It’s rare to get operator-specific data for online casino revenue in Pennsylvania. However, The EKG Line newsletter reported that DraftKings generated nearly $60 million in iGaming earnings in February, which is an all-time best.
DraftKings is one of the premier PA online casinos in a rich Keystone State market, and has been for quite some time. Nonetheless, The EKG Line suggests that February’s record-breaking month is not sustainable.
The Pennsylvania Gaming Control Board breaks down by license and not operator, which makes it more difficult to analyze each platform. With news of the New Jersey Division of Gaming Enforcement changing revenue reports this month, the PGCB is keeping the status quo.
DraftKings leads Keystone State online market in February
The EKG Line, written by Chris Krafcik, Adam Krejcik and Brad Allen, announced that DraftKings Casino PA recorded $59 million in February revenue. That number easily led the Pennsylvania market, according to The EKG Line’s estimates, and is considered a record-breaking month for the operator.
Pennsylvania online casinos stamped an all-time US record in February, producing $215.3 million in earnings. Licensees in Pennsylvania are able to partner with an unlimited number of online platforms. DraftKings, along with BetMGM Casino PA, Hollywood Casino PA and Fanatics Casino PA, are each partnered with Hollywood Penn National.
With BetMGM considered another strong platform, Hollywood Penn National led all other licensees, making $84.3 million in revenue. The next three posted the following earnings:
- Valley Forge Casino (FanDuel, Stardust Casino): $57.2 million
- Rivers Casino Philadelphia (BetRivers, Borgata, PlaySugarHouse): $36.1 million
- Harrah’s Philadelphia (Caesars, Tropicana): $10.6 million
DraftKings’ record month represented month-over-month growth of 40% and a year-over-year increase of 68%. However, The EKG Line does not believe that DraftKings can eclipse the $60 million anytime soon:
“Per channel checks, we understand that DraftKings’ monster-looking month was a tax-related one-off spike, rather than a performance-related step change.”
Perhaps DraftKings can prove The EKG Line wrong in the months to come.
PGCB not breaking out online casino revenue by operator, unlike New Jersey
The New Jersey DGE has long reported online casino revenue very similarly to Pennsylvania. For years, the two states broke down revenue by licensee, which usually consist of multiple platforms.
Yet, earlier this week, the DGE announced a change to its revenue reporting system. The organization will distribute data by operator starting this month (for March revenue). The new report will easily show which platform leads the market in the Garden State.
While the DGE is taking a step forward, the PGCB is not prepared to follow suit, yet. PGCB Director of Communications Doug Harbach told PlayPennsylvania on Thursday:
“At this time, the PGCB is not planning to update the manner in which it reports its iGaming revenue.”
The DGE plans to re-release January and February revenue reports “to include this enhanced level of detail.” It said in a statement:
“By providing more detailed, skin-level revenue information, stakeholders and the public will have a clearer understanding of the performance of individual iGaming and sports wagering operators.”
Reporting revenue by operator gives a clearer picture of what the market looks like. Hopefully, the PGCB comes around sooner rather than later.
