Pennsylvania's Gambling Landscape in January
Pennsylvania's gambling revenue for January 2024 saw a 2.7% year-on-year increase, reaching $477.2 million. Although this figure was lower than December 2023, it indicates a steady growth trajectory for the state's gambling sector.
Slot Machines and Table Games Decline
Despite the overall revenue increase, revenue from physical slot machines decreased by 11.2%, amounting to $179.5 million. Revenue from land-based table games also experienced a decline, dropping by 13.4% to $72.7 million.
Online Gambling Thrives
In contrast, Pennsylvania's online gambling sector witnessed significant growth. Revenue from online gaming, including slots and table games, surged to $149.6 million, reflecting a 12.4% increase compared to the previous year.
Sports Betting Soars
The sports betting market in Pennsylvania experienced a remarkable 77.9% increase in revenue, totaling $69.9 million. This surge was primarily driven by a rise in online wagering revenue, which reached $66.0 million.
Market Leaders and New Entrants
Hollywood Casino at Penn National led the online gaming market with $50.5 million in revenue, followed by Valley Forge Casino Resort with $41.6 million. In the sports betting arena, Valley Forge Casino Resort and FanDuel maintained a significant lead with $39.6 million in revenue.
Pennsylvania Welcomes New Brands
The state anticipates further market expansion with the introduction of new brands. Fanatics Betting and Gaming launched its sportsbook and online casino, replacing PointsBet. Additionally, microbetting operator Betr secured market access through an agreement with the Cordish Gaming Group.
Pennsylvania's gambling industry shows resilience and potential for growth, with both established brands and newcomers contributing to its evolving landscape.