced hit was absorbed by the fantasy sports segment, which saw revenue plummet by 21.1%, resulting in earnings of just $1.1 million.
All things considered, Pennsylvania’s gambling industry has seemingly hit the jackpot, culminating in a record-breaking month of March. While some adjustments may be necessary in specific gaming categories, the overwhelming surge in igaming and consistent enthusiasm for slots suggest a robust and vibrant future for gambling in the Keystone State.
