PA gambling revenue up 8.7% in May due to iGaming growth

PA gambling revenue up 8.7% in May due to iGaming growth

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PA gambling revenue up 8.7% in May due to iGaming growth

Pennsylvania’s gambling revenue increased 8.7% year over year to $521.0 million in May thanks to growth in the iGaming market.

May saw iGaming gross revenue of $174.1 million, up 23.5% from the previous year. May’s total income easily exceeded $479.4 million from the same month a year prior. It also exceeded by 3.3% the $504.6 million reported in Pennsylvania in April of this year.

Pennsylvania’s primary source of gambling revenue is still land-based slots, despite the fact that the igaming industry experienced the fastest growth. May saw a 1.6% increase in income from physical slots, totaling $214.1 million. With a handle of $557 million, mobile sports betting gross gaming income climbed 10..5% yearly to $59.1 million, a 21% rise over the prior year.

All operators saw a 6.3% increase in promotional spending. Revenue from table games increased by 2.5% to $83.7 million in the land-based industry. According to Deutsche Bank, the gross gaming income at Penn’s land-based assets and Caesars’ casinos decreased by 1.2% and 12.2%, respectively, year over year.

Income from online slots increased 26.2% to $126.9 million, while income from table games increased 18.6% to $44.9 million. Nevertheless, revenue from online poker fell by 9.1% to $2.3 million. According to estimates from Deutsche Bank, FanDuel dominated the industry in May with a 25.5% share of iGaming. BetRivers is predicted to hold an 18% market share, and DraftKings to hold an 18.7% share. The combined iGaming income for Hollywood Casino at Penn National Race Course, Valley Forge Casino Resort, and Rivers Casino Philadelphia was $65.1 million, $44.4 million, and $31.3 million, respectively.

It was observed that in May, every operator in Pennsylvania’s iGaming industry noted revenue growth. 

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