Pennsylvania Gaming Industry Booms with Record High Revenues in March
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In the highly competitive gaming sphere, Pennsylvania emerges as the shining star, painting a vibrant picture of booming revenues, spectacular performances, and an ever-expanding landscape free of stagnation. Perhaps, most notably, Parx Casino stamped its authority as the undisputed king of brick-and-mortar casinos in the coveted Keystone State, as it posted a gross revenue of $52.8 million merely in the month of March.
A zoom-in into the financial figures portrays an industry that is not just alive but thriving in its full glory. The Pennsylvania Gaming Control Board (PGCB) released that in March alone, the revenue of the state’s vast gaming market, comprising of brick-and-mortar casinos, iGaming, retail and online sports betting, video gaming terminals, and fantasy sports, peaked at a staggering $554.6 million. This sky-rocketing figure, an all-time monthly record, demolishes the state’s previous mark of $534.2 million set merely in December of the preceding year.
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Key drivers of the state’s burgeoning gaming industry included iGaming, online slots, and interactive table games, with all other verticals reporting gross gaming revenue declines, except for a marginal gain on retail slots. Online slots alone pulled in $135.5 million, up by a significant 29% year-over-year, while interactive table games claimed a hefty $53.1 million, marking a noteworthy 31% improvement from March of the previous year.
Oddsmakers were not far behind, reaping almost $45.6 million from bettors last month, despite a 10% decline from the prior year. The significant bulk of these earnings were courtesy of bets placed online during March Madness.
The year-over-year grand total of $554.6 million reflected a commendable 7.6% betterment from March of the prior year. If other commercial gaming states’ performances are disclosed, Pennsylvania’s March gaming win would rank as a close second to pioneering Nevada, edging out New Jersey which posted a GGR of $526.6 million.
Even as iGaming continues to bloom in Pennsylvania and six other states where online casinos are regulated, it has not significantly boosted brick-and-mortar play as might have been hoped. Pennsylvania’s 17 physical casinos won approximately $313.1 million, representing a measly 0.6% year-over-year gain.
Parx, the state’s lone fully smoke-free casino, held its market leadership with slot and table wins of $52.8 million, mirroring March 2023 figures. Wind Creek Bethlehem came in second place with a combined win from slots and tables of $47.7 million. The property, owned and operated by the Poarch Band of Creek Indians, enjoyed more than 6% growth in in-person play, translating to about $2.8 million.
Interestingly, a report published by Penn State University indicates an upswing in iGaming participation last year. The study records that 16% of adults in Pennsylvania gambled online in 2023 – a jump of 5% from the previous year. The gambling expenses of Pennsylvanians, including iGaming, iLottery, and sports betting, surpassed $2.1 billion in 2023, and the majority of this figure was from interactive slots and tables.
Despite a nearly 27% surge over the preceding year in online gambling revenue, indicating Pennsylvania’s rich online gambling market, it is equally clear that the state’s fervor for the traditional, physical casinos endures undiminished.
