Pennsylvania Gaming Revenue Tops $450M in October, iGaming Sets Monthly Record
Posted on: November 18, 2022, 10:37h.
Last updated on: November 18, 2022, 11:11h.
Pennsylvania’s gaming industry continues to expand in terms of monthly revenue. Gaming interests last month won more than $450 million from players, a nearly 6% year-over-year gain.
The Pennsylvania Gaming Control Board (PGCB) reports that October 2022 maintained the state industry’s growth trajectory. The state’s 16 brick-and-mortar casinos, internet casinos, retail and online sportsbooks, truck stop video gaming terminals, and fantasy sports platforms generated gross gaming revenue (GGR) of $450.23 million. That’s $24.3 million better than October 2021.
The best month on record for Pennsylvania’s gaming industry came in March 2022, when the verticals combined to win more than $462.7 million.
iGaming Covers Retail Losses
October’s gaming report from the PGCB is highlighted by the topline GGR number. But last month wasn’t necessarily good for some of the state’s brick-and-mortar casinos.
The 16 properties reported a 2% reduction in retail slot revenue and a more than 10% decline in table win. Slots won $199 million and tables kept $79.9 million. The approximately $278.9 million in land-based gaming revenue was $13.4 million below October 2021.
But the loss was more than offset online, where iGaming and oddsmakers fared extraordinarily well. Online slots won $86.3 million and interactive tables, plus online poker fees, won $38.1 million, for a combined iGaming haul of roughly $124.4 million. In October 2021, iGaming revenue totaled $102.9 million.
The $124.4 million won online is a record monthly amount for iGaming operators in Pennsylvania.
Last month, oddsmakers further helped increase Pennsylvania’s overall gaming win. Sportsbooks reported taking $797.1 million in bets and kept $40.5 million of the wagers on a win rate of 5%.
Hollywood Casino at Penn National topped the list of 16 casinos in terms of total October 2022 revenue. Penn Entertainment’s flagship property won $68.7 million from its land-based, sports betting, and iGaming business.
Valley Forge Casino Resort was next at $56.5 million, and Parx Casino was third at about $55 million.
The casino front-runners, mainly Hollywood and Valley Forge, benefited greatly from their online operations. About $52.7 million of the Hollywood performance and $23.4 million of the Valley Forge revenue came online. Parx, meanwhile, won just $4.7 million on the internet.
Valley Forge Issued New License
In related Pennsylvania gaming news, the PGCB this week renewed Valley Forge’s gaming license for five years. State gaming regulators concluded that the casino owned by Valley Forge Convention Center Partners, LLC, remains suitable to hold a Category 3 Casino concession.
In reaching its decision, the Board received information from local government officials, community groups, and the Pennsylvania State Police, along with the Gaming Control Board’s Office of Enforcement Counsel, Bureau of Investigations and Enforcement, Office of Compulsive and Problem Gaming, and Bureau of Casino Compliance,” the PGCB said in a statement.
The PGCB also this week unveiled a PSA campaign about the dangers of leaving children in a car while gambling. The PGCB says there have been far too many instances of gamblers being cited and arrested for leaving their children in a vehicle while they gambled inside.
Related News Articles
Source: casino.org
