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Pennsylvania Gaming Control Board Releases the Revenue Results from 2023, Records Shattered
Updated:2024-04-17 16:52    Views:162

The previous year was the best in history when it came to gambling in Pennsylvania. The revenue reports were released, and the state’s casinos earned $5.7 billion in revenue, which is the record amount since gambling was legalized in the state.

A significant increase in revenue:

The Pennsylvania Gaming Control Board released the results on Thursday, January 17, and according to their report, the revenue was $5.69 billion in 2023. This is 9.3% more than it was recorded in 2022.

The tax revenue in 2023 was $2.34 billion, which is also more than it was in 2022 when the tax revenue was $2.12 billion. The players in Pennsylvania were the most interested in the iGaming field, which resulted in almost a 28% increase in revenue when it comes to online gaming. The revenue from iGaming was $1.74 billion in 2023.

The players were interested in almost every aspect of the field: they played slot machines, and table games, were betting on sports games, along with high engagement in iGaming, video gaming terminals, as well as widely popular fantasy contests, the board confirms.

However, the players were the most interested in slot machines, and they earned the biggest amount of money. The revenue earned from slot machines was $2.46 billion.

The state’s Gaming Control Board released the results for the Rivers Casino in Pittsburgh. According to those results, the casino earned more than $267 million only from slot machines. The second place took table games, with more than $87 million, and sports betting followed with $16 million.

Hollywood Casino at The Meadows earned $316 million from slot machines, table games, and sports betting, while the same activities brought $116 million to Live! Casino Pittsburgh.

Sports betting and fantasy contests revenue:

Sports betting brought $458.616.339 to Pennsylvania casinos, which represents an annual growth of 14.31%. In 2022 the revenue was $401.208.108. The most successful was Valley Forge Casino Resort, with a revenue of $233.592.241, and the following were Hollywood Casino at The Meadows ($121.111.146) and Hollywood Casino Morgantown ($21.015.594)

Fantasy Contests also brought a significant profit to operators in Pennsylvania. However, compared to the previous year, a decrease of 10.02% is recorded. In 2022, the revenue generated from fantasy contests was $22.329.896, while in 2023 it was $20.091.332.

Gambling has been legal in Pennsylvania since 2006, and this is the first time ever that the revenue surpassed $500 per month. In almost all aspects of the industry, 2023 was a successful year for the Pennsylvania market and all of its 18 casinos. Until recently, there were 19 casinos in the state, since Parx Malvern casino has been shut down in August 2023.