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Yasmin Moore December 20, 2022 3 min read
PGCB: Gambling Revenue Reached $452M Thanks to iGaming
In November PGCB reported a 4.59% increase in gaming revenue compared to the prior year period. The sports betting revenue reached $52.9 million, which is a decrease in comparison with November 2021 revenue.
On Monday, the Pennsylvania Gaming Control Board issued a report, according to which the gaming revenue generated from all kinds of gambling continued to rise and reached $452,357,922 in November, especially because of online gambling. That is an increase of 4.59% compared to the November 2021 results and approximately $2 million more than the revenue from October 2022.
The gaming revenue sources include slot machines, internet gaming, table games, sports betting, fantasy contests, and video gaming terminals (VGTs).
Increasing and Decreasing Trends
In November, gaming revenue exceeded $420 million for the fourth straight month and it is also the ninth month in 2022 that the gambling companies in Pennsylvania generated over $400 million.
Despite the decrease in sports betting revenue from $63.6 million for the same month last year to $52.9 million in 2022, the revenue from online gambling continues to grow. The revenue from online table games was $39.5 million, which is an increase of 42.7% compared to the financial results in November 2021. The slot machine revenue reached $86.6 million, which is a 36.5% increase in comparison with the November 2021 revenue.
Hollywood Casino at Penn National Race Course, Grantville, made revenue of $71.2 million, up 18.5% year over year. Valley Forge Resort Casino in King of Prussia generated $64.6 million, which is a 13.2 % increase compared to November 2021. Philadelphia-based Parx Casino took third place among the Pennsylvania casinos with $52.6 million in revenue, which is, however, a year-over-year decrease of 6.6%.
Decrease in Slot Revenue
Slot revenue reported a minimal rise of 0.04% in comparison to November 2021 by generating $185.5 million in revenue. For the second straight month, 10 Pennsylvania-based casinos posted decreases in slot revenues.
Parx Casino generated a slot revenue of $30 million, which is a 5% decrease in comparison with November 2021. Wind Creek Bethlehem also posted $20.9 million of revenue, a 7.2% decrease from the prior year period. Rivers Casino Pittsburgh generated a revenue of $20.9 million, which is a decrease of 1.1% compared to the year-over-year period.
Three Pennsylvania-based casinos, namely Hollywood Casino at Penn National, Rivers Casino Philadelphia, and Valley Forge Casino Resort generated approximately 85% of revenue from iGaming. The first one generated iGaming revenue of $55.6 million, the second one reported an iGaming revenue of $27.5 million, and the last one brought in$26.5 million.
Valley Forge Resort Casino’s $297.2 million handle and $28.6 million revenue from sports betting took the first place.
Meadowlands-based Hollywood Casino at the Meadows’ handle was $211.6 million and its revenue was $12.2 million, which is an increase of 1.5%, compared to November 2021 financial results. Hollywood Casino Morgantown’s total handle amounted to $61.8 million and the gaming operator generated revenue of $2.3 million.
Yasmin is an iGaming and gaming journalist with over 10 years of writing about various publications. Her experience spans the entirety of iGaming, traditional sports, as well as online poker. She is well-versed in every aspect of online gaming and her wealth of knowledge provides additional substance to our coverage.
Industry December 20, 2022
Industry December 20, 2022