Pennsylvania’s Gaming Revenue Surges in September 2024
In a significant announcement last Thursday, the Pennsylvania Gaming Control Board reported an impressive $505.9 million in taxable gaming revenue for the month of September 2024. This figure represents a robust 6.2% year-over-year increase, driven largely by remarkable gains in both internet casino gaming and sports betting. This article delves into the details of these revenues, explores the performance of key players in the space, and assesses trends in both online and brick-and-mortar casinos across the state.
Record Gains from Internet Gaming and Sports Betting
The gambling market in Pennsylvania has shown resilience and growth, especially in the realms of iGaming and sports betting. Taxable revenue from internet casino gaming reached $176.7 million, marking a substantial uptick of 10.8% compared to the same period last year. Furthermore, the state’s adjusted gross revenue for the year climbed to an impressive $1.5 billion.
While September’s numbers indicate a decline of 3.8% from August’s $183.7 million, the month still achieved gross revenue totaling $227.4 million. Notably, this figure is the second-highest in state history, surpassed only by the record $233.1 million seen in March 2024. Not to be overlooked, a record amount of $43 million in credits and bonuses contributed to the impressive adjusted gross revenue (AGR) of $53.5 million from a gross revenue of $95.8 million—a striking 46.1% year-over-year increase.
Performance of Online Casinos
Even amidst slight declines in certain areas of casino revenue, online sportsbooks and iGaming casinos have continued to thrive. Internet casino revenue experienced a minor dip of 1.7% to $270.4 million, while table game revenue fell by 2.3% to $73.4 million. Despite these declines, the state benefitted from a combined total of $211.2 million in taxes collected across all gaming platforms, with $51.1 million coming specifically from internet casino gaming. With $6.21 billion wagered through iGaming casinos, September marked the second-highest wagering total in Pennsylvania’s history.
Leading Online Casino Operators
In the competitive landscape of online gaming in Pennsylvania, Hollywood Casino stands out with its online ventures, which include partnerships with major platforms such as DraftKings and BetMGM. In September, Hollywood Casino achieved a combined revenue of $66.9 million, up 3.2% from the same month last year. Interestingly, this revenue growth occurred even as overall revenue from this trio of operators decreased, dropping from $2.84 billion to $2.58 billion.
Another highlight was Valley Forge, which is home to the FanDuel sportsbook. Their revenue soared by 33% year-over-year to reach $47.1 million. This was bolstered by total wagers hitting $1.73 billion, second only to the peak of $1.75 billion recorded in March.
BetRivers also made significant strides, generating over $30 million for the sixth time in seven months, coming in at $31.5 million in September. Meanwhile, Harrah’s Casino reported $8.5 million, and Golden Nugget rounded out the top five with $4.7 million.
Success in Brick-and-Mortar Casinos
When it comes to traditional brick-and-mortar casinos, Parx Casino and Wind Creek dominate the sector. Parx Casino retained its top position with a revenue of $30.2 million, although it slipped by 4.3% compared to previous months. Wind Creek, on the other hand, exhibited resilience with a 2.1% increase, earning $24.2 million and narrowing the gap between the two operators.
Conclusion
The September 2024 gaming revenue figures for Pennsylvania reflect a vibrant and evolving industry that contends with both opportunities and challenges. With impressive growth in both online and traditional gaming sectors, Pennsylvania continues to establish itself as a significant player in the national gambling landscape. As operators innovate and adapt to emerging trends, the future looks promising for gamers and regulators alike in the Keystone State.
